Indian equities witnessed a dull day of trade with investors glued firmly to their television sets, watching political parties battle it out on the issue of FDI in retail. The Sensex closed up 36.70 points (0.19%) at 19342.02, while the Nifty ended trade 13.20 points up (0.22%) at 5884.15.
Speaking during the FDI debate in the Lok Sabha, BJP Sushma Swaraj said that the manufacturing sector will face the maximum unemployment due to FDI in retail. "Manufacturing sector will face maximum unemployment. Maximum products available will be from China. China will see growth in both manufacturing sector and employment," Sushma said during the debate on FDI in retail in Lok Sabha.
Earlier in the day, global rating agency Moody's maintained its negative outlook on the Indian banking space even as finance ministry official met its analysts to pitch for a sovereign rating upgrade.
However, banking stocks more or less had factored in this news. India's largest lenders State Bank of India and ICICI Bank rallied over 1.5 percent whereas their rival HDFC Bank fell 0.34 percent.
The top gainer on the Nifty was Jaiprakash Associations up nearly 5%, after the company received the final forest clearance for its Amelia North coal mine in its Madhya Pradesh power project of 1320 MW. (Read full report)
Oil and gas major Reliance Industries was up on media reports that the oil ministry is poised to approve the company's investment plans for the KG-D6 block. Oil ministry sources told CNBC-TV18 that RIL’s issue over the CAG audited has been resolved. The CAG will begin KG-D6 audit any day now.
Private power producer Tata Power topped the buying list, rising 4 percent as CLSA believes that under various scenarios the company could see a 16-80% upgrade in earnings.
In the second line shares, Ruchi Soya, KSK Energy Ventures, BF Utilities, Tata Chemicals and Shree Global were up 5-12 percent whereas Karnataka Bank, Jet Airways, CRISIL, Bayer Cropscience and Videocon Industries lost 3-6 percent.
Among auto stocks, two-wheeler maker Bajaj Auto jumped 1.55 percent whereas its rival Hero Motocorp slipped 0.56 percent. Utility vehicle maker Mahindra & Mahindra was down 1.75 percent.
Software services exporters TCS and Wipro fell 1.25 percent and 1.65 percent, respectively. FMCG majors ITC and Hindustan Unilever went down 0.4-0.6 percent. Engineering conglomerate Larsen & Toubro declined 0.5 percent.
Indian equity benchmarks remained lacklustre since early trade following listless trade in global markets. Gains in Reliance, ICICI Bank, State Bank of India and ONGC were offset by the fall in L&T, HDFC Bank, TCS and ITC.
Indian Benchmarks continue to remain a victim of prevailing mood, which in turn remains lackluster in absence of a dominant trigger. At 12.26 hrs IST, the Sensex was up 36.65 points or 0.19% at 19341.97, and the Nifty advanced 11.65 points or 0.20% to trade at 5882.60.
At 10.44 hrs IST, the Sensex was up 30.15 points or 0.16% at 19335.47, and the Nifty up 8.25 points or 0.14% at 5879.20. CNX Midcap continues with its outperformance since yesterday, and was up about 1% .
Benchmarks opened sluggish Tuesday, as the market is still trying to digest the huge gains made last week.
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