Domestic gauges trade in fine fettle in noon deals

Domestic gauges are trading in fine fettle in noon deals, holding their nerves in noon deals with frontline indices conquering their crucial 35,600 (Sensex) and 10,800 (Nifty) levels, ahead of a landmark meeting between US President Donald Trump and North Korean leader Kim Jong Un scheduled tomorrow. Sentiments remained up-beat on report that Confederation of Indian Industry (CII) poll of CEOs has indicated that investment in the country is likely to get a strong boost with the economy set to grow past the 7% mark in the current fiscal year. However, traders shrugged off report that annual consumer price inflation (CPI) likely to increase at 4.83 percent in May, the highest since January and above April’s 4.58 percent.

Buying in public sector undertaking (PSU) banks too aided sentiments with Finance Minister Piyush Goyal’s statement that a committee will come out with its recommendations on setting up an asset reconstruction or an asset management company for faster resolution of bad loans. Auto stocks remained in top gear on report that domestic passenger vehicle sales rose 19.65 per cent to 3,01,238 units in May from 2,51,764 units in the corresponding month of 2017. Domestic car sales were up 19.64 per cent to 1,99,479 units as against 1,66,732 units in May 2017.

The BSE Sensex is currently trading at 35617.05, up by 173.38 points or 0.49% after trading in a range of 35471.07 and 35653.96. There were 25 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.66%, while Small cap index up by 0.95%.

The top gaining sectoral indices on the BSE were Telecom up by 1.76%, Consumer Durables up by 1.68%, Healthcare up by 1.06%, FMCG up by 0.84% and Basic Materials up by 0.80%, while there were no losers on the BSE sector al front.

The top gainers on the Sensex were Bharti Airtel up by 3.15%, Dr. Reddys Lab up by 1.87%, Adani Ports up by 1.78%, Sun Pharma up by 1.52% and ITC up by 1.27%. On the flip side, Power Grid Corporation down by 1.71%, Hero MotoCorp down by 0.27%, Tata Steel down by 0.16%, ICICI Bank down by 0.16% and ONGC down by 0.03% were the top losers.

Meanwhile, in order to double the income of farmers and animal rearers, Union Agriculture Minister Radha Mohan Singh has said that the Union government has been working consistently from the past 4 years. Under the Rashtriya Gokul Mission Yojana, Chief Minister of Uttarakhand Trivendra Singh Rawat along with Radha Mohan Singh laid the foundation stone of the Sex Sorted Semen laboratory at Deep Frozen Semen Production Centre Shyampur, Rishikesh. The lab is billed as the first such state institution in the country where the technique of producing female calf through artificial insemination in animals will be developed.

Chief Minister of Uttarakhand said the Rashtriya Gokul Mission is to conserve the indigenous cow breeds and enhance their milk productivity. The sex sorted semen laboratory being set up in Rishikesh will play an important role in this and further said that through animal husbandry, the target of doubling farmers’ income can also be achieved.

Besides, the agriculture minister stated that Animal husbandry is the backbone of the rural economy but there is lack of productivity in the sector and adding that a laboratory of this kind will help increase milk production and boost farmers’ income. He also said that it is because of the government’s efforts that more than 700 agricultural scientists in the country have come out of laboratories and reached field level for ground testing.

The CNX Nifty is currently trading at 10824.95, up by 57.30 points or 0.53% after trading in a range of 10777.60 and 10834.50. There were 41 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were Bharti Airtel up by 3.09%, Bajaj Finance up by 2.23%, Ultratech Cement up by 1.88%, Grasim Industries up by 1.80% and Dr. Reddys Lab up by 1.69%. On the flip side, Power Grid Corporation down by 1.44%, UPL down by 0.91%, HCL Tech. down by 0.85%, GAIL India down by 0.37% and Tata Steel down by 0.33% were the top losers.

Asian markets are trading mostly in green; FTSE Bursa Malaysia KLCI rose 8.92 points or 0.5% to 1,787.24, KOSPI Index surged 18.57 points or 0.76% to 2,470.15, Hang Seng added 107.61 points or 0.35% to 31,065.82 and Nikkei 225 was up by 109.54 points or 0.48% to 22,804.04.

On the flip side, Shanghai Composite decreased 18.31 points or 0.6% to 3,048.84 and Taiwan Weighted was down by 7.19 points or 0.06% to 11,149.23.