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Indian Indices: Indian equity benchmarks came off day’s highs but trade continued on strong note in late afternoon session with gains of half a per cent each. Buying in Utilities, Banking and FMCG stocks aided the markets, while the broader indices failed to hold the rally and slipped into negative territory.

 Traders took some support with the private report that the Reserve Bank is expected to go for a 25 basis points (bps) repo rate cut in its policy review meet on August 2 as inflation is likely to have reached a new normal of 4 percent. Banking shares were trading higher despite Moody’s latest report that India's banking system remain most vulnerable among South and Southeast Asia, revising the outlook on several Indian banks to stable or negative from positive. 

However, some profit booking ahead of the derivatives expiry of the July series pared some gains.Moody’s also signalled lowered government support to some extent as it appeared reluctant to increase capital injections into the PSU banks, despite the limited ability of these to access equity markets for the much-needed capital. Indian PSBs have experienced significant asset quality problems and capital shortages over the last three years.

The BSE Sensex is currently trading at 32543.19, up by 160.73 points or 0.50% after trading in a range of 32473.12 and 32672.66. There were 12 stocks advancing against 19 stocks declining on the index.The broader indices were trading in red; the BSE Mid cap index was down by 0.22%, while Small cap index was down by 0.46%.

The CNX Nifty is currently trading at 10074.50, up by 53.85 points or 0.54% after trading in a range of 10052.35 and 10114.85. There were 23 stocks advancing against 28 stocks declining on the index.

Crporate Front: Battery manufacturer Exide Industries today reported a 3.59 per cent decline in net profit at Rs 189 crore for the quarter ended June. It had posted a net profit of Rs 196.05 crore in the corresponding period a year ago, the company said in a filing to the Bombay Stock Exchange. Total income grew by 4.80 per cent to Rs 2,389.57 crore during the quarter under review as against Rs 2,279.93 crore in the year-ago period, Exide Industries said in a BSE filing.

Macroeconomic front: An official release said that JDI was concluded on May 30 in Berlin during the fourth Inter-Governmental Consultations between India and Germany between Prime Minister Modi and German Chancellor Angela Merkel to to promote cooperation between German and Indian scientists on fundamental and applied scientific research. It includes areas such as policy support, teaching, training and dissemination of information in the area of sustainable development and climate change through inter-disciplinary/trans-disciplinary research.

On the global front: On the global front, European Markets were trading mixed after the US Federal Reserve kept interest rates unchanged and investors reacted to a slew of earnings reports. Asian markets were trading in green. Back home, in scrip specific development, Tamil Nadu Newsprint & Papers (TNPL) was trading jubilantly after the company resumed normal production / operation in the plant from July 27, 2017, pursuant to availability of water.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Bankex up by 1.10%, Utilities up by 0.28%, FMCG up by 0.27%, Oil & Gas up by 0.06%, and PSU up by 0.02%, while Telecom down by 2.03%, TECK down by 1.15%, IT down by 1.10%, Consumer Durables down by 0.96% and Metal down by 0.73% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were HDFC up by 6.11%, Yes Bank up by 4.48%, HDFC Bank up by 2.45%, Indusind Bank up by 2.39% and ACC up by 2.15%. On the flip side, BhartiAirtel down by 3.18%, Tata Motors - DVR down by 2.59%, TCS down by 2.29%, Tech Mahindra down by 2.03% and Tata Motors down by 1.80% were the top losers.

Global Signals:

All Asian markets were trading in green; Shanghai Composite increased 2.11 points or 0.06% to 3,249.78, FTSE Bursa Malaysia KLCI increased 3.27 points or 0.19% to 1,769.27, KOSPI Index increased 8.73 points or 0.36% to 2,443.24, Jakarta Composite increased 9.81 points or 0.17% to 5,810.02, Nikkei 225 increased 29.48 points or 0.15% to 20,079.64, Taiwan Weighted increased 89.26 points or 0.86% to 10,508.37 and Hang Seng increased 190.15 points or 0.71% to 27,131.17.

European markets were trading mixed; France’s CAC increased 17.65 points or 0.34% to 5,207.82. On the flip side, Germany’s DAX decreased 45.88 points or 0.37% to 12,259.23 and UK’s FTSE 100 decreased 1.13 points or 0.02% to 7,451.19.