Eight-session lull ends with a positive start of the benchmarks

The Indian equity markets have rebounded in the opening trade snapping their eight-session losing streak on the back of cover up of short positions ahead of monthly expiry in the derivatives segment later this week and bargain buying in select blue-chip stocks by participants. However, a weakening trend on other Asian bourses, in line with overnight losses in the US market, capped the gains in the domestic market. The investors also shrugged off the falling rupee, which hit an all-time low of 52.44 to the dollar on Tuesday. It was trading at 52.43 a dollar, down 27 paise from the previous closing price. It was down by 46 paise to 70.70 a euro. On the sectoral front, metal witnessed the maximum gain in trade followed by power and fast moving consumer goods while, consumer durables, auto and realty the top losers on the BSE sectoral space. However, broader indices were bleeding badly in the trade while, the market breadth on the BSE was negative; there were 710 shares on the gaining side against 921 shares on the losing side while 74 shares remained unchanged.

The BSE Sensex opened at 15,995.69; about 50 points higher compared to its previous closing of 15,946.10 and has touched a high and a low of 16,097.30 and 15,970.11 respectively.

The index is currently trading at 15,979.91, up by 33.81 points or 0.21%. There were 21 stocks advancing against 9 declines on the index.

The overall market breadth has made a negative start with 41.64% stocks advancing against 54.02% declines. The broader indices were bleeding badly; the BSE Mid cap and Small cap indices declined 0.43% and 0.30% respectively.

The top gaining sectoral indices on the BSE were, Metal up by 0.47%, Power up by 0.34%, FMCG up by 0.33%, HC up by 0.29% and IT was up by 0.27%. While, CD down by 2.01%, Auto down by 0.23%, Realty down by 0.13%, Bankex down by 0.11% and TECk down by 0.11% were the top losers on the index.

The top gainers on the Sensex were Tata Motors up by 2.26%, Hindalco up by 1.26%, ONGC up by 1.21%, Jindal Steel up by 1.09% and HDFC was up by 1.00%.

On the flip side, Bajaj Auto was down by 2.30%, Bharti Airtel was down by 1.42%, Hero MotoCorp was down by 1.04%, M&M was down by 0.77% and Wipro was down by 0.73% were the top losers on the Sensex.

Meanwhile, India’s spices exports surged by 29% to Rs 4,165.59 crore in April-September 2011 from Rs 3,220.16 crore in April-September 2010. And in dollar terms, it increased by 32% to $920.55 million in the first half of current financial year compared to $699.28 million in April-September 2010. However, as per the Spices Board, the total exports of spices and spice products fell by 19% to 2,37,585 tonnes in April-September 2011 compared to 2,94,925 tonnes in the same period of last fiscal year. 

In the first half of current financial year, exports of pepper, cardamom (small), cardamom (large), ginger, turmeric, nutmeg and mace and other spices such as tamarind, asafoetida, have registered a growth both in volume and value compared to the previous year.

The export of value-added products, curry powder/paste has also surged both in volume and value. However, in the case of chilli, spice oils and oleoresins and mint products, the increase is in terms of value only. The exports of other spice items registered a decline both in volume and value terms compared to last year. In April-September 2011, around 11,250 tonnes of pepper valued Rs 311.52 crore have been exported compared to 9,250 tonne valued Rs 163.10 crore in previous year. The unit value of pepper has increased from Rs 176.32 per kg to Rs 276.91 per kg.

Around 1,825 tonnes of cardamom (Small) valued Rs 161.00 crore was exported against 335 tonnes valued at Rs 39.84 crore. During April-September 2011, 280 tonnes of cardamom (large) valued Rs 22.68 crore has been exported from 210 tonnes valued Rs 9.97 crore last year. The unit value of cardamom (large) has surged from Rs 474.68 per kg in April-September 2010, to Rs 809.82 per kg during April-September 2011. Further, around 41,500 tonnes of turmeric valued at Rs 450.76 crore was exported from 28,500 tonnes valued Rs 389.59 crore last year.

Balanced with the annual target of spices exports of 500,000 tonnes valued Rs 6,500 crore fixed for the 2011-12, the achievement of 2,37,585 tonnes valued Rs 4,165.59 crore during April-September 2011, is 48% in terms of quantity, 64% in rupee and 63% in dollar terms of value. 

The S&P CNX Nifty opened at 4,794.85; about 16 points higher compared to its previous closing of 4,778.35, and has touched a high and a low of 4,823.80 and 4,782.55 respectively.

The index is currently trading at 4,783.75, up by 5.40 points or 0.11%. There were 30 stocks advancing against 20 declines on the index.

The top gainers of the Nifty were Tata Motors up by 1.95%, ONGC up by 1.21%, HDFC up by 1.11%, Siemens up by 1.10% and Hindalco up by 1.09%.

On the flip side, Bajaj Auto down by 2.42%, BPCL down by 2.31%, Cairn down by 1.77%, Bharti Airtel down by 1.75% and Ambuja Cement down by 1.51%, were the major losers on the index.

Asian markets were trading on a subdued note, Shanghai Composite was down 22.66 points or 0.94% to 2,392.47, Hang Seng was down 178.31 points or 0.98% to 18,047.54, KLSE Composite was down 3.12 points or 0.22% to 1,430.96, Nikkei 225 was down 73.60 points or 0.88% to 8,274.67, Straits Times was down 0.78 points or 0.03% to 2,697.20, Seoul Composite was down 2.47 points or 0.14% to 1,817.56 and Taiwan Weighted was down 55.66 points or 0.79% to 6,986.98.

On the flip side, Jakarta Composite was up by 1.89 points or 0.05% to 3,681.72.