Benchmarks continue to trade jubilantly; Nifty regains 8,300 mark

Gaining further strength, barometer gauges have escalated to day’s high, recapturing their crucial 27,600 (Sensex) and 8,300 (Nifty) bastion as investors continue to pour in money into risky equities. Sentiments remained up-beat with Finance Minister Arun Jaitley’s statement on the basis of policy changes along with a good monsoon that the path to 10 percent growth in Indian economy is not impossible. Appreciation in Indian rupee too aided the sentiments, the rupee strengthened by six paise to a fresh one-month high of 63.49 against the dollar in early trade today, extending its rising streak for the fourth straight day on persistent selling of American currency.

On the global front, European markets have made a firm start with CAC, DAX and FTSE all trading with a gain of around two percent. Asian markets were trading higher at this point of time with investors encouraged by signs of a compromise in Greece's debt talks with its creditors.

Back home, there was broad based buying witnessed in the markets and apart from the blue chips, the broader markets too equally participated in the rally. Meanwhile, none of the sectoral indices were trading in the red, while realty and banking witnessed the maximum gain in trade. Consumer durables, metal and power too were trading significantly. The market breadth on the BSE was positive; there were 1,551 shares on the gaining side against 867 shares on the losing side while 110 shares remain unchanged.

The BSE Sensex is currently trading at 27640.28, up by 324.11 points or 1.19% after trading in a range of 27417.03 and 27660.16. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.16%, while Small cap index up by 1.15%.

The gaining sectoral indices on the BSE were Realty up by 3.72%, Bankex up by 2.80%, Consumer Durables up by 1.13%, Power up by 1.12%, Metal up by 1.09%, while there were no losers on the index.

The top gainers on the Sensex were Axis Bank up by 3.97%, ICICI Bank up by 2.82%, BHEL up by 2.19%, Tata Motors up by 2.15% and HDFC Bank up by 2.11%. On the flip side, Bharti Airtel down by 2.18%, Wipro down by 0.94%, Reliance Industries down by 0.64% and ONGC down by 0.56% were the top losers.

Meanwhile, to address issues related to new companies law, a government-appointed panel has sought suggestions from all stakeholders, including the general public. An eight-member panel had been asked to look into the issues faced by the companies and other stakeholders from the new law and to suggest necessary changes to improve ease of doing business in the country.

The review committee has invited comments or suggestions to assist in its deliberations from the stakeholders latest by July 21, 2015. The new law would make it easier to do business and provides for stricter penalties for fraud cases.

The panel consists of the secretary and joint secretary from the ministry of corporate affairs along with the presidents of Institute of Chartered Accountants, Company Secretaries and Cost Auditors. There are also representatives from the judiciary and industry in the panel including former Delhi High Court Judge Reva Kheterpal, Chief legal Counsel of Tata Sons Bharat Vasani and Chairman of L&T Financial Holdings YM Deosthalee.

The panel has to give its recommendations to the government on the issues arising out of implementation of Companies Act. The panel will also examine recommendations received from the bankruptcy law panel and high level committee on Corporate Social Responsibility.

The CNX Nifty is currently trading at 8331.40, up by 106.45 points or 1.29% after trading in a range of 8257.40 and 8337.80. There were 43 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were Axis Bank up by 4.11%, Yes Bank up by 3.79%, Bank Of Baroda up by 3.76%, PNB up by 3.66% and Kotak Mahindra Bank up by 2.97%. On the flip side, Bharti Airtel down by 2.19%, Wipro down by 0.68%, Reliance Industries down by 0.62%, ONGC down by 0.58% and Idea Cellular down by 0.51% were the top losers.

Asian markets were trading mostly in green; KOSPI Index increased 8.2 points or 0.4% to 2,055.16, FTSE Bursa Malaysia KLCI rose 11.76 points or 0.68% to 1,733.53, Straits Times gained 24.39 points or 0.74% to 3,325.35, Taiwan Weighted surged 123.4 points or 1.34% to 9,341.77, Hang Seng added 183.13 points or 0.68% to 26,943.66 and Nikkei 225 was up by 253.95 points or 1.26% to 20,428.19.

On the flip side Jakarta Composite was down by 26.4 points or 0.53% to 4,958.61.

European markets too were trading in green; UK’s FTSE 100 increased 72.32 points or 1.08% to 6,782.77, France’s CAC surged 112.42 points or 2.33% to 4,927.79 and Germany’s DAX was up by 270.7 points or 2.45% to 11,310.80.