Bourses give up all the early gains to trade in red

Markets have completely lost their early momentum and were down by about a quarter percent in morning trade.  While the Nifty has slipped below the crucial level of 9300, Sensex was trading below 30000 mark. There was some selling in heavyweights that has suddenly dragged the markets lower. Though, the Asian peers were trading mostly in green, there was some earnings reaction that weighed on the market sentiments.  Traders in early deals got some encouragement with Prime Minister Narendra Modi hard selling the Indian growth prospects and asserting that India was never a more promising investment destination than it is today. Addressing the India-Turkey Business Summit, Modi said that since coming to power three years ago, the government has launched several initiatives to reform the economy and administrative processes. He invited Turkish businesses to invest in sectors like energy, rail, road, ports and housing. Meanwhile, the rupee too continued its gaining streak and was up on account of selling of American currency by banks and exporters. Chief Economic Advisor Arvind Subramanian has said that the rupee should not be allowed to become too strong as it hurts exports and economy in general.

In the sectoral space realty sector was the top gainer as the Real Estate Regulatory Act (RERA) came into effect from May 1. The Act would bring about a paradigm shift in the way the real estate industry operates and improve the level of transparency and accountability of developers. Indiabulls Real Estate was up by around 3%, DLF was up by around 2% and Sobha Developers was up by over 7%.

The BSE Sensex is currently trading at 29880.59, down by 37.81 points or 0.13% after trading in a range of 29854.87 and 30069.24. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were showing mixed trend; the BSE Mid cap index was down by 0.03%, while Small cap index was up by 0.16%.

The top gaining sectoral indices on the BSE were Realty up by 1.56%, Consumer Durables up by 1.28%, Oil & Gas up by 0.54%, Consumer Disc up by 0.41%, PSU up by 0.34%, while Telecom down by 0.63%, Basic Materials down by 0.60%, Utilities down by 0.53%, Power down by 0.46%, Healthcare down by 0.31% were the losing indices on BSE.

The top gainers on the Sensex were ONGC up by 2.63%, Maruti Suzuki up by 1.72%, HDFC up by 1.54%, Bajaj Auto up by 1.03% and Hero MotoCorp up by 0.87%. On the flip side, Reliance Industries down by 1.56%, Tata Motors down by 1.20%, Bharti Airtel down by 1.10%, Sun Pharma down by 0.98% and Power Grid Corporation down by 0.94% were the top losers.

Meanwhile, in order to make new National Intellectual Property Rights (IPR) Policy successful, Union Railway Minister Suresh Prabhu has expressed need of an ecosystem to take this policy to a logical end even before it is commercialized and noted that partnering with industry associations, bringing in global players will be necessary along with finding out angel investors to create an ecosystem.

Noting that India is home to many new ideas, Union Railway Minister has said that there is a huge scope for innovation, when the country put these ideas in infrastructure and added that India could become a $ 10 trillion economy in the course of next decade and a half. He also suggested to use innovation in information, communication technology (ICT) to make lives of people better thereby addressing social issues through business products.

The railway minister further said that India could be the leader of the innovation process and to achieve this, the Country’s innovators who have done well need to be recognized, stressing the need to develop plans and industry partnerships. He further said that innovation is going to make India's march towards reaching magic figure faster.

The CNX Nifty is currently trading at 9294.35, down by 9.70 points or 0.10% after trading in a range of 9286.10 and 9352.55. There were 25 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were Indiabulls Housing up by 2.56%, ONGC up by 2.41%, BPCL up by 1.87%, Maruti Suzuki up by 1.63% and HDFC up by 1.49%. On the flip side, Ambuja Cement down by 3.50%, ACC down by 2.83%, Tata Motors - DVR down by 2.70%, Ultratech Cement down by 1.67% and Reliance Industries down by 1.59% were the top losers.

Most of the Asian markets were trading in green, FTSE Bursa Malaysia KLCI was up by 8.15 points or 0.46% to 1,776.21, Jakarta Composite gained 11.03 points or 0.19% to 5,696.33, KOSPI Index was higher by13.68 points or 0.62% to 2,219.12, Hang Seng was up by 51.3 points or 0.21% to 24,666.43, Taiwan Weighted added 64.14 points or 0.65% to 9,936.14 and Nikkei 225 surged by 131.16 points or 0.68% to 19,441.68. On the other hand, Shanghai Composite declined by 8.38 points or 0.27% to 3,146.27.