The BSE Sensex opened at 18,355.14; about 128 points higher
compared to its previous closing of 18,226.48, and has touched a high and a low
of 18,382.26 and 18,225.20 respectively.
The index is currently trading at 18,257.98, up by 31.50
points or 0.17%. There were 13 stocks advancing against 17 declines on the
index.
The overall market breadth has made a weak start with 41.53%
stocks advancing against 54.52% declines. The broader indices were trading in
red; the BSE Mid cap and Small cap indices down by 0.26% and 0.18%
respectively.
The top gaining sectoral indices on the BSE were, IT up by
1.01%, Teck up by 0.97%, Capital Goods up by 0.11%, Health Care up by 0.11% and
Realty up by 0.09% while, Auto down by 0.75%, Consumer Durables down by 0.53%,
FMCG down by 0.37%, Oil & Gas down by 0.36% and PSU down by 0.29% were the
only losers on the sectoral index.
The top gainers on the Sensex were HDFC up by 1.84%, Bharti
Airtel up by 1.82%, Wipro up by 1.70%, TCS up by 1.50% and NTPC up by 1.10%.
On the flip side, Tata Motors was down by 1.37%, Maruti
Suzuki was down by 1.16%, Mahindra & Mahindra was down by 1.12%, ONGC was
down by 0.99% and Dr Reddys Lab was down by 0.81% were the top losers on the
Sensex.
Meanwhile, stronger external demand and progress on reforms
could boost India's slowing economy to 6% growth this year. As per the
multilateral funding agency ADB, reforms are required to facilitate more
favorable investment environment and spur growth. However, cautioned that the
country may fail to reach that level, if the government fails to pursue
structural reforms further.
The agency in its report 'Asian Development Outlook 2013'
has predicted growth in India to recover to 6% this year and 6.5% in 2014 from
around 5% in 2012. As per the report, the growth forecast is an improvement
over disappointing numbers last year but still far short of the capability of
Asia's third-largest economy, which was seen few years back as a rising economic
power that could even rival China, with the growth of over 9%.
Highlighting inflation, as a key concern that is hampering
India's scope to show high growth, ADB’s report said that the slowing growth
has been paired with persistently high inflation. High prices, especially for
food, limit the central bank's scope to reduce interest rates, although the
Reserve Bank of India last month made its second cut this year to a key lending
rate.
Regarding the Asia’s emerging economies, it said that the growth
in the developing Asia is expected to gain growth momentum this year, powered
by rising domestic consumption and intra-regional trade,but authorities need to
defend against the risks of inflation and asset bubbles arising from strong
capital inflows.
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