Not much action in markets this morning as the focus continues to remain on parliament’s winter session. The BJP and its allies have sought a discussion on FDI in multi-brand retail under a rule that allows voting. Reports indicate that they may also bring their own no-confidence motion against the UPA government. The govt says it is confident of defeating any no-trust vote in Lok Sabha.
Market Guru Andrew Holland in an interview with Bloomberg UTV said that the government needs to to act on the reform announcements as there are no sign of a ‘V’ shaped recovery for the economy yet.
Hence, despite positive cues globally, the Sensex only opened 30 points higher but soon enough it turned red and is currently down 0.01 percent at 18327, while the Nifty is down 0.11 percent at 5565.
Wipro, Infosys,Tata Motors, ICICI Bank, Bajaj Auto, Gail India, Dr Reddys Lab are among gainers in Sensex and Nifty.
RIL, TCS, Tata Motors, Tata Power, ONGC, BHEL,SBI, Bharti Airtel, HDFC,HDFC Bank, Tata Steel, Hindalco Inds are among losers in Sensex and Nifty.
The Group of Ministers is expected to meet later in the afternoon in New Delhi to discuss drug pricing.
The Supreme Court is expected to hear Petroleum and Natural Gas Regulatory Board’s petition against Delhi High Court’s ruling that the board does not have powers to fix price of CNG sold by Indraprastha Gas Ltd.
The government is likely to approve 9.5% stake sale in state-run NTPC, according to reports. Reports stated that this move is aimed at meeting the government’s disinvestment target of Rs 30000 crore in the current fiscal.
Globally, Asian markets are in the green this morning. US indices closed flat. Fed chief Ben Bernanke urged lawmakers to act quickly because “the stakes are high” as far as the Fiscal Cliff is concerned.
European finance ministers had a meeting to discuss the latest release of bailout funds for Greece.
Stocks in news
Three aviation shares rose by 1.46% to 2.86% as the number of passengers carried by air carriers rose 13.36% in October 2012 over September 2012. The Ministry of Civil Aviation after trading hours on Tuesday, 20 November 2012, said the total domestic passengers carried by the scheduled domestic airlines rose to 45.55 lakh in October 2012 from 40.18 lakh in September 2012.
SpiceJet (up 2.86% to Rs 35.95), Kingfisher Airlines (up 1.81% to Rs 13.52) and Jet Airways (India) (up 1.46% to Rs 419.50) edged higher.
Shares of Spicejet rose 3 percent after a report that Kalanithi Maran and his wife, Kavery Kalanithi, resigned from the board of directors of Kal Airways, the holding company of SpiceJet, sparked talk about a potential sale of the airline.