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Indian Indices: Indian equity benchmarks continued to trade in positive territory with small gains in late afternoon session amid lack of clear direction from global markets. Investors remained optimistic with the private report that a normal monsoon this year should continue to revive rural demand and allow the Reserve Bank of India (RBI) to cut rates by 0.25 percent in August. 

Some support also came with the report that investments in domestic capital markets via participatory notes (P-notes) have surprisingly surged to 4-month high of Rs 1.78 lakh crore at the end of March despite stringent norms put in place by Sebi to curb inflow of illicit funds. Besides, select public sector banking stocks were trading higher with the ICRA’s report that the RBI’s recent revision in the prompt corrective action (PCA) framework is positive for banking sector, given the operating and financial profile of some of the banks. 

However, some caution prevailed over the ongoing fourth quarter results season, coupled with weak rupee against dollar. The rupee was trading at 64.62, 6 paise weaker from its previous close of 64.58 on Wednesday.

The BSE Sensex is currently closed at 29422.39, up by 85.82 points or 0.29% after trading in a range of 29341.68 and 29453.06. There were 17 stocks advancing against 13 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.51%, while Small cap index was up by 0.97%.

The CNX Nifty is currently shut up at 9136.40, up by 32.90 points or 0.36% after trading in a range of 9102.65 and 9143.90. There were 31 stocks advancing against 20 stocks declining on the index.

Crporate Front:

India Ratings and Research (Ind-Ra), a leading rating agency, has estimates that Rs 560 billion out of total debt of Rs 1,730 billion could be refinanced at a lower borrowing cost across various infrastructure sub-sectors in its portfolio till FY19. Also, there could be a shift in the type of instruments issued for the purpose of raising capital in the sector largely to the capital market instruments, namely bonds, from the conventional term loans, said the rating agency.

Macroeconomic front:The Reserve Bank of India on Thursday fixed the reference rate of the rupee at 64.6364 against the US dollar and 69.3355 for the euro. The corresponding rates were 64.5443 and 69.1915 on Wednesday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.8057 and 59.35 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 continued to weigh current political uncertainties and digested fresh corporate earnings. Asian markets were trading mixed. Back home, in scrip specific development, Network18 Media & Investments was trading higher after the company received an in-principle approval to sell/ transfer/ otherwise dispose off or transfer BURRP to any other entity including a related party/ getting a strategic investor.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Realty up by 1.87%, Consumer Durables up by 1.19%, Basic Materials up by 1.12%, Consumer Disc up by 0.75% and Industrials up by 0.68%, while Bankex down by 0.47%, Energy down by 0.42%, Telecom down by 0.37%, Oil & Gas down by 0.32% and Healthcare down by 0.20% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Grasim Industries up by 4.73%, Bank of Baroda up by 2.32%, Indiabulls Housing Finance up by 2.15%, GAIL India up by 2.01% and HDFC up by 2.00%. On the flip side, Yes Bank down by 3.98%, ICICI Bank down by 2.16%, Indian Oil Corporation down by 1.99%, Tata Power down by 1.93% and Axis Bank down by 1.76% were the top losers.

Global Signals:

Asian markets were trading mixed; Shanghai Composite increased 1.41 points or 0.04% to 3,172.10, FTSE Bursa Malaysia KLCI increased 3.62 points or 0.21% to 1,742.57, KOSPI Index increased 10.75 points or 0.5% to 2,149.15 and Hang Seng increased 231.1 points or 0.97% to 24,056.98. On the flip side, Jakarta Composite decreased 11.43 points or 0.2% to 5,595.09, Taiwan Weighted decreased 7.25 points or 0.08% to 9,632.69 and Nikkei 225 decreased 1.71 points or 0.01% to 18,430.49.

All European markets were trading in green; UK’s FTSE 100 increased 1.64 points or 0.02% to 7,116.00, Germany’s DAX increased 2.54 points or 0.02% to 12,018.99 and France’s CAC increased 30.92 points or 0.62% to 5,034.65.