The EGoM on oil prices will meet on May 11, according to reports. It could also consider an increase in LPG prices. Also, the broader market indices are trading higher as BSE Mid Cap rose by 0.3% and BSE Small Cap was down 0.5% respectively. The key benchmark indices are trading at BSE 30-share Sensex above 18,480 mark, while Nifty is above the 5,535 mark.
At 12:18PM BSE SENSEX was at 18486.67 up by 17.31 points or by 0.09 % and then NSE Nifty was at 5539.4 up by 2.25 points or by 0.04 %.
The BSE MIDCAP was at 6889.37 up by 23.41 points or by 0.34 % while the BSE SMLCAP was at 8432.89 up by 42.59 points or by 0.51 %.
The BSE Sensex touched intraday high of 18569.21 and intraday low of 18414.69 The NSE Nifty touched intraday high of 5560.3 and intraday low of 5520.2
On the economic front, Indian Petroleum Ministry has decided to increase the diesel prices by up to Rs. 3 a litre, immediately after the completion of the Assembly elections in five states next week.
A top Government Official quoted "Petroleum Ministry officials yesterday discussed with the Election Commission the issue of raising prices before Assembly election results are announced on May 13. The Election Commission is believed to have cleared the move."
An Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee is likely to meet on 11 May 2011, to discuss the diesel price hike issue. At a similar note, Rs. 3-4 a litre hike in the price of petrol is also expected to be discussed in the upcoming meet.
In June 2010, the Indian Government took a revolutionary initiative to deregulate the petrol prices and allowed the oil companies to fix rates on the basis of market forces but it kept the diesel and LPG rates under its power.
On the corporate front, Bharti Airtel, expects its African arm to put up a much better performance this financial year.
Reliance Industries is quoting ex-dividend today. The company has announced the dividend of Rs 8 per fully paid-up equity share of Rs 10 each on April 21.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2,585, shares advanced were 1,425 while 1,034 shares declined and 126 were unchanged.
The top gainers of the BSE Sensex pack were Hero Honda Motors Ltd. (Rs. 1700.00,+6.24%), Reliance Industries Ltd. (Rs. 962.95,+1.68%), Oil And Natural Gas Corporation Ltd. (Rs. 313.80,+1.44%), Jindal Steel & Power Ltd. (Rs. 627.00,+1.16%), Hindalco Industries Ltd. (Rs. 207.85,+1.09%), among others.
In BSE, BSE_CDS index was at 6233.05 up by 87.33 points or by 1.42%. Videocon Industries Ltd. (Rs. 197.45,+2.54%), Titan Industries Ltd. (Rs. 3905.00,+1.75%), Whirlpool of India Ltd. (Rs. 280.10,+1.47%), Rajesh Exports Ltd. (Rs. 87.00,+1.40%), VIP Industries Ltd. (Rs. 666.30,+0.89%),.
In BSE, BSE Power index was at 2605.53 down by -20.53 points or by -0.78%. Tata Power Company Ltd. (Rs. 1258.45,-2.92%), Siemens Ltd. (Rs. 845.90,-2.62%), Reliance Infrastructure Ltd. (Rs. 627.80,-2.49%), Reliance Power Ltd. (Rs. 122.55,-1.29%), NTPC Ltd. (Rs. 176.80,-1.06%),.
The leading Asian bourses are trading mix as Hang Seng, Seoul Composite and Straits Times trading down by 0.25%, 0.91%and 0.35% respectively, while Shanghai Composite is up by 0.34%.