A growing number of investors from India are showing interest in Dubai as they look to capitalise on 60 per cent savings per square foot in the Dubai property market. However, the broader market indices are trading with moderate gains as BSE Mid-Cap and BSE Small-Cap are trading up by 0.8% and 1.1% respectively. The key benchmark indices are trading at BSE 30-share Sensex above 19,555 mark, while Nifty is above the 5,875 mark.
At 12:24PM BSE SENSEX was at 19559.42 down by 52.78 points or by 0.27 % and then NSE Nifty was at 5877.2 down by 14.55 points or by 0.25 %.
The BSE MIDCAP was at 7250.06 up by 56.19 points or by 0.78 % while the BSE SMLCAP was at 8883.15 up by 96.21 points or by 1.09 %.
The BSE Sensex touched intraday high of 19620.88 and intraday low of 19537.02 The NSE Nifty touched intraday high of 5889.8 and intraday low of 5866.25
On the economic front, in order to curb the high inflation rates, the Reserve Bank of India (RBI) has revised the repo and reverse repo rates eight times in the span of past one year. However, the bankers have requested the RBI not to increase the key policy rates, as the borrowers might not be willing to pay higher rates on loans.
Few of the banks reported that they have not passed on the burden of 25 basis points increase in the repo and reverse repo rates that was implements in March 2011 on the borrowers. Meanwhile, some of the bankers had a different point of view as they asked RBI to revise the policy rates towards the higher side to control inflation. Inflation has been a constant worry for the central bank as it has been continuously taking actions to control it.
On the corporate front, Maruti Suzuki India fell on National Stock Exchange after the company said that it will recall 13157 diesel cars to inspect a faulty engine component.
Cairn Energy has extended the deadline to sell part of its stake in Cairn India to Vedanta from April 15 to May 20.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 3530 , shares advanced were 1760 while 957 shares declined and 813 were unchanged.
The top losers of the BSE Sensex pack were Tata Consultancy Services Ltd. (Rs. 1198.50,-2.07%), NTPC Ltd. (Rs. 187.40,-2.01%), Bharti Airtel Ltd. (Rs. 348.00,-1.49%), Maruti Suzuki India Ltd. (Rs. 1275.50,-1.48%), HDFC Bank Ltd. (Rs. 2343.10,-1.46%), among others.
In BSE, BSE_IT index was at 6594.69 down by -57.57 points or by -0.87%. Tata Consultancy Services Ltd. (Rs. 1198.50,-2.07%), Infosys Technologies Ltd. (Rs. 3250.00,-0.63%), Wipro Ltd. (Rs. 463.60,-0.54%), MphasiS Ltd. (Rs. 440.00,-0.53%), Oracle Financial Services Software Ltd. (Rs. 2127.30,-0.31%).
In BSE, BSE Teck index was at 3877.12 down by -31.74 points or by -0.81%. OnMobile Global Ltd. (Rs. 287.45,-2.77%), Tata Consultancy Services Ltd. (Rs. 1198.50,-2.07%), Bharti Airtel Ltd. (Rs. 348.00,-1.49%), Television Eighteen India Ltd. (Rs. 83.50,-0.77%), Idea Cellular Ltd. (Rs. 66.25,-0.75%).
The leading Asian bourses are trading mix as Hang Seng, Shanghai Composite and Nikkei 225 are trading higher by 0.05%, 0.20% and 0.07% respectively while Straits Times is trading lower by 0.09%.