Markets remain range-bound in late afternoon session

Indian equity benchmarks remained range-bound in late afternoon session, though some good buying was being witnessed in Realty, FMCG and Consumer Durables stocks amid higher European markets. There was some optimism as India's exports grew 8.32 per cent to $24.01 billion in May, mainly on account of robust performance by sectors like petroleum, chemicals, engineering goods as well as gems and jewellery. Some support also came with the report that India has moved up six places from 66th in last year to reach 60th position in this year's Global Innovation Index (GII), an annual global ranking that assesses the innovation capabilities of 127 countries. However, gains were limited as the current account deficit (CAD) soared to $3.4 billion or 0.6 per cent of gross domestic product (GDP), in the fourth quarter of fiscal 2017, from $0.3 billion a year ago. Meanwhile, India Inc's foreign investment witnessed a sharp 56 percent decline at $1.26 billion in May this year.

On the global front, European markets were trading in green as investors digested news of a fresh disbursement to Greece and focus on wider political events. Asian markets were also trading in green.  Back home, in scrip specific development, Filatex India jumped higher after the company completed financial closure with the lenders for Rupee and Foreign Currency Loan for capacity expansion project.

The BSE Sensex is currently trading at 31114.22, up by 38.49 points or 0.12% after trading in a range of 31059.41 and 31182.73. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.18%, while Small cap index gained 0.36%.

The top gaining sectoral indices on the BSE were Realty up by 1.66%, FMCG up by 0.96%, Consumer Durables up by 0.61%, Industrials up by 0.48% and Basic Materials up by 0.42%, while Healthcare down by 1.20%, IT down by 0.64%, TECK down by 0.53%, Capital Goods down by 0.02% and Telecom down by 0.01% were the top losing indices on BSE.

The top gainers on the Sensex were ITC up by 2.22%, Tata Motors up by 1.86%, GAIL India up by 1.02%, Axis Bank up by 0.81% and NTPC up by 0.69%. On the flip side, Lupin down by 4.41%, Wipro down by 1.97%, Cipla down by 1.80%, Sun Pharma Inds. down by 1.61% and Dr. Reddys Lab down by 1.07% were the top losers.

Meanwhile, improving its ranking in innovative activity for the second consecutive year, India has moved up six places from 66th in last year to reach 60th position in this year's Global Innovation Index (GII), an annual global ranking that assesses the innovation capabilities of 127 countries. The country scored 35.47 on a 0 to 100 scale in world innovation index, while Switzerland secured top place by scoring 67.69.

The report further said that India is now in the top half of the GII ranking, the country remained first in Central and Southern Asia region and 6th among lower-middle-income economies. India's ranking was elevated on the basis of five parameters - institutions, infrastructure, business sophistication, knowledge and technology outputs and creative output. India has also outperformed on innovation relative to its GDP per capita for many years in a row. However, India received lower ranking in two parameters - human capital and research and market sophistication.

The report noted that the country improved in several areas which include government's online service, gross capital formation, e-participation, logistics performance, high-tech imports and industrial design, but it said that India still has more potential and business environment is an area where the country can improve on most indicators.

The CNX Nifty is currently trading at 9590.60, up by 12.55 points or 0.13% after trading in a range of 9575.40 and 9615.85. There were 29 stocks advancing against 21 stocks declining on the index, while 1 stock remained unchanged.

The top gainers on Nifty were Tata Motors - DVR up by 2.69%, ITC up by 2.27%, Tata Motors up by 1.92%, Aurobindo Pharma up by 1.41% and Bharti Infratel up by 1.31%. On the flip side, Lupin down by 4.26%, Wipro down by 2.34%, Cipla down by 2.07%, Indiabulls Housing down by 1.91% and Sun Pharma Inds. down by 1.60% were the top losers.

Asian markets were trading mostly in green; KOSPI Index increased 0.18 points or 0.01% to 2,361.83, Hang Seng increased 61.15 points or 0.24% to 25,626.49, Taiwan Weighted increased 68.38 points or 0.68% to 10,156.73 and Nikkei 225 increased 111.44 points or 0.56% to 19,943.26. On the flip side, Jakarta Composite decreased 47.85 points or 0.83% to 5,728.43, Shanghai Composite decreased 9.32 points or 0.3% to 3,123.17 and FTSE Bursa Malaysia KLCI decreased 0.11 points or 0.01% to 1,789.90.

All European markets were trading in green; UK’s FTSE 100 increased 24.93 points or 0.34% to 7,444.29, France’s CAC increased 52.84 points or 1.01% to 5,269.72 and Germany’s DAX increased 56.1 points or 0.44% to 12,747.91.