Benchmarks trade firm in narrow range

Indian equity benchmarks continued its trade in green gyrating between narrow range in the late afternoon session on account of buying in frontline blue chip counters. Traders were seen piling position in FMCG, Power and Auto stocks while selling was witnessed in Realty and Oil & Gas sector stocks. Hectic buying activity was witnessed in logistics stocks like Snowman Logistics, Patel Integrated Logistics, Aegis Logistics, Gati, Allcargo Logistics and Sical Logistics 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. In scrip specific development, Lupin was trading in red on concerns surrounding its Goa facility which is under the scanner of the US health regulator. On the global front, the Asian markets were trading mostly in green while the European markets traded on optimistic note. Back home, the NSE Nifty and BSE Sensex were trading above the psychological 7,750 and 25,400 levels respectively. The market breadth on BSE was negative in the ratio of 991:1427 while 191 scrips remained unchanged.

The BSE Sensex is currently trading at 25457.52, up by 57.80 points or 0.23% after trading in a range of 25379.75 and 25506.06. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green and red; the BSE Mid cap index was up by 0.14%, while Small cap index down by 0.22%.

The gaining sectoral indices on the BSE were FMCG up by 0.72%, Power up by 0.46%, Auto up by 0.36%, Consumer Durables up by 0.32%, Capital Goods up by 0.25% while, Realty down by 0.83%, Oil & Gas down by 0.00% were the losing indices on BSE.

The top gainers on the Sensex were Adani Ports & Special Economic Zone up by 4.74%, ONGC up by 1.79%, ITC up by 1.49%, HDFC up by 1.13% and NTPC up by 0.85%.

On the flip side, Lupin down by 6.87%, ICICI Bank down by 1.40%, Cipla down by 0.82%, Tata Steel down by 0.69% and Reliance Industries down by 0.64% were the top losers.

Meanwhile, after prohibiting mobile operators from providing differential data tariffs through select tie-ups with content providers, Telecom Regulatory Authority of India (TRAI) has come out with a consultation paper to explore what kind of free data the telecom companies can provide without breaking its earlier regulation.

The new consultation paper comes in the wake of operators such as Bharti Airtel and the industry body Cellular Operators Association of India (COAI), urging the regulator to review its earlier rules on differential pricing for data services.

TRAI has suggested three models for free data while inviting suggestions for more. The first model is the reward one wherein content providers give cash back or free minutes or free recharge to consumers who download apps or similar content from their services platforms. The second model suggested is very similar to the first but instead of a reward or cash back there’s no data charge for consumers. The third model is a direct subsidy model wherein the content provider reimburses a certain sum directly into the bank accounts of consumers for surfing a site or downloading an app. TRAI regulation in its consultation paper has said that objective of this consultation is to explore such models and frame regulations to facilitate them  Moreover, TRAI has invited suggestions for the same and said that the stakeholders can submit their written comments to the regulator until June 16, and offer their counter-comments until June 30.

The CNX Nifty is currently trading at 7796.45, up by 13.05 points or 0.17% after trading in a range of 7773.40 and 7812.40. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Adani Ports & Special Economic Zone up by 5.10%, Idea Cellular up by 2.79%, Tata Power up by 2.49%, ONGC up by 1.74% and ITC up by 1.55%.

On the flip side, Lupin down by 6.84%, BPCL down by 2.32%, ICICI Bank down by 1.42%, Ultratech Cement down by 1.32% and Bharti Infratel down by 1.17% were the top losers.

The Asian markets were trading mostly in green; KOSPI Index increased 0.89 points or 0.05% to 1,947.67, Jakarta Composite increased 5.92 points or 0.13% to 4,710.13, Shanghai Composite increased 18.58 points or 0.66% to 2,825.48, Taiwan Weighted increased 35.28 points or 0.44% to 8,131.26, Nikkei 225 increased 89.69 points or 0.54% to 16,736.35 and Hang Seng increased 157.87 points or 0.8% to 19,852.20.

On the other hand, FTSE Bursa Malaysia KLCI decreased 2.7 points or 0.17% to 1,631.06.

The European markets were trading in green; UK’s FTSE 100 increased 91.78 points or 1.52% to 6,145.13, France’s CAC increased 59.14 points or 1.38% to 4,341.68 and Germany’s DAX increased 101.12 points or 1.03% to 9,897.01.