Bourses extend gains in late afternoon deals

Tracking firm European markets, Indian equity benchmarks extended their gains in late afternoon session. The street were optimistic as the Vice President Venkaiah Naidu made some suggestions to the Finance Minister with regard to the upcoming Budget. Among others, he stressed the need to take steps to protect agriculture and introduce structural changes. Naidu also suggested to the minister to undertake a review of the Import-Export Policy and protect the interests of the farming community. Traders also remained encouraged with exporters body Federation of Indian Export Organisations’ (FIEO) statement that exports are likely to touch $1 trillion in the next 3 years with the help of the government's focus to improve logistics, ease of doing business and modern trade infrastructure.

On the global front, European markets were trading in green, after French consumer confidence rose to a 14-month high in June. The survey data from the statistical office Insee showed that the consumer sentiment index climbed to 101 in June from 99 in May. The score was forecast to rise marginally to its long-term average of 100. A similar higher score was last seen in April 2018. This was the sixth consecutive rise in confidence. However, Asian markets were trading in red. Back home, realty stocks were trading higher, amid reports that the Centre has planned to set up a common online platform for the Real Estate Regulatory Authority (RERA) of all states and UTs, a move which will provide an opportunity to home-buyers, builders and authorities to exchange views.

The BSE Sensex is currently trading at 39542.17, up by 107.23 points or 0.27% after trading in a range of 39319.64 and 39599.40. There were 18 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.76%, while Small cap index was up by 0.43%.

The top gaining sectoral indices on the BSE were Power up by 2.06%, Utilities up by 1.73%, Realty up by 1.43%, Metal up by 1.31% and Industrials up by 1.02%, while IT down by 0.50%, TECK down by 0.49%, Telecom down by 0.43%, FMCG down by 0.20% and Auto down by 0.06% were the top losing indices on BSE.

The top gainers on the Sensex were Yes Bank up by 3.73%, Sun Pharma up by 3.45%, Power Grid up by 3.42%, Bajaj Finance up by 1.11% and HDFC Bank up by 1.06%. On the flip side, Indusind Bank down by 1.14%, Infosys down by 0.87%, Bharti Airtel down by 0.85%, Tata Motors down by 0.75% and Maruti Suzuki down by 0.71% were the top losers.

Meanwhile, with an aim to provide homebuyers, builders and authorities a single window to exchange views, the Centre has planned to set up a common online platform for the Real Estate Regulatory Authority (RERA) of all states and UTs.

Housing and Urban Affairs Secretary Durga Shanker Mishra has noted that the real estate law will become more strong with this platform. Mishra further listed the benefits of the platform like any state RERA can study an order of other states in a particular matter and home-buyers & builders can give their views on this issue.

Durga Shanker Mishra also gave details about real estate projects on the fourth anniversary of PMAY (U), AMRUT and Smart Cities Mission, noting that till now, over 42,000 projects have been registered under RERA while more than 32,000 real estate agents have been registered.

The CNX Nifty is currently trading at 11833.70, up by 37.25 points or 0.32% after trading in a range of 11757.55 and 11839.10. There were 29 stocks advancing against 21 stocks declining on the index.

The top gainers on Nifty were Yes Bank up by 3.63%, Power Grid up by 3.50%, Sun Pharma up by 3.31%, Adani Ports & SEZ up by 2.64% and JSW Steel up by 2.49%. On the flip side, Britannia down by 2.27%, Indusind Bank down by 1.15%, Infosys down by 1.08%, Bharti Airtel down by 0.98% and Indiabulls Housing Finance down by 0.98% were the top losers.

Asian markets were trading mostly in red; Shanghai Composite lost 10.01 points or 0.34% to 2,972.06, KOSPI fell 2.30 points or 0.11% to 2,119.34, Nikkei 225 slipped 130.16 points or 0.61% to 21,063.65, Straits Times trembled 6.51 points or 0.2% to 3,297.76 and Taiwan Weighted was down by 50.07 points or 0.47% to 10,656.65. On the flip side, Hang Seng increased 33.24 points or 0.12% to 28,219.22 and Jakarta Composite was up by 4.41 points or 0.07% to 6,324.86.

European markets were trading in green; FTSE gained 9.39 points or 0.13% to 7,431.82, CAC rose 14.36 points or 0.26% to 5,528.93 and DAX was up by 59.55 points or 0.49% to 12,287.99.