Markets trade flat with positive bias in early noon session

Indian equity benchmarks altering between positive and negative territory, were trading flat with bit of positive bias on buying by funds and retail investors in select stocks. Sentiment got some support with Moody's Investors Service stating that Indian economy will grow at 7.5 percent in 2016 and 2017 as it is relatively less exposed to external headwinds, like China slowdown, and will benefit from lower commodity prices. However, gains were capped with a weak trend at other Asian bourses tracking overnight losses in the US markets. Asian markets were trading mostly in red, on lingering concerns about the slump in oil prices and uncertain prospects for the global economy. Back home, the market breadth on BSE was negative, out of 2199 stocks traded, 1034 stocks advanced, while 1058 stocks declined on the BSE. In scrip specific development, shares of Jet Airways were trading higher after the UAE-based Etihad Airways, which has 24 per cent stake in Jet Airways, is likely to raise it to 49 per cent, the maximum possible for foreign carriers to have in a domestic scheduled passenger airline. Jet Airways is also set to expand its operations to Dubai with the launch of new frequencies from its hubs in Mumbai and Delhi. KNR Construction was trading higher after the company has received order worth of Rs 295.19 crore.

The BSE Sensex is currently trading at 23660.48, up by 11.26 points or 0.05% after trading in a range of 23508.36 and 23692.45. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in red and green; the BSE Mid cap index was down by 0.03%, while Small cap index up by 0.14%.

The top gaining sectoral indices on the BSE were Realty up by 1.23%, Auto up by 0.65%, Power up by 0.62%, TECK up by 0.49% and IT up by 0.41%, while Oil & Gas down by 1.11%, FMCG down by 0.15% and Metal down by 0.06% were the losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 2.75%, SBI up by 2.73%, ICICI Bank up by 2.35%, NTPC up by 1.57% and Hero MotoCorp up by 1.49%. On the flip side, Maruti Suzuki down by 1.85%, HDFC down by 1.42%, Coal India down by 1.39%, Axis Bank down by 1.18% and Adani Ports &Special down by 1.07% were the top losers.

Meanwhile, in a big surprise move, Make In India Week, the first-of-its-kind exposition of India’s potential as a prospective manufacturing hub, held in Mumbai between February 13 and February 18, 2016. It has generated investment commitments worth Rs 15.2 lakh crore ($220 billion) for the country. Out of the total commitment pie, 30 per cent have come from foreign players.

Department Of Industrial Policy and Promotion (DIPP) Secretary Amitabh Kant has said that the multi-sectoral Make in India Week has been a great success and added that it has successfully brought manufacturing, design and innovation to the centre-stage. He further said that the country has already opened the economy across sectors to the world and are now showcasing, connecting and collaborating for manufacturing in the country.

Out of the total investment commitments, Maharashtra generated more than half the total tally, inking memorandam of understanding (MoUs) worth nearly Rs 8 lakh crore, expected to generate 30 lakh jobs. Besides, Karnataka received Rs 9,700 crore of investment proposals.

During the event several union ministers made their pitch for investments. Power Minister Piyush Goyal said that his sector needed $1 trillion in investment. Petroleum Minister Dharmendra Pradhan outlined the existing and future policies to attract funds into downstream and upstream oil projects. Further Heavy Industries Minister Anant Geete unfolded a policy to nearly double the share of capital goods in exports to 40 percent.  Kant said that Make in India Week generated 8.9 lakh visitors across 102 countries. Over 9,000 Indian companies and over 2,000 foreign companies participated.

The CNX Nifty is currently trading at 7195.45, up by 3.70 points or 0.05% after trading in a range of 7145.95 and 7202.20. There were 26 stocks advancing against 22 stocks declining on the index while 2 stocks remained unchanged.

The top gainers on Nifty were PNB up by 4.35%, SBI up by 2.69%, Mahindra & Mahindra up by 2.63%, ICICI Bank up by 2.40% and Idea Cellular up by 1.81%. On the flip side, BPCL down by 3.02%, Maruti Suzuki down by 1.82%, Adani Ports &Special down by 1.50%, Coal India down by 1.46% and Vedanta down by 1.45% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 decreased 210.65 points or 1.3% to 15,986.15, Hang Seng decreased 66.5 points or 0.34% to 19,296.58, Jakarta Composite decreased 55.05 points or 1.15% to 4,723.74, FTSE Bursa Malaysia KLCI decreased 2.55 points or 0.15% to 1,677.47 and Shanghai Composite decreased 2 points or 0.07% to 2,860.89, while KOSPI Index increased 7.4 points or 0.39% to 1,916.24 and Taiwan Weighted increased 10.37 points or 0.12% to 8,325.04.