Markets at day’s high

Following firm European markets, Indian equity benchmarks extended their gains in late afternoon session to trade near their intraday high points. Adding optimism on the street, Central Board of Indirect Taxes and Customs (CBIC) informed that all genuine exporters will continue to get their Indirect Goods and Services Tax (IGST) refunds in a timely manner in a fully automated environment. Traders also took encouragement with President Ram Nath Kovind’s statement that the government will soon announce a new industrial policy aimed at promoting the growth of industries and creation of jobs.

On the global front, European markets were trading in green, as Dutch consumer confidence improved in June. The data from the Central Bureau of Statistics showed that the consumer confidence index came in at zero in June from minus 3 in May. The economic climate index improved to plus 2 in June from minus 2 in May and the indicator for willingness to buy increased slightly to minus 2 from minus 3. Asian markets were also trading in green.

Back home, stocks related to the gems and jewellery sector were in focus, amid report that the government is looking at promoting the common facility centres, with an aim to boost the gems and jewellery sector. Presently, there are total 10,000 units across India with over 1.2 million skilled workforces, readily available for the MSME's of the gems and service sector.

The BSE Sensex is currently trading at 39470.88, up by 358.14 points or 0.92% after trading in a range of 38933.78 and 39471.06. There were 23 stocks advancing against 7 stocks declining, while 1 stock remained unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.99%, while Small cap index was up by 0.61%.

The top gaining sectoral indices on the BSE were Auto up by 1.84%, Healthcare up by 1.82%, Capital Goods up by 1.72%, Realty up by 1.67% and Consumer Durables up by 1.58%, while FMCG down by 0.28% and IT down by 0.12% were the only losing indices on BSE.

The top gainers on the Sensex were Yes Bank up by 9.20%, Sun Pharma up by 3.71%, Indusind Bank up by 3.22%, ICICI Bank up by 2.76% and Tata Motors - DVR up by 2.60%. On the flip side, Hindustan Unilever down by 0.76%, ITC down by 0.45%, NTPC down by 0.30%, Axis Bank down by 0.25% and HCL Tech. down by 0.04% were the top losers.

Meanwhile, with an aim to boost the gems and jewellery sector, the government is looking at promoting the common facility centres. Presently, there are total 10,000 units across India with over 1.2 million skilled workforces, readily available for the MSME's of the gems and service sector.

Ministry of Commerce and Industry Economic Advisor Rupa Dutta highlighted the importance of common facility centres, saying that they are to address the issues of Indian gems and jewellery sector and they are a tool for socio-economic transformation.

Dutta further noted that the government has granted few common facility centres in important jewellery hubs across India. She also said that over 2,000 units are dedicated for processing of diamonds for import and export.

The CNX Nifty is currently trading at 11780.35, up by 88.90 points or 0.76% after trading in a range of 11635.05 and 11793.90. There were 36 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were Yes Bank up by 8.67%, Indiabulls Housing Finance up by 5.75%, Indusind Bank up by 3.32%, Sun Pharma up by 3.24% and JSW Steel up by 2.73%. On the flip side, UPL down by 8.24%, Wipro down by 2.55%, Adani Ports & SEZ down by 2.15%, Britannia down by 1.66% and Tech Mahindra down by 1.61% were the top losers.

Asian markets were trading mostly in green, Hang Seng increased 276.86 points or 0.98% to 28,479.00, Nikkei 225 surged 128.99 points or 0.6% to 21,462.86, Shanghai Composite gained 66.18 points or 2.27% to 2,983.98, Straits Times advanced 25.39 points or 0.77% to 3,313.56, KOSPI rose 6.51 points or 0.31% to 2,131.29 and Taiwan Weighted strengthened 9.67 points or 0.09% to 10,785.01. On the flip side, Jakarta Composite lost 1.52 points or 0.02% to 6,337.74.

All European markets were trading in green; FTSE added 25.39 points or 0.34% to 7,428.93, CAC gained 42.78 points or 0.78% to 5,561.23 and DAX was up by 122.40 points or 0.99% to 12,430.93.