Markets sail towards fresh intraday high

Indian markets covering up some of the declines they witnessed during the late morning session are surging ahead towards making fresh intraday highs. The high beta blue-chips along with F&O stocks were seeing increased buying just ahead of the tabling of the Economic Survey in the Parliament. Marketmen are eyeing the government’s short and medium term outlook of the economy in view of its recent initiatives. Traders were also enthused by the positive statement of the global rating agency S&P, while it was reported that India’s per capita income, a gauge for assessing standard of living, rose by 37.6 per cent to Rs. 88,533 in the last four years to 2014-15. Though, the global markets were not looking very supportive with regional indices presenting a mixed show, the local markets are witnessing broad based buying going towards the mid of the session. Apart from the bluechips, the broader markets too are showing enthusiastic performance. On the sectoral front, realty, capital goods and metal were showing gains of around three percent each. Only the defensive sector FMCG was reeling in red.

The BSE Sensex is currently trading at 28962.21, up by 215.56 points or 0.75% after trading in a range of 28837.06 and 29002.60. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were outperforming the benchmarks; the BSE Mid cap index was up by 1.15%, while Small cap index surged by 1.10%.

The top gaining sectoral indices on the BSE were Realty up by 3.30%, Capital Goods up by 3.15%, Metal up by 2.80%, PSU up by 1.60%, Bankex up by 1.58% while, FMCG down by 1.26% was the lone losing index on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 4.31%, Tata Power up by 3.74%, Hindalco up by 2.84%, Coal India up by 2.67% and Sesa Sterlite up by 2.50%. On the flip side, ITC down by 2.20%, GAIL India down by 1.46%, TCS down by 1.03%, Wipro down by 0.85% and Hindustan Unilever down by 0.58% were the top losers.

Meanwhile, India’s per capita income, a gauge for assessing standard of living, rose by 37.6 per cent to Rs. 88,533 in the last four years to 2014-15. Compared with 2013-14, national income and per capita income at current prices during 2014-15 are estimated to have grown by 11.5 per cent and 10.1 per cent, respectively,

Minister of State for Statistics and Programme Implementation V K Singh replying to a query in the Rajya Sabha said that the per capita income was at Rs 64,316 in 2011-12; Rs. 71,593 in 2012-13; Rs. 80,388 in 2013-14 and Rs. 88,533 in the year 2014-15.

The national income in 2014-15 stood at Rs. 11,217,079 crore; Rs 10,056,523 crore in 2013-14; Rs 8,841,733 crore in 2012-13 and Rs 7,846,531 crore in 2011-12.

Recently, the government made changes in the national accounts calculation methodology by revising the base year to 2011-12 from 2004-05, accordingly India's per capita income, for 2013-14 was increased at Rs 6,699 per month for 2013-14 as against the earlier estimate of Rs 6,198.33. In 2012-13 and 2011-12, the per capita income per month was estimated at Rs 5,966.08 and Rs 5,359.67 respectively. To estimate the per capita income and per capita PFCE, the government used the population projections data on the basis of Census 2011.

The CNX Nifty is currently trading at 8761.10, up by 77.25 points or 0.89% after trading in a range of 8717.45 and 8768.90. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were Jindal Steel & Power up by 10.07%, Bank of Baroda up by 4.58%, Larsen & Toubro up by 4.46%, Tata Power up by 3.93% and NMDC up by 3.28%. On the flip side, ITC down by 2.25%, BPCL down by 1.39%, GAIL India down by 1.17%, Wipro down by 1.15% and TCS down by 1.09% were the top losers.

The Asian markets were showing mixed trend, Nikkei 225 was up by 12.15 points or 0.06% to 18,797.94, Shanghai Composite gained 22.09 points or 0.67% to 3,320.45 and Hang Seng increased 77.73 points or 0.31% to 24,979.79.

On the other hand, KOSPI Index was down by 7.28 points or 0.37% to 1,985.80, FTSE Bursa Malaysia KLCI declined by 4.27 points or 0.23% to 1,816.60, Jakarta Composite was lower by 2.25 points or 0.04% to 5,449.17 and Straits Times lost 1 points or 0.03% to 3,425.18