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Indian Indices: Indian equity benchmarks extended their previous session gain as investors remained bullish about the prospects of a good monsoon. The benchmark indices -- BSE Sensex touched fresh all-time intra-day high of 30,590.71, while the NSE index Nifty touched a new peak of 9,517.20 in trade. The equity benchmarks made a positive start in early deals as traders took support from industry body FICCI’s latest Economic Outlook Survey which pegged India’s gross domestic product (GDP) growth at around 7.4 percent for the fiscal year 2017-18. The survey was conducted during March and April 2017 and recorded a median GDP group forecast of 7.4 percent for the current fiscal year, with a minimum and maximum level of 7 percent and 7.6 percent respectively. The pick-up in overall GDP growth will also be supported by an improvement in industry and services sector growth. Some support also came with the report that India’s monsoon rains are expected to arrive on the southern Kerala coast on May 30, two days ahead of schedule. India looks likely to receive higher monsoon rainfall than previously forecast as concern over the El Nino weather condition has eased.

The BSE Sensex ended at 30587.36, up by 265.24 points or 0.87% after trading in a range of 30363.37 and 30590.71. There were 22 stocks advancing against 8 stocks declining on the index. The broader indices ended in green; the BSE Mid cap index was up by 0.27%, while Small cap index was up by 0.36%.

The CNX Nifty ended at 9509.70, up by 64.30 points or 0.68% after trading in a range of 9456.35 and 9517.20. There were 36 stocks advancing against 15 stocks declining on the index

Crporate Front:

The Indian Government has said that it is planning to build multimodal logistic parks at 15 places across the country with an investment of Rs 33,000 crore. As per reports, the National Highways Authority of India (NHAI) inked a pact with the Tamil Nadu government for one such park. The NHAI signed anMoU with the Tamil Nadu Industrial Development Corporation Ltd (TIDCO) in New Delhi today, for the development of a multimodal logistics park in the Ponneri Industrial Node area near Kamarajar Port in Tamil Nadu.

Macroeconomic front:The Reserve Bank of India today fixed the reference rate of the rupee at 64.0758 against the US dollar and 70.5539 for the euro. The corresponding rates were 64.1188 and 70.1332, previously. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.7795 and 56.52 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.

On the global front:

On the global front, European markets were trading in green, as investors look beyond global cybersecurity threats and the latest North Korean missile test. Asian markets were also trading in green. Back home, in scrip specific development, Fortune Financial Services (India) edged higher after the company acquired 49,00,000 equity shares of Rs 10 each fully paid of ITI Gilts (earlier known as Crest Debt Capital Markets). The Company was already holding 51% of the paid up capital of ITI Gilts and now on acquisition of these 49,00,000 equity shares, ITI Gilts has become a wholly owned subsidiary of the company.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Telecom up by 1.90%, TECK up by 1.10%, IT up by 1.06%, FMCG up by 1.02% and Auto up by 0.99%, while Metal down by 0.61% was the sole loser on BSE.

Top Nifty Movers:The top gainers on Nifty were Hero MotoCorp up by 3.06%, ACC up by 2.86%, TCS up by 2.54%, BhartiAirtel up by 2.43% and Bank of Baroda up by 2.33%. On the flip side, Kotak Mahindra Bank down by 1.65%, Indiabulls Housing down by 1.10%, ONGC down by 0.88%, Mahindra & Mahindra down by 0.84% and Zee Entertainment down by 0.84% were the top losers.

Global Signals:

Asian markets were trading mostly in red; Hang Seng decreased 35.65 points or 0.14% to 25,335.94, Jakarta Composite decreased 22.57 points or 0.4% to 5,666.30, Taiwan Weighted decreased 5.33 points or 0.05% to 10,031.49 and FTSE Bursa Malaysia KLCI decreased 4.19 points or 0.24% to 1,774.46. On the flip side, KOSPI Index increased 4.68 points or 0.2% to 2,295.33, Shanghai Composite increased 22.74 points or 0.74% to 3,112.96 and Nikkei 225 increased 49.97 points or 0.25% to 19,919.82.

European markets were trading mixed; UK’s FTSE 100 increased 22.68 points or 0.3% to 7,477.05 and Germany’s DAX increased 7.96 points or 0.06% to 12,815.00. On the flip side, France’s CAC decreased 19.89 points or 0.37% to 5,397.51.