Trade remains range bound despite positive opening of European markets

Markets are not showing much movement in either direction, and trade continues to remain in a tight range in the late noon session. There is not much trigger on the domestic front and the traders are eyeing the global developments to take cues for further movement. The US Fed is scheduled to release minutes from its last policy meeting later in the day, which will provide a detailed look at what members of the central bank's policy committee were discussing when they issued their last directive. Flat opening of the European markets too was unable to give any respite. Back on street, apart from the broader markets some of the sectoral indices too have given up their early gains. While the sharp profit booking in metal counters was restricting the markets to move higher, the strength in IT and tech stocks was giving some comfort to the markets after rupee depreciated to its three weeks low in last session. One non sectoral gauge of sugar was in jubilant mood after Indian Sugar Mills Association (ISMA) reported that the country’s sugar output fell over 13 per cent to 14.4 million tonnes so far this year on delayed crushing, compared to 16.6 million tonnes of sugar in the corresponding period of the 2012-13.

The BSE Sensex is currently trading at 20682.88, up by 48.67 points or 0.24% after trading in a range of 20701.16 and 20629.56. There were 15 stocks advancing against 15 declining ones on the index.

The broader indices were outperforming the benchmarks at this point of time; the BSE Mid cap index was up by 0.34%, while Small cap index was up by 0.53%.

The top gaining sectoral indices on the BSE were, Consumer Durables up by 1.39%, Capital Goods up by 1.11%, Healthcare up by 0.89%, IT up by 0.85% and Teck was up by 0.78%. While, Metal down by 1.28%, Power down by 0.25%, realty down by 0.06% and Auto down by 0.05% were the losing indices on the BSE.   

The top gainers on the Sensex were Sun Pharma up by 2%, Infosys down by 1.38%, L&T up by 1.21%, Gail India up by 1.18% and BHEL up by 0.90%. On the flip side, SSLT down by 2%, Tata Power down by 1.70%, Tata Steel down by 1.65%, Hero MotoCorp down by 1.27% and Bajaj Auto down by 1.09% were the top losers.

Meanwhile, in order to help existing and prospective shareholders with accurate and relevant information about the financial and operating performance of the companies, Capital market regulator Securities and Exchange Board of India (SEBI) has proposed that listed firms should file an Annual Information Memorandum (AIM), on the lines of practices followed in the US and other large markets.

The memorandum, which is proposed to be filed by the top 200 companies by market capitalization from the next financial year beginning April 1 and by other firms from April 1, 2015, can also be used as a reference document while raising funds. However, the company wanting to use AIM as draft offer document for future capital raisings would be required to submit an auditor’s examination report along with AIM.

According to the regulator, companies must give complete details of capital structure, borrowings, lending, share pledge, specific mention of important changes in the business of the company during the financial year, information regarding legal cases on promoters, details of public issues such as convertibles and Foreign Convertible Bonds or FCCBs and the reason for un-utilized proceeds. Although, such information is available on stock exchanges in bits and pieces for secondary market participants, there is no single document which contains all subsequent updates of the company at one place. It is in view of this, SEBI is mulling consolidated 'annual info' filing by firms and floated draft proposal inviting public comments to be submitted to the regulator on ore before March 9, 2014.

The CNX Nifty is currently trading at 6,137.40, up by 10.30 points or 0.17% after trading in a range of 6,144.50 and 6,125.75. There were 23 stocks advancing against 27 declining ones on the index.

The top gainers of the Nifty were Ranbaxy up by 3.25%, Sun Pharma up by 2.01%, Infosys up by 1.45%, L&T up by 1.43% and Lupin was up by 1.37%. On the flip side, Jindal Steel down by 2.815, Tata Power down by 1.89%, Tata Steel down by 1.88%, JP Associates down by 1.76% and SSLT down by 1.725 were the major losers on the index.

Most of the Asian equity indices ended in green; Shanghai Composite surged by 1.11%, Hang Seng gained 0.34%, Jakarta Composite was up by 0.50%, Straits Times was up by 0.54% and Taiwan Weighted ended higher by 0.24%. On the other hand Nikkei 225 declined by 0.52%, KLSE Composite was lower by 0.12% and Seoul Composite ended lower by 0.20%

The European markets have made a flat start; France’s CAC 40 was up by 0.03%, Germany’s DAX was up by 0.03% and UK’s FTSE 100 gained 0.07%.