Post session - Quick review

Consolidation of the previous session continued on the Dalal Street, though the Indian benchmark equity indices managed to eke out slender gains. However, the attempt of resuming the northbound trajectory remained lackadaisical as Indian equity markets after getting a good opening, relinquished significant portion of gains by the end of the trade. Optimistic global leads kept the local equity markets firm, even the appreciation of Rupee against US dollar on hopes of some policy changes from the new Finance Minister Manmohan Singh, supported the sentiment to some extent. 30 scrip sensitive index Sensex, after gaining over quarter of points, concluded below the 17500 psychological level. Similarly, the 50 share index, Nifty, too gaining 10 points, shut shop below the 5300 level. The levels of 5300 (for Nifty) and 17500 (for Sensex) proved to be stiff resistance. However, broader indices managed to put forth a decent show, wherein both Midcap and Smallcap indices gained close to over half a percentage points.

On the global front, Asian pacific shares ended in rapture on speculation that the European Central Bank and the Federal Reserve will do more to boost their ailing economies, after manufacturing data around the world underscored the drag on growth from the protracted euro zone debt crisis.  Meanwhile, European counterparts too traded in sanguine mood on rate cut hopes. The expectations are rife that European Central Bank in its July 5th meeting, would cut main interest rate by 25 basis points to 0.75%.

Closer home, stocks from Consumer Durable, Realty and Public Sector Undertaking counters supported the bourses. On the other hand, stocks from Fast Moving Consumer Goods and Power capped gains. Sector Specific, shares of pharma companies gained traction ahead of Commerce and Industry Ministry meeting with the pharmaceutical industry players, later in the day for the discussions on ways to enhance shipments and promote 'Brand India' in world market. In stock-specific action, shares of Bharti Airtel, Idea Cellular rallied after the Telecom Disputes Settlement Appellate Tribunal (TDSAT) reported a split verdict on the 3G roaming case. In a big relief to these operators, regulatory authority announced that the companies could continue with their roaming services till further directions from department of telecommunications or DoT. The market breadth on the BSE ended positive; advances and declining stocks were in a ratio of 1672:1175 while 116 scrips remained unchanged. (Provisional)

The BSE Sensex gained 18.65 points or 0.11% and settled at 17,417.63. The index touched a high and a low of 17,526.82 and 17,351.50 respectively. 13 stocks were seen advancing against 17 declining ones on the index (Provisional)

The BSE Mid-cap index gained 0.50% while Small-cap index was up 0.86%. (Provisional)

On the BSE Sectoral front, Consumer Durables up 2.94%, Realty up 1.98%, PSU up 0.89%, Metal up 0.57% and Bankex up 0.48% were the top gainers while, IT down 0.51%, FMCG down 0.47%, Power down 0.17% and Capital Goods down 0.06% were the only losers.

The top gainers on the Sensex were Bharti Airtel up 3.24%, Hindalco Industries up 2.19%, HDFC up 2.07%, GAIL India up 1.91% and Coal India up 1.54% while, Jindal Steel down 1.81%, BHEL down 1.76%, TCS down 1.51%, HUL down 0.97% and ITC down 0.92% were the top losers in the index. (Provisional)

Meanwhile, in the back drop of decline in India’s exports by 4.16 %, Commerce and Industry Minister Anand Sharma, has convened a meeting of Consultative Group on Exports of Pharmaceutical Products, today to review the status of Indian pharmaceutical exports and developments in the industry in the global market. The meeting with pharmaceutical industry players will discuss the ways to enhance shipments, promote 'Brand India' in global market and also to provide research and development in the sector.

Sharma emphasized the importance of maintaining quality, safety and efficacy of Indian medicines for the promotion of Brand India Pharma in important markets and to attain a leadership position in the world in exports.

India is the third largest producer of pharma products by volume and the industry is growing at a rate of 15% -20% annually. The domestic pharmaceutical industry has marked $20 billion and is expected to touch $75 billion by the end of this decade. While, India's pharma exports were about $13 billion last year, it remained to share one fifth of generic medicines market in the world.India VIX, a gauge for market’s short term expectation of volatility lost 2.36% at 18.56 from its previous close of 19.01 on Monday. (Provisional)

The S&P CNX Nifty gained 13.25 points or 0.25% to settle at 5,291.85. The index touched high and low of 5,317.00 and 5,265.95 respectively. 31 stocks advanced against 19 declining ones on the index. (Provisional)

The top gainers on the Nifty were DLF up 4.08%, Bharti Airtel up 2.92%, Hindalco Industries up 2.44%, Coal India up 2.08% and HDFC up 1.92%.On the other hand, BHEL down 1.62%, TCS down 1.35%, Jindal Steel down 1.28%, ITC down 1.14% and HUL down 1.03% were the top losers. (Provisional)

The European markets were trading in green, with France's CAC 40 up 0.20%, Germany's DAX up 0.74% and Britain’s FTSE 100 up 0.37%.

In spite of slowing down in manufacturing PMI data around the world along the major economies such as China, US and Euro zone, global equities are still rallying on the hope that there will be a policy easing from the major Central banks including the Federal Reserve. On July 05, 2012 there will be an announcement regarding policy schedule by the Bank of England and European Central Bank for buying 50 billion euro in asset purchase and 25 basis point cut.

Nikkei rose to 8 weeks high on Tuesday with Banking and insurance companies posting biggest gains after its three biggest banks were upgraded by Daiwa Securities. Shanghai Composite ended flat as gains led by property developers were offset by concern that economic slowdown has dragged corporate earnings. Hang Seng Index climbed in early trading on the hopes of policy easing by world’s central banks. Property and resource sector making most of the gains. Strait Times extended its gains for fifth consecutive sessions with Palm Oil firm Golden Agri-Resources making most of the gains. Kospi Composite Index closed at two weeks high as Energy and Shipbuilding shares outperforming with SK Innovation, South Korea's largest crude oil refiner rallying 4.6 percent while Daewoo Shipbuilding & Marine Engineering soared 6.1 percent