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Indian Indices: Indian equity benchmarks pared some of their gains but continued to trade in green in late afternoon session ahead of the derivatives expiry of June series. Sentiments remained upbeat with India Meteorological Department’s (IMD) statement that 79 percent of the country has received normal-to-above-normal rainfall. It is seeing a steady progress in rainfall in central India and expects average July rainfall at 96 percent. Besides, investments in domestic capital markets via participatory notes (P-notes) have surprisingly surged to a seven-month high of Rs 1.81 lakh crore at the end of May despite stringent norms put in place by Sebi to curb inflow of illicit funds.  

Shares of oil and gas companies were trading higher as the government launched the National Data Repository (NDR) along with the Open Acreage Licensing Policy (OALP). However, the markets trimmed gains with the Fitch ratings’ latest report that loan waiver schemes being doled out to farmers could have a significant impact on state government finances and might undermine efforts to bring down general government debt.

The BSE Sensex is currently closed at 30,857.52 up by 23.20 points or 0.08% after trading in a range of 30870.58 and 31097.92. There were 21 stocks advancing against 10 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.55%, while Small cap index was up by 1.00%.

The CNX Nifty is currently shut up at 9504.10, up by 12.85 points or 0.14% after trading in a range of 9502.00 and 9575.80. There were 32 stocks advancing against 19 stocks declining on the index.

Crporate Front: Hydro power projects of 13,363 megawatt capacity are stranded at various stages of development and reported a cost overrun of Rs 52,697 crore, a study has found. "Despite significant hydropower potential, till now, only 30 per cent of India’s total economically feasible hydropower potential has been harnessed, the ASSOCHAM-PwC study titled. Accelerating hydropower development in India for sustainable energy security said. Several hydropower projects with a cumulative capacity of about 13,363 MW are stranded at various stages of project development.

Macroeconomic front: Amidst the concerted efforts by the government and RBI to rein in the mounting bad loans issue, Sebi Chairman Ajay Tyagi cautioned mutual fund (MF) players against letting some of such money flow into the industry by way of debt funds. Non-performing assets in the banking system should not shift to mutual funds by way of debt funds. The industry should be careful about that, Tyagi told an industry summit organised by MF lobby Amfi here this morning. "Care should be taken that non-performing assets (NPAs) do not get shifted to MF portfolio by way of debt transfer.

On the global front:

On the global front, European markets were in green as investors awaited a NATO meeting of defense ministers and digested major buyback plans from some of the US’ biggest banks. Asian markets were trading in green. Back home, in scrip specific development, UCO Bank moved up on plan to raise Rs 3,000 crore in this fiscal and turn profitable by FY19. The turnaround plan will be finalised within a week.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Metal up by 2.06%, Telecom up by 1.34%, Basic Materials up by 1.15%, Realty up by 0.89% and TECK up by 0.87%, while Bankex down by 0.12% was the only losing index on BSE.

Top Nifty Movers:The top gainers on Nifty were Axis Bank up by 3.62%, Vedanta up by 3.11%, Tata Steel up by 2.17%, Indiabulls Housing Finance up by 2.03% and BhartiAirtel up by 1.78%. On the flip side, Kotak Mahindra Bank down by 2.28%, Indian Oil Corp. down by 1.14%, Sun Pharma down by 1.13%, Tech Mahindra down by 0.68% and Tata Power down by 0.61% were the top losers.

Global Signals:

Asian markets were trading mostly in green; KOSPI Index increased 13.1 points or 0.55% to 2,395.66, Shanghai Composite increased 14.86 points or 0.47% to 3,188.06, Taiwan Weighted increased 31.1 points or 0.3% to 10,421.65, Nikkei 225 increased 89.89 points or 0.45% to 20,220.30 and Hang Seng increased 281.92 points or 1.1% to 25,965.42. On the flip side, FTSE Bursa Malaysia KLCI decreased 0.46 points or 0.03% to 1,770.77.

European Markets were trading mostly in green; Germany’s DAX increased 14.99 points or 0.12% to 12,662.26 and UK’s FTSE 100 increased 36.07 points or 0.49% to 7,423.87. On the flip side, France’s CAC decreased 17.08 points or 0.33% to 5,235.82.