Firm trade prevails at highest point of the day

Firm trade prevails hovering near the highest point of the day in the late afternoon session on account of buying in frontline blue chip counters taking cues from global counterparts. Additional support came after cabinet cleared a big pay hike for over a crore government employees and pensioners. The Seventh Pay Commission had recommended 23.55% overall hike in salaries, allowances and pension for government employees. Investors cherished after Parliamentary Affairs Minister Venkaiah Naidu enlightened that the government hopes to pass a bill for the rollout of a nationwide Goods Services Tax (GST) in the upcoming session of parliament that starts on July 18. Investors have billed the proposed GST as a silver bullet for India’s economy that would replace multiple federal and state levies - a chaotic structure that inflates costs for businesses. Traders were seen piling position in Realty, Auto and Power stocks while selling was witnessed in FMCG sector stocks. In scrip specific development, DLF was trading firm on reports that promoters of the real estate major may infuse Rs 10,000 crore to make it debt-free. Auto component major, Bosch was trading in green after the company yesterday evening announced that its board will consider on July 1, launching a buyback offer for its equity shares.

On the global front, the Asian markets were trading in green while the European markets were trading on optimistic note. Back home, the NSE Nifty and BSE Sensex were trading above the psychological 8,150 and 26,600 levels respectively. The market breadth on BSE was positive in the ratio of 1782:702 while 152 scrips remained unchanged.

The BSE Sensex is currently trading at 26689.32, up by 164.77 points or 0.62% after trading in a range of 26606.31 and 26700.77. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.94%, while Small cap index up by 1.25%.

The gaining sectoral indices on the BSE were Realty up by 3.78%, Auto up by 1.50%, Power up by 1.43%, PSU up by 1.05% and Consumer Durables up by 1.05% while, FMCG down by 0.22% were the losing indices on BSE.

The top gainers on the Sensex were Hero MotoCorp up by 3.95%, NTPC up by 2.06%, Power Grid Corporation up by 1.64%, Tata Motors up by 1.64% and ONGC up by 1.63%.

On the flip side, Hindustan Unilever down by 0.78%, Lupin down by 0.77%, ITC down by 0.65%, Coal India down by 0.64% and Bharti Airtel down by 0.52% were the top losers.

Meanwhile, Employees Provident Fund Organization (EPFO) in its vision document aiming an ambitious target of covering all the workers in the country under provident fund (PF), pension and life insurance by 2030. The vision document also talks about the online services for all EPFO benefits with modern technology and best service delivery practices. EPFO prepared a vision document which mentioned the objectives such as universal social security coverage on mandatory basis by way of provident fund, pension and life insurance for all workers of the country.

Accordingly, the Central Provident Fund Commissioner (CPFC) V P Joy called a meeting with EPF officers Association and All India EPF Staff Federation to discuss the Vision 2030. The meeting assumed significance as is talked about identifying the essential organizational changes which are needed to achieve Vision 2030.

Commenting on the same, Joy said that there is an urgent need to bring significant improvement in the working of the EPF offices and to bring an attitudinal change in the employees to deal with issues relating to EPF subscribers.

The CNX Nifty is currently trading at 8185.60, up by 57.75 points or 0.71% after trading in a range of 8157.65 and 8186.55. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were Bosch up by 4.67%, Hero MotoCorp up by 4.37%, BHEL up by 2.94%, NTPC up by 2.20% and Hindalco up by 1.78%.

On the flip side, Lupin down by 0.90%, Hindustan Unilever down by 0.88%, Coal India down by 0.81%, ITC down by 0.76% and Bharti Airtel down by 0.42% were the top losers.

The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 6.99 points or 0.43% to 1,641.03, Shanghai Composite increased 19.04 points or 0.65% to 2,931.59, KOSPI Index increased 20.14 points or 1.04% to 1,956.36, Jakarta Composite increased 72.48 points or 1.48% to 4,954.65, Taiwan Weighted increased 81.05 points or 0.95% to 8,586.56, Nikkei 225 increased 243.69 points or 1.59% to 15,566.83 and Hang Seng increased 263.66 points or 1.31% to 20,436.12.

The Asian markets were trading in green; UK’s FTSE 100 increased 106.97 points or 1.74% to 6,247.36, France’s CAC increased 67.08 points or 1.64% to 4,155.93 and Germany’s DAX increased 120.08 points or 1.27% to 9,567.36.