MUMBAI: Benchmarks gained
momentum as investors took positions across the board on the back of
positive earnings season and gains in Asian markets. All the sectoral
indices were in the green with metals, banks and oil&gas top
performers.
At 11 am; Bombay Stock
Exchange’s Sensex was at 20424.68, up 258.82 points or 1.28 per cent.
The index touched a high of 20448.59 and low of 20199.73.
National Stock Exchange’s Nifty was at 6136.55,
up 70.5 points or 1.16 per cent. The index touched high of 6151.30 and
low of 6094.60.
“The market has
clearly entered a range trade between 6284-5965 in the short-term. Nifty
needs to break the range between 5965 – 6165 to get back into a
directional trend. Momentum oscillators are presenting a mixed picture,
and thus the price action will lead the market direction.
Bharti Airtel has taken support on weekly and
monthly moving averages supporting the longer-term uptrend, thus
offering good risk-reward opportunity on the long side,” said Edelweiss
report.
BSE Midcap Index gained
0.84 per cent and BSE Smallcap Index moved 1.03 per cent higher.
Amongst the sectoral indices, BSE Metal
Index gained 1.67 per cent, BSE Bankex advanced 1.22 per cent and BSE
Oil&gas Index moved 1.13 per cent higher.
Sensex gainers included Hindalco (3.42%),
Cipla
(2.71%), Sterlite
Industries (2.23%), TCS (1.99%) and HDFC
(1.88%)
Wipro
(-2.54%) and Hero Honda (-0.23%) were the
only index losers.
Market breadth
was positive on the BSE with 1907 advances against 836 declines.
Asian markets were in the green. Nikkei
225 was up 0.07 per cent, Seoul Times climbed 0.90 per cent higher and
Shanghai Composite surged 1.89 per cent higher.
Monday, October 25, 2010
Rest of Asia India asks Japan to help achieve infrastructure targets
india envisages financial outlays of over $1 trillion in the next Five
Year Plan and while much of this would come "from within", it would
welcome support from Japanese companies, Prime Minister Manmohan Singh
told Japanese business leaders on Monday.
"During India's next Five Year Plan
"We seek your help in raising urban infrastructure," he told the
gathering, citing needs like control of urban waste and water supply.
The meeting, also hosted by the Japanese Chamber of Commerce and Industry and Japan-India Business Cooperation Committee, was attended by India Inc - Reliance Industries chairman and managing director Mukesh Ambani, Bharti Enterprises' chief Sunil Bharti Mittal, HDFC chairman Deepak Parekh and Fortis Healthcare's Malvinder Singh among others.
India's business leaders had addressed the 3rd Japan-India Business Leaders Forum ahead of the lunch.
On the Comprehensive Economic Partnership Agreement (CEPA) - India and Japan are expected to announce conclusion of negotiations on the pact - the prime minister said the first priority was to "convert the agreement into a legally binding document".
"We are working on it at the level of the government," he said, adding that it might go to parliament next.
Manmohan Singh, who noted the "welcome sign" that the number of Japanese companies with an established business presence in India had more than doubled in the past four years, said: "Bilateral trade has made a robust rebound in 2010 and should exceed $20 billion by 2012. However, you will agree with me that India-Japan trade is still at a low threshold apart from being unbalanced."
He said he had long believed that India and Japan should work together to create a business environment conducive to much greater two-way trade and investment flows.
"It was with this perspective that we launched negotiations for a Comprehensive Economic Partnership Agreement almost four years ago."
He also noted that nuclear energy could provide India's growing economy with a clean and efficient source of power. "Cooperation in this area will enable Japanese companies to participate in India's ambitious nuclear energy programme."
from 2012 to 2017, we envisage financial outlays of $1
trillion on infrastructure projects. Private investment will play a
large role in achieving this target. We would welcome a much greater
role by Japanese industry in the development of economic infrastructure
in India," the prime minister said at a business lunch hosted by the
industry lobby Nippon Keidanren.
Hoping to attract Japanese investment, the prime minister stressed on
India's infrastructural needs and said that in the next 20 years about
40 per cent of the population would be living in urban areas.
The meeting, also hosted by the Japanese Chamber of Commerce and Industry and Japan-India Business Cooperation Committee, was attended by India Inc - Reliance Industries chairman and managing director Mukesh Ambani, Bharti Enterprises' chief Sunil Bharti Mittal, HDFC chairman Deepak Parekh and Fortis Healthcare's Malvinder Singh among others.
India's business leaders had addressed the 3rd Japan-India Business Leaders Forum ahead of the lunch.
On the Comprehensive Economic Partnership Agreement (CEPA) - India and Japan are expected to announce conclusion of negotiations on the pact - the prime minister said the first priority was to "convert the agreement into a legally binding document".
"We are working on it at the level of the government," he said, adding that it might go to parliament next.
Manmohan Singh, who noted the "welcome sign" that the number of Japanese companies with an established business presence in India had more than doubled in the past four years, said: "Bilateral trade has made a robust rebound in 2010 and should exceed $20 billion by 2012. However, you will agree with me that India-Japan trade is still at a low threshold apart from being unbalanced."
He said he had long believed that India and Japan should work together to create a business environment conducive to much greater two-way trade and investment flows.
"It was with this perspective that we launched negotiations for a Comprehensive Economic Partnership Agreement almost four years ago."
He also noted that nuclear energy could provide India's growing economy with a clean and efficient source of power. "Cooperation in this area will enable Japanese companies to participate in India's ambitious nuclear energy programme."
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