Markets off day’s high

Indian equity benchmarks came off their intraday high points in late afternoon session. Gains got trimmed, after Arvind Subramanian, Narendra Modi government's former chief economic adviser, said that India's economic growth rate has been overestimated by around 2.5 percentage points between 2011-12 and 2016-17 due to a change in methodology for calculating GDP. However, trade remained in green, with the Micro, Small and Medium Enterprise (MSME) ministry’s additional secretary Ram Mohan Mishra’s statement that ministry is working on developing enterprise facilitation centres at block level across the country to make MSMEs more competitive and help them integrate with big enterprises. He also noted that these centres will help disseminate information to micro and small enterprises and identify issues faced by them.

On the global front, European markets were trading in green, even though Eurozone investor confidence eroded sharply in June as a renewed escalation in trade tensions between the US and China hurt sentiment in the single currency bloc. The survey data from the behavioral research institute Sentix showed that the investor confidence index for the euro area fell by 8 points to -3.3 from +5.3 in May. Asian markets were also trading in green.

The BSE Sensex is currently trading at 39969.33, up by 184.81 points or 0.46% after trading in a range of 39760.02 and 40066.31. There were 23 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.80%, while Small cap index was up by 0.29%.

The top gaining sectoral indices on the BSE were Metal up by 1.25%, Oil & Gas up by 1.11%, Bankex up by 1.10%, Energy up by 1.06% and PSU up by 0.93%, while Capital Goods down by 0.04% was the lone losing index on BSE.

The top gainers on the Sensex were Yes Bank up by 4.97%, Tata Motors - DVR up by 3.52%, ONGC up by 2.91%, Indusind Bank up by 2.53% and Tata Motors up by 2.38%. On the flip side, Sun Pharma down by 2.59%, Mahindra & Mahindra down by 1.29%, Coal India down by 0.58%, Bharti Airtel down by 0.47% and Larsen & Toubro down by 0.27% were the top losers.

Meanwhile, expressing worries, the Commerce and Industry Minister Piyush Goyal has termed slowdown in global trade and investment as serious concern, as it adversely affects economic growth, development and job creation.

The Commerce and Industry Minister further called for de-escalating trade tensions and reviving confidence in the rules-based multilateral trading system. The Minister also expressed need for reciprocal market access for Indian products.

Meanwhile, the commerce ministry said the minister held a series of bilateral talks with a number of countries on the side lines of the two-day G20 Ministerial on Trade and Digital Economy in Tsukuba, Japan, on 8-9 June.

The CNX Nifty is currently trading at 11974.10, up by 51.40 points or 0.43% after trading in a range of 11904.35 and 12000.35. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Yes Bank up by 4.97%, Zee Entertainment up by 3.25%, ONGC up by 2.95%, Tata Motors up by 2.53% and Vedanta up by 2.42%. On the flip side, Indiabulls Housing Finance down by 7.70%, Sun Pharma down by 2.84%, Mahindra & Mahindra down by 1.27%, Bharti Airtel down by 1.13% and Tech Mahindra down by 0.81% were the top losers.

All Asian markets were trading in green; Jakarta Composite soared 17.02 points or 0.27% to 6,306.63, KOSPI rose 12.32 points or 0.59% to 2,111.81, Taiwan Weighted strengthened 41.29 points or 0.39% to 10,607.76, Straits Times advanced 21.03 points or 0.66% to 3,209.14, Shanghai Composite gained 71.64 points or 2.51% to 2,923.77, Hang Seng increased 245.86 points or 0.89% to 27,824.50 and Nikkei 225 was up by 69.86 points or 0.33% to 21,204.28.

All European markets were trading in green; UK’s FTSE 100 gained 25.29 points or 0.34% to 7,400.83, France’s CAC surged 29.10 points or 0.54% to 5,411.60 and Germany’s DAX was up by 139.14 points or 1.16% to 12,184.52.