Sensex, Nifty bounces back in green zone

After opening in a positive territory and following marginal fall, Indian equity markets retreated from lower levels and currently trading near day's high amid alternate bouts of buying-selling. The 30-share BSE Sensex gained 148.45 points, while NSE Nifty moved above 5,700 level. In currency markets, Indian rupee depreciated against dollar on increased demand for the American currency from importers. On sectoral front, all were trading in green. Realty, banking and power stocks were on buyer’s radar. Pharmaceuticals, oil and capital goods stocks recovered from early losses. In global markets, Asian shares gained to a seven-month high on Thursday as a slew of Chinese data pointed to stabilization in the world's second largest economy. Back home, the market breadth favoring positive trend; there were 1,463 shares on the gaining side against 899 shares on the losing side while 129 shares remain unchanged.

The BSE Sensex is currently trading at 18,752.75 up by 141.98 points or 0.76% after trading in a range of 18,759.22 and 18,576.41. There were 27 stocks advancing against 3 declines on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.98% and Small cap index was up by 0.71%.

The top gainers on the BSE sectoral space were, Realty up by 2.34%, Bankex up by 1.38%, Power up by 1.31%, CG up by 1.12% and Auto up by 1.10%, while there was no loser on the sectoral space.

The major gainers on the Sensex were Tata Power up by 3.33%, Hindalco up by 1.84%, Tata Motors up by 1.81%, SBI up by 1.72% and ICICI Bank up by 1.36%. On the other hand, Bharti Airtel down by 1.15%, Sun Pharma down by 1.13% and Wipro down by 0.34% were major losers on the Sensex.   

Meanwhile, India’s engineering exports slumped by 8.2% to $4.4 billion in September 2012. The US and Europe together account for over 60% of India’s total engineering exports and weak demand from these major markets are behind the slowdown.

During the same period of previous year, these exports stood at $4.8 billion. Engineering Export Promotion Council (EEPC) official said “the exporters are getting lesser number of orders due to weak demand in western markets like the US and Europe. This trend is likely to continue for at least next two months.”

In April-September 2012-13 period, engineering exports dipped 10% to $ 27.8 billion compared to the same period last year. India exports engineering items such as transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners.

 The S&P CNX Nifty is currently trading at 5,700.75, up by 40.50 points or 0.72% after trading in a range of 5,708.30 and 5,650.55. There were 45 stocks advancing against 5 declines on the index.

The top gainers of the Nifty were Tata Power up by 3.37%, Bank of Baroda up by 2.96%, DLF up by 2.91%, JP Associates up by 2.53% and Ambuja Cement up by 1.82%. While, Bharti Airtel down by 1.48%, Sun Pharma down by 1.05%, Grasim down by 0.87%, Wipro down by 0.14% and BPCL down by 0.04% were top losers on the index.

All Asian equity indices were trading in green; Kospi Composite was up by 0.20%, Shanghai Composite was up by 1.20%, Hang Seng was up by 0.85%, Jakarta Composite up by 0.36%, KLSE Composite was up by 0.20%, Nikkei 225 was up by 2.00%, Taiwan Weighted up by 0.01% and Straits Times was up by 0.52%.