Benchmarks trade higher in opening deals tracing firm Asian cues

Sentiments remained bullish in the morning session and domestic bourses have made a positive start tracing firm Asian cues. Most of the Asian counterparts were trading in the green at this point of time as investors remained optimistic on expectations that China will ease monetary policy and amid signs that the US economy is strengthening. Though, the US markets made a flat closing on Monday. Back home, traders eyeing the CPI inflation data to be announced later in the day. The traders will be eyeing the data as a rate cut trigger for RBI, after the wholesale price inflation, or WPI figures surprised last week by coming below 7 per cent. The BSE’s -- Sensex -- and NSE’s -- Nifty - inching towards their crucial, 17,800 and 5,400 mark respectively, supported by most of the index heavyweights along with broader indices. Meanwhile, provisional data showing that foreign institutional investors (FIIs) remained net buyers of Indian stocks on August 17, 2012, boosted the investors’ sentiment.

On sectoral front, software witnessed the maximum gain in trade followed by technology and auto while, fast moving consumer goods, metal and healthcare remained the few losers on the BSE sectoral space. Meanwhile, PSU oil marketing companies like BPCL, HPCL and IOC all edged higher in the early trade after the statement of Prime Minister's economic advisory council (PMEAC) chairman C Rangarajan that a hike in diesel prices is expected in the next two months. In the stock specific news, Country’s largest Car manufacturer Maruti gained near 1 percent as the company will start production at its Manesar plant after more than a month due to labour unrest while, software services exporter Infosys was up by about 3 percent as US court judge dismissed J Palmer's charges against Infosys and ruled in favour of the company. The broader indices were going neck-to-neck with benchmarks. The market breadth on the BSE was positive; there were 949 shares on the gaining side against 483 shares on the losing side while 66 shares remained unchanged. 

The BSE Sensex opened at 17,705.14; about 14 points higher compared to its previous closing of 17,691.08, and has touched a high of 17,800.31 while low remained its opening. The index is currently trading at 17,780.48, up by 89.40 points or 0.51%. There were 21 stocks advancing against 9 declines on the index.

The overall market breadth has made a strong start with 63.35% stocks advancing against 32.24% declines. The broader indices too were trading in-line with benchmarks; the BSE Mid cap and Small cap indices surged 0.23% and 0.51% respectively.

The top gaining sectoral indices on the BSE were, IT up by 1.92%, TECk up by 1.45%, Auto up by 0.76%, Oil and Gas up by 0.54% and Power up by 0.44% while, FMCG down by 0.27%, Metal down by 0.12%, HC down by 0.10% and CG down by 0.06% remained the few losers on the index.

The top gainers on the Sensex were Infosys up by 2.87%, Tata Motors up by 2.02%, TCS up by 1.77%, GAIL up by 1.23% and M&M up by 1.02%.

On the flip side, Hindalco was down by 1.27%, Hero MotoCorp was down by 1.17%, Dr Reddy was down by 0.72%, Sterlite Industries was down by 0.51% and L&T was down by 0.36% were the top losers on the Sensex.

Meanwhile, the government has disconnected over 51,000 telephone subscribers who were not registered as a telemarketer but were involved in the activity. Minister of State for Communications and IT, Milind Deora said that notices have also been given to nearly 88,300 subscribers who have carried out similar violations.

As per the Telecom Commercial Communications Customer Preference Regulations 2010, no commercial communications is allowed to a subscriber, who is not registered with the sector regulator TRAI as a telemarketer. By adding further Deora said, majority of data received from service providers highlight that complaints of Unsolicited Commercial Communications (UCC) are against telecom subscribers who are not registered as telemarketer.

Moreover, based on the verification, if it is found that the UCC was originated by a subscriber who is not registered with TRAI as a telemarketer, a notice shall be issued by the Originating Access Provider to such subscriber to immediately discontinue the sending of such unsolicited commercial communications and if the subscriber again send a commercial communication to any subscriber on a second occasion, disconnect the telecom resources of such subscriber.

Further, the government is also screening several calls and SMSs being sent by subscribers, without getting themselves registered with TRAI as a telemarketer, by using normal telephone connections having numbers, other than the '140' number series allotted to registered telemarketers.

The S&P CNX Nifty opened at 5,368.70; about 2 points higher compared to its previous closing of 5,366.30, and has touched a high and a low of 5,394.90 and 5,368.70 respectively.

The index is currently trading at 5,392.05, higher by 25.75 points or 0.48%. There were 34 stocks advancing against 16 declines on the index.

The top gainers of the Nifty were Infosys up by 2.89%, Hero MotoCorp up by 2.23%, IDFC up by 1.92%, TCS up by 1.79% and DLF up by 1.29%.

On the flip side, Hero MotoCorp down by 1.42%, Hindalco down by 1.06%, Dr Reddy down by 0.72%, Sterlite Industries down by 0.60% and Kotak Bank down by 0.49%, were the major losers on the index.

Most of the Asian markets were trading in the green; Shanghai Composite was up by 12.76 points or 0.61% to 2,119.72, KLSE Composite was flat 1,649.79, Nikkei gained 12.27 points or 0.14% to 9,182.72, Straits Times was up by 4.34 points or 0.11% to 3,066.01, Kospi Composite has gained 9.00 points or 0.46% to 1,955.44 and Taiwan Weighted surged by 76.60 points or 1.03% to 7,509.04.

On the other hand, Hang Seng was the lone loser, down by 23.36 points or 0.12% to 20,080.91

Jakarta Composite is closed till Wednesday, due to public and Idul Fitri holidays.