Benchmarks pare gains but trade continues in green

Indian equities pared gains but continued firm trade in green in the late morning session. On the global front all Asian equity indices were trading in the green terrain at this point of time supported by gains in exporters after the US retail sales data. Back home, traders were seen piling up position in, Realty, TECk and IT sector while selling was witnessed in Auto sector. DLF, Unitech, HDIL, Oberoi Realty, Indiabulls Real Estate, Sobha Developers and Godrej Properties from Realty pack were seen trading in green. Infosys, TCS, Bharti Airtel, Wipro, HCL Tech, Zee Entertainment Enterprises and Idea Cellular from TECk pack were seen trading firm in green. Auto majors - Tata Motors, Bajaj Auto and Hero Moto Corp were capping the markets’ gains.

Mean while, Aviation stocks, SpiceJet, Jet Airways (India), Kingfisher Airlines stock edged higher on aviation turbine fuel (ATF) prices cut by 3% on the back of a rising rupee.

In the scrip specific development, Mahindra Satyam gained on inking MoU with University of Petroleum & Energy Studies. M&B Switchgears rose on commencing operations of second solar power generation plant. RIL edged higher on reporting in line Q2 numbers. CMC soared on reporting 51.41% rise in Q2 consolidated net profit. VIP Industries surged on entering ladies handbag category. Indo Rama jumped on commissioning 11 MW Steam Turbine Generator Unit.

The NSE Nifty and BSE Sensex were managing to hold their psychological 5,700 and 18700 levels. The market breadth on BSE was positive, in the ratio of 1268:840.

The BSE Sensex is currently trading at 18758.79 up by 45.24 points or 0.24% after trading in a range of 18801.10 and 18743.59. There were 20 stocks advancing against 10 declines on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.39% and Small cap index was up by 0.53%.

On the BSE sectoral space, Realty up by 1.02%, TECk up by 0.79%, IT up by 0.65%, CD up by 0.49% and Bankex up by 0.30%, were the top gainers. While, Auto down by 0.05% was only the loser.

The top gainers on the Sensex were Bharti Airtel up by 1.50%, Maruti Suzuki up by 1.30%, TCS up by 1.20%, HDFC up by 1.09% and Tata Power up by 0.87%. On the other hand, Tata Motors down by 1.61%, Gail India down by 0.84%, BHEL down by 0.80%, Hindustan Unilever down by 0.74% and Hindalco Industries down by 0.54 % was only the loser on the Sensex.  

Meanwhile, India’s services exports declined by 4.3% at $11.4 billion in August in the previous year, as per the data from the Reserve Bank of India (RBI). The total exports from services sector in August 2011 were at $11.8 billion. Imports of services in August by declined by 3.7% to $6.6 billion compared to $6.8 billion in the last year.

The services sector contributes about 55% to the country’s Gross Domestic Product (GDP). During April-August of 2012-13, the cumulative services exports have amounted to $55.8 billion. Service imports stood at $33.6 billion in the first five months of the financial year.

RBI released the provisional aggregate monthly data on India’s international trade in services with a lag of 45 days. The monthly data on services are provisional and would undergo alteration when the Balance of Payments (BOP) data are released on a quarterly basis.

 The S&P CNX Nifty is currently trading at 5,701.50, up by 14.25 points or 0.25% after trading in a range of 5,714.00 and 5,695.40. There were 34 stocks advancing against 15 declines while 1 stock remained unchanged on the index.

The top gainers of the Nifty were Axis Bank up by 2.82%, Bharti Airtel up by 1.31%, HDFC up by 3.45%, Maruti up by 1.17% and DLF was up by 1.04%. While, Tata Motors down by 1.65%, ACC down by 0.91%, Hindustan Unilever down by 0.84%, GAIL down by 0.72% and BHEL down by 0.68% were the losers on the index

All Asian equity indices were trading in the green; Kospi Composite was up by 0.80%, Shanghai Composite was up by 0.55%, Taiwan Weighted was up by 0.49% Hang Seng was up by 0.28%, Jakarta Composite up by 0.01%, KLSE Composite was up by 0.10% , Nikkei 225 was up by 1.26% and  Straits Times was up by 0.32% were the gainers.