Markets hold gain as AAP win in Delhi considered factored in

Indian markets bucking the global trends are showing good move in early noon session on Tuesday. The major indices after recovering from the initial glitches are strengthening, leading towards a day of gains after seven straight sessions of fall. The Delhi assembly election results that were being eyed anxiously seems to have been factored in, in last few session with the AAP getting a landslide victory against the two major national parties. Nifty reclaimed 8600 levels, while the Sensex was trading near 28500 mark with gain of around a percent. On the sectoral front, barring IT and technology all other sectoral indices were trading with good gains with banking leading the pack. The banking stocks, especially the PSU banks were in jubilant mood after the government announced infusion of Rs 6,900 crore in nine public sector banks. This additional capital has been given on the basis of new criteria that comprise of efficiency parameters. Auto stocks too were trading higher, after Society of Indian Automobile Manufacturers (SIAM) reported that domestic passenger car sales increased 3.14% to 1,69,300 units in January 2015, while two-wheeler sales in January rose 1.07% to 13,27,957 units.

The BSE Sensex is currently trading at 28450.66, up by 223.27 points or 0.79% after trading in a range of 28044.49 and 28633.72. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.91%, while Small cap index was higher by 0.97%.

The top gaining sectoral indices on the BSE were Bankex up by 2.13%, Metal up by 1.64%, Auto up by 1.55%, PSU up by 1.33%, INFRA up by 1.29% while, IT down by 0.64%, TECK down by 0.54%, Realty down by 0.16% were the losing indices on BSE.

The top gainers on the Sensex were Hindalco up by 3.65%, ICICI Bank up by 3.37%, SBI up by 2.63%, Tata Motors up by 2.53% and Sesa Sterlite up by 2.36%. On the flip side, Wipro down by 1.26%, Sun Pharma Inds. down by 1.08%, TCS down by 1.00%, HDFC down by 0.43% and Bharti Airtel down by 0.17% were the top losers.

Meanwhile, a Parliamentary panel has invited suggestions on the proposed amendment to the Electricity Act, which seeks to provide choice of power suppliers to consumers and propel growth in the sector, for examination. The Standing Committee on Energy (Sixteenth Lok Sabha) under the Chairpersonship of Kirit Somaiya, Member of Parliament, has referred the Electricity Amendment Bill, 2014 for examination and presenting a report to Parliament.

Considering the importance of the subject, the committee has invited suggestions, views and suggestions from stakeholders, individuals, experts, institutions/and organisations interested in the subject within 10 days of publication of communique of February 10.

The amendments have been suggested in order to promote competition, efficiency and improvement in the supply of electricity resulting in capacity addition and benefiting consumers.

While, the Cabinet, in December, approved various amendments to the existing Electricity Act 2003, Power and Coal Minister Piyush Goyal had earlier indicated that amendments to the Electricity Act,2014  should come into effect by April.

The CNX Nifty is currently trading at 8595.70, up by 69.35 points or 0.81% after trading in a range of 8470.50 and 8646.25. There were 36 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Hindalco up by 3.68%, ICICI Bank up by 3.56%, IDFC up by 3.34%, Bank Of Baroda up by 2.91% and Asian Paints up by 2.89%. On the flip side, DLF down by 3.91%, HCL Tech. down by 1.84%, Tech Mahindra down by 1.78%, Sun Pharma Inds. down by 1.19% and Wipro down by 1.09% were the top losers.

The Asian markets were trading mixed, FTSE Bursa Malaysia KLCI increased by 3.84 points or 0.21% to 1,815.42, Straits Times was up by 11.05 points or 0.32% to 3,429.07, Shanghai Composite was higher by 32.59 points or 1.05% to 3,127.71

On the other hand, Nikkei 225 was down by 59.25 points or 0.33% to 17,652.68, Taiwan Weighted lost 27.8 points or 0.3% to 9,393.70, Hang Seng was down by 26.13 points or 0.11% to 24,494.87, Jakarta Composite decreased by 13.7 points or 0.26% to 5,334.77 and KOSPI Index was lower by 11.14 points or 0.57% to 1,935.86.