Benchmarks trade smoothly near the highs of the day

Markets continue to trade smoothly in early noon session, with benchmarks trading near their intraday highs. There is no sign of profit taking from any corner yet and buying was sustaining even at higher levels. The S&P BSE Sensex reclaimed its crucial psychological level of 28000, while Nifty too surged past its important resistance level of 8500 and were trading firmly over it. The strength in rupee which extended its appreciation for the second consecutive session too was supporting the sentiments. Going forward traders will be eyeing some global developments to take cues, as Greece Parliament will vote on a sweeping austerity package to secure the funding it needs to stem its fiscal crisis and remain in the euro zone. back on street, buying was visible across the board, with auto, realty, capital goods, IT and metal taking the lead.Consumer durables was the only pack showing some weakness since morning.The broader markets too were broadly in-line with the benchmark indices.

In scrip specific movement DCB Bank was witnessing selling pressure and was down by over 5% after posting flat Q1 numbers. The bank’s Gross NPA ratio increased to 1.96% as on June 30, 2015 from 1.76% as on March 31, 2015. On the other hand Coal India was trading higher despite deciding to relinquish leasehold license areas of 170 sq. Km in Mozambique.

The BSE Sensex is currently trading at 28192.16, up by 259.26 points or 0.93% after trading in a range of 27986.48 and 28195.24. There were 28 stocks advancing against 2 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.39%, while Small cap index surged by 0.76%.

The top gaining sectoral indices on the BSE were Auto up by 1.28%, Realty up by 1.09%, IT up by 1.05%, TECK up by 0.91%, Capital Goods up by 0.87%, while Consumer Durables down by 0.45% was the lone losing index on the BSE.

The top gainers on the Sensex were Maruti Suzuki up by 2.87%, Wipro up by 2.12%, Mahindra & Mahindra up by 1.62%, Bajaj Auto up by 1.44% and TCS up by 1.40%. On the flip side, GAIL India down by 0.12% and Hindustan Unilever down by 0.02% were the top losers.

Meanwhile, under mounting pressure at international forums to open up the retail e-commerce sector to foreign investment, commerce and industry minister Nirmala Sitharaman will discuss the ecommerce policy framework with state industry ministers in a meeting that will explore the possibility of allowing foreign direct investments in consumer ecommerce. The ministers' meeting will be preceded by an official level meeting where officials of the department of commerce and department of industrial policy and promotion (DIPP) will meet industry officials of the states to discuss ease of doing business and ecommerce policy.

It has been reported that a whole range of issues on ecommerce will be discussed with the states including taxation, FDI policy framework and definition of ecommerce. The meeting is also considered important, as for the first time, the commerce department will present international trade data for states, urging them to put in place a trade policy that encourages exports and jobs creation. Sitharaman in May had met both domestic and foreign e-commerce firms and industry lobby groups to try and gain a better understanding of the issues faced by such companies.

The current policy allows 100 per cent FDI in business-to-business (B2B) ecommerce but business-to-consumer (B2C) is closed to foreign investment and the government has been under intense pressure from various countries to liberalise foreign direct investment in the ecommerce sector. Not only has Japan been pressing for setting up a working group on e-commerce in the regional comprehensive economic partnership (RCEP), but now Russia too has started pushing for an agreement on ecommerce

The CNX Nifty is currently trading at 8525.65, up by 71.55 points or 0.85% after trading in a range of 8462.95 and 8526.00. There were 44 stocks advancing against 5 stocks declining, while one stock remained unchanged on the index.

The top gainers on Nifty were Maruti Suzuki up by 2.85%, Wipro up by 2.49%, Ultratech Cement up by 2.28%, Asian Paints up by 1.78% and Mahindra & Mahindra up by 1.68%. On the flip side, BPCL down by 0.84%, Yes Bank down by 0.62%, HCL Tech. down by 0.60%, Kotak Mahindra Bank down by 0.04% and Hindustan Unilever down by 0.01% were the top losers.

The Asian markets were trading mixed, FTSE Bursa Malaysia KLCI was up by 3.17 points or 0.18% to 1,724.27, Taiwan Weighted gained 12.44 points or 0.14% to 9,054.20, KOSPI Index was higher by13.68 points or 0.66% to 2,072.91, Straits Times added 14.03 points or 0.42% to 3,330.53 and Nikkei 225 gained 78 points or 0.38% to 20,463.33.

On the other hand, Hang Seng declined by 188.72 points or 0.75% to 24,932.19, Shanghai Composite slumped by 168.95 points or 4.31% to 3,755.53 and Jakarta Composite was lower by 30.92 points or 0.63% to 4,870.89.