Post session - Quick review

Consolidation emerged on Wednesday for the Indian markets after the triple digit gains witnessed by the bourses in the previous trading session. Jittery investor’s refrained from initiating fresh long position ahead of the outcome of the two-day policy meeting of the Federal Open Market Committee on US interest rates which began on Tuesday, where participants across the world expected a new monetary easing measures to jumpstart the US economy.  Fed is likely to push long-term borrowing costs lower by rebalancing its $2.8 trillion portfolio of bond holdings to weight more heavily to longer-term securities, in a bid to encourage mortgage refinancing without stoking a run-up in consumer price.

However, besides this lack of a concrete solution to Greece's debt turmoil also hampered the markets' enthusiasm, prompting investors to take some money off the table. Greece reported progress on Tuesday in talks with the troika-the International Monetary Fund, European Commission and European Central Bank-over fresh austerity measures the country must take to meet its deficit goals, but failed to clinch a deal that would secure the country the next installment of aid.

Earlier in the trade today, local bourses after getting a quiet start managed to gain some ground tracing the jaunty regional counterparts, however, the bourses soon coughed up all the gains to gyrate around a thin band uptill the noon trade post which bourses reacting the negative opening of the European markets plunged deep in red. European stocks declined as officials said they plan to return to Athens next week to complete a review of the Greek economy.  However, bucking the trend, Asian shares ended mostly in green amidst evidence that China's economy is withstanding a global slowdown. China Life Insurance Co., the nation's biggest insurer by market value, rose 2.5 per cent in Hong Kong after the Conference Board said its leading indicator index for the world's second-largest economy rose 0.6 per cent in July, citing a preliminary reading.  Meanwhile, US stocks surrendered most of their intra -day gains and ended mixed on Tuesday. But US future indices are showing uptick in the screen trade, indicating a positive start.

Back home, later in the afternoon trades, though the benchmarks recovered from their day’s low points but could not settle far away from it. The 30 share barometer gauge-Sensex- shrugging of over 30 points settled above 17000 level. Meanwhile, the 50 share index- Nifty- axing out almost all gains settled little above its neutral line---this is wrong kindly make suitable changes However, the broader indices outpacing the larger peers ended well into green with gains of over 0.50% each. The market breadth on the BSE ended positive; advances and declining stocks were in a ratio of 1553:1292 while 119 scrips remained unchanged.

The BSE Sensex lost 47.14 points or 0.28% and settled at 17,052.14. The index touched a high and a low of 17,191.12 and 17,000.61respectively. 14 stocks advanced against 16declining ones on the index (Provisional)

The BSE Mid-cap index gained 0.61% while Small-cap index was up by 0.65%. (Provisional)

On the BSE Sectoral front, Consumer Durables was up 1.80%, Bankex was up 0.72%, Realty was up 0.51%, PSU was up 0.35% and Power up 0.29% were the top gainers while, Oil & Gas down 1.29%, Auto down 1.05%, Metal down 0.60%, IT down 0.28% and FMCG down 0.17% were the top losers.

The gainers on the Sensex were JP Associates up 1.93%, ICICI Bank up 1.88%, Coal India up 1.31%, Wipro up 1.23% and SBI up 0.49%. (Provisional)

On the flip side, Maruti down 3.20%, Hero MotoCorp down 3.19%, Hindalco down 3.13%, RIL down 1.81% and TCS down 1.69% were the only loser on the index. (Provisional)

Meanwhile, in order to control illegal mining, the government is planning to introduce online system by December for mandatory registration of all minerals-related transactions in the country. From last few years, there has been a rapid step-up in illegal mining in various states. In January-March 2011, around 24,405 cases of illegal mining cases have been registered.   Mines Secretary S Vijay Kumar said, 'we are going to introduce an end-to-end accounting system by the end of this year for all mineral transactions including mining, selling, transportation and export by miners, traders and exporters. This will check illegal mining'. By adding further he said, under the online system, registration of miners, traders and exporters of major minerals like iron ore, lime and bauxite will be a must. The registration will be done under the Mineral Conservation Development Rules (MCDR) through an amendment.

Currently, there are less legal provisions for the central intervention in the illegal mining in the state, however, the scale of crisis is very high, and around 82,330 cases were detected in 2010, which are almost double the 41,578 cases in 2009.

In September 21 meeting, the Central Coordination-cum-Empowered Committee (CEC) decided that the government will use satellite imagery to curb the menace. The state governments have been guided to control the illegal mining by improving monitoring of mineral system through empowered committees and district level task forces and fixing the loopholes in the royalty collection system.

The CEC also reviewed the situation regarding many important aspects of mineral concession systems in India, and gave stress on the need for bringing about more efficiency and transparency in the system. The meeting was attended by the representatives from Ministries of Environment and Forests, Defence, Home Affairs, Steel, Civil Aviation, Railway, Shipping, Finance. And official from the Indian Bureau of Mines and Geological Survey of India also participated in the meeting.

India VIX, a gauge for market’s short term expectation of volatility gained 1.54% at 27.67 from its previous close of 27.25 on Tuesday. (Provisional)

The S&P CNX Nifty lost 11.80 points or 0.23% to settle at 5,128.40. The index touched high and low of 5,168.40 and 5,109.85 respectively. 24 stocks advanced against 26 declining ones on the index. (Provisional)

The top gainers on the Nifty were Grasim up 2.07%, Siemens up 2.03%, ICICI Bank up 1.99%, Ambuja Cement up 1.70% and JP Associates up 1.66%. (Provisional)

On the other hand, Hero MotoCorp down 3.43%, Hindalco down 3.27%, Maruti down 3.19%, Cairn down 2.55% and RIL down 1.97% were the top losers. (Provisional)The European markets are trading in red, with France's CAC 40 down 0.75%, Germany's DAX down 0.99% and FTSE 100 down 0.24%.