Benchmarks continue to trade in green; IT, TECK lead

Indian equity markets added gains to continue their firm trade in the late afternoon session, with the broader 50-share Nifty reclaiming 8400 level for the first time since April 24, on account of buying in frontline blue chip counters. The sentiments were on optimistic note on forecast of timely monsoon coupled with the government containing the fiscal deficit at 4.00% of the GDP for 2014-15. Traders were seen piling position in IT, TECK and Capital Goods stocks. In scrip specific development, Hindustan Oil Exploration Company (HOEL) was trading firm as Oil Ministry and DGHC approved commerciality of Dirok block in Assam. Suzlon Energy was trading in green after the company informed the exchanges yesterday post market hours that it bagged an order for a wind power project in Telengana.

On the global front, the Asian markets were trading mostly in green while the European markets were trading on optimistic note. Back home, the NSE Nifty and BSE Sensex were trading above the psychological 8,400 and 27,800 levels respectively. The market breadth on BSE was positive in the ratio of 1523:1041 while 116 scrips remained unchanged.

The BSE Sensex is currently trading at 27859.17, up by 171.87 points or 0.62% after trading in a range of 27577.67 and 27869.77. 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 0.50%, while Small cap index up by 0.82%.

The gaining sectoral indices on the BSE were IT up by 1.19%, TECK up by 1.18%, Capital Goods up by 1.15%, Consumer Durables up by 0.89% and Realty up by 0.87%.

The top gainers on the Sensex were Vedanta up by 3.26%, Hero MotoCorp up by 2.70%, BHEL up by 2.31%, Dr. Reddy’s Lab up by 1.99% and Infosys up by 1.92%.

On the flip side, Tata Motors down by 1.24%, ONGC down by 1.13%, Hindustan Unilever down by 0.59%, HDFC down by 0.59% and Axis Bank down by 0.07% were the top losers.

Meanwhile, on account of recent appreciation of US dollar against rupee, the prices of compressed natural gas (CNG) and piped cooking gas (PNG) prices have been hiked by 45 paise per unit in the National Capital Region (NCR) with effect from Sunday midnight. After the latest revision, CNG price in Delhi will go up to Rs 38 per kg in Delhi, while the same in Noida, Greater Noida and Ghaziabad will increase by 50 paisa to Rs 43.30 per kg.

Similarly, the rates of piped cooking gas supplied to households have been revised from Rs 24.90 per cubic meter to Rs 25.35 per scm in Delhi. However, on account of differential tax structure in Uttar Pradesh, the applicable price of domestic PNG to households in Noida, Greater Noida and Ghaziabad would be Rs 27.05 per scm, which is being increased from existing Rs 26.55 per scm. Notably, the increase follows Rs 3.13 per litre hike in petrol and Rs 2.71 per litre increase in diesel rates effected from Saturday.

Though, in a major relief to domestic consumers, the upper slab of PNG consumption has been abolished and there will only be a single slab rate with effect from May 18. With this, domestic PNG customers with higher consumption slab of usage beyond 36 scm shall be charged at a single rate applicable in their respective city.

The CNX Nifty is currently trading at 8424.30, up by 50.65 points or 0.60% after trading in a range of 8335.20 and 8427.00. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were Vedanta up by 3.58%, Hero MotoCorp up by 2.78%, Ultratech Cement up by 2.51%, Zee Entertainment up by 2.34% and BHEL up by 2.20%.

On the flip side, Tata Motors down by 1.33%, ONGC down by 1.06%, NMDC down by 0.97%, Hindustan Unilever down by 0.79% and HDFC down by 0.68% were the top losers.

The Asian markets were trading mostly in green; KOSPI Index increased 7.13 points or 0.34% to 2,120.85, Jakarta Composite increased 13.46 points or 0.26% to 5,251.27, Hang Seng increased 102.29 points or 0.37% to 27,693.54, Taiwan Weighted increased 110.67 points or 1.15% to 9,716.77, Shanghai Composite increased 134.06 points or 3.13% to 4,417.55 and Nikkei 225 increased 136.11 points or 0.68% to 20,026.38.

On the other hand, FTSE Bursa Malaysia KLCI decreased 14.57 points or 0.8% to 1,808.93 and Straits Times decreased 7.4 points or 0.21% to 3,452.17.

The European markets were trading in green; UK’s FTSE 100 increased 25.44 points or 0.37% to 6,994.31, France’s CAC increased 100.91 points or 2.01% to 5,113.22 and Germany’s DAX increased 226.82 points or 1.96% to 11,821.10.