Benchmarks trade slightly in green in noon deals

Indian equity benchmarks are trading slightly in green in noon deals as sentiments remained up-beat on good monsoon news coupled with report that Moody’s forecasting Indian economy to grow 7.5 percent in the current and next year. However, some cautiousness prevailed in the markets on tighter P-Note norms. SEBI had yesterday made rules tougher on controversy-ridden P-Notes, making mandatory for all end-users of these overseas instruments to follow anti-money laundering law in India and asked their issuers to report any suspected breach immediately.

Rally in Asian counters too aided sentiments. Japanese Nikkei edged higher by over half a percent ahead of Group of Seven meetings, and prospects for a US interest rate hike as early as June curbed buyers’ appetite. Closer home, stocks related to FMCG counter edged higher after the India Meteorological Department (IMD) has predicted monsoon for 2016-17 at 106 per cent of the Long Period Average (LPA). Logistics stocks too remained on buyers’ radar on hopes that the outcome of the state elections will boost chances for the BJP-led National Democratic Alliance to pass goods and services tax bill in the Rajya Sabha.

The BSE Sensex is currently trading at 25449.44, up by 49.72 points or 0.20% after trading in a range of 25379.75 and 25498.95. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green and red; the BSE Mid cap index was up by 0.21%, while Small cap index down by 0.29%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 0.66%, FMCG up by 0.47%, Power up by 0.31%, PSU up by 0.28% and Auto up by 0.24% while, Realty down by 1.16% and Healthcare was down by 0.83% were the only losing indices on BSE.

The top gainers on the Sensex were Adani Ports &Special up by 2.47%, ONGC up by 1.86%, HDFC up by 1.16%, ITC up by 0.89% and BHEL up by 0.84%. On the flip side, Lupin down by 7.05%, ICICI Bank down by 0.95%, Tata Steel down by 0.89%, Cipla down by 0.70% and Reliance Industries down by 0.35% were the top losers.

Meanwhile, urban development minister Venkaiah Naidu has said that the government is all set to announce 14 more cities to be included in the first set of cities to receive funds under the flagship smart cities mission, taking the total number to 34.

Naidu further said that for the first round of smart city projects the ground work has been completed. Detailed project reports (DPRs) are approved and construction is expected to begin in these cities by June 25. He further said that there are huge opportunities for private players as the first 20 cities would require investment to the tune of $7 billion. Highlighting the role of the private sector in the development of smart cities, Naidu said there is an urgent need to involve it and bring in their expertise and technology to meet the aspirations of the citizens in these cities.

Under the 'Smart City mission, the government plans to develop 100 cities as smart cities with advanced infrastructure and facilities. It had earlier shortlisted 98 cities. The 20 cities that had already been announced may require an investment of $8 billion whereas once all 100 cities were selected the cities may require $40 billion.

The CNX Nifty is currently trading at 7797.85, up by 14.45 points or 0.19% after trading in a range of 7773.40 and 7811.10. There were 32 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Adani Ports & Special up by 2.77%, Idea Cellular up by 2.05%, Tata Power up by 1.97%, ONGC up by 1.86% and HDFC up by 1.25%. On the flip side, Lupin down by 6.89%, BPCL down by 1.52%, ICICI Bank down by 0.98%, Tata Steel down by 0.92% and Ultratech Cement down by 0.84% were the top losers.

Asian markets were trading in green; FTSE Bursa Malaysia KLCI rose 0.5 points or 0.03% to 1,634.26, KOSPI Index gained 0.89 points or 0.05% to 1,947.67, Jakarta Composite increased 4.68 points or 0.1% to 4,708.90, Shanghai Composite jumped 12.47 points or 0.44% to 2,819.38, Taiwan Weighted added 35.28 points or 0.44% to 8,131.26, Hang Seng surged 207.66 points or 1.05% to 19,901.99 and Nikkei 225 was up by 89.69 points or 0.54% to 16,736.35.