Benchmarks trim gains in late afternoon session

Indian equity benchmarks trimmed some of their gains in late afternoon session but continued to trade in green territory. Maruti Suzuki, Larsen & Toubro and Tata Steel were the prime gainers among heavy-weights. Some support came in after Reserve Bank of India (RBI) in its latest report has showed that bank credit grew by 5.74 per cent to Rs 108.43 lakh crore and deposits rose by 9.73 per cent to Rs 153.13 lakh crore in the fortnight ended June 4, 2021. Traders took note of report that PHDCCI President Sanjay Aggarwal has said that calibrated measures are needed to support the country's economic recovery and to diminish the daunting impact caused by the second wave of the COVID-19 pandemic on trade and industry. Sector wise, auto sector remained in focused, as industry chamber FICCI said the recent changes in the FAME II scheme, including enhanced subsidies for electric two-wheelers, are expected to accelerate demand for electric vehicles in the two-wheelers, three-wheelers and bus segments.

On the global front, Asian markets were trading mostly in green as concerns about the pace of expected Federal Reserve monetary tightening eased, while oil prices briefly pushed to new two-year highs above $75 on demand optimism. European markets were trading mostly in red as investors paused for breath after recent volatility driven by the US interest rate outlook.

The BSE Sensex is currently trading at 52,790.88, up by 216.42 points or 0.41% after trading in a range of 52697.13 and 53057.11. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.64%, while Small cap index was up by 1.03%.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.86%, Auto up by 1.61%, Industrials up by 1.57%, Power up by 1.35% and Basic Materials was up by 1.23%, while Realty down by 0.31% and FMCG was down by 0.29% were the only losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 5.31%, Larsen & Toubro up by 2.13%, Tata Steel up by 1.90%, Ultratech Cement up by 1.70% and TCS up by 1.05%. On the flip side, Bajaj Finance down by 1.44%, Asian Paints down by 1.39%, Nestle down by 1.22%, Hindustan Unilever down by 1.15% and Kotak Mahindra Bank down by 0.55% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) in its latest report has showed that bank credit grew by 5.74 per cent to Rs 108.43 lakh crore and deposits rose by 9.73 per cent to Rs 153.13 lakh crore in the fortnight ended June 4, 2021.

As per the report, bank advances stood at Rs 102.55 lakh crore and deposits at Rs 139.55 lakh crore in the fortnight ended June 5, 2020. In the previous fortnight ended May 21, 2021, bank credit had grown at 5.98 per cent and deposits at 9.66 per cent.

According to RBI's Scheduled Banks' Statement of Position in India as on June 4, 2021, in FY2020-21, bank credit had grown by 5.56 per cent and deposits by 11.4 per cent.

The CNX Nifty is currently trading at 15,838.35, up by 91.85 points or 0.58% after trading in a range of 15801.30 and 15895.75. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Maruti Suzuki up by 5.38%, UPL up by 3.43%, Shree Cement up by 2.83%, Adani Ports up by 2.57% and Wipro up by 2.37%. On the flip side, Asian Paints down by 1.55%, Bajaj Finance down by 1.52%, Nestle down by 1.26%, Hindustan Unilever down by 1.10% and Cipla down by 0.67% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 873.20 points or 3.12% to 28,884.13, Jakarta Composite soared 91.59 points or 1.53% to 6,087.84, Shanghai Composite gained 28.23 points or 0.8% to 3,557.41, KOSPI rose 23.09 points or 0.71% to 3,263.88 and Taiwan Weighted was up by 12.57 points or 0.07% to 17,075.55. On the flip side, Straits Times trembled 5.51 points or 0.18% to 3,112.36 and Hang Seng was down by 179.24 points or 0.63% to 28,309.76.

European markets were trading mostly in red, France’s CAC decreased 15.73 points or 0.24% to 6,586.81 and Germany’s DAX was down by 68.74 points or 0.44% to 15,534.50. On the flip side, UK’s FTSE 100 increased 14.01 points or 0.2% to 7,076.30.