Markets trade at day’s high levels in late afternoon session

Indian markets traded at day’s high levels in late afternoon session on sustained buying activities in index heavyweights, viz TCS, Tata Motors, Bharti Airtel among others. Strong buying witnessed in the broader markets with the S&P BSE Mid-cap and the S&P BSE Small-cap indices gaining around a percent each in trade. Traders were expecting the RBI will continue to keep the repo rate unchanged at 6.5 per cent. Sector wise, coal sector remained in focused, as Union Minister of Coal, Mines & Parliamentary Affairs Pralhad Joshi has said that India’s coal sector is fully prepared to meet the enhanced domestic demand of fast growing economy. 

On the global front, Asian markets were trading mixed as Chinese trade data disappointed and investors awaited cues from key central bank meetings due next week. Official data showed Chinese exports fell 7.5 percent from a year earlier in May, marking the first drop in three months. Imports fell 4.5 percent, indicating slowing overseas demand for Chinese goods. European markets were trading lower as traders turned their attention to economic data that offered signals on the likely path for eurozone interest rates. 

 The BSE Sensex is currently trading at 63036.62, up by 243.74 points or 0.39% after trading in a range of 62841.95 and 63042.99. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.00%, while Small cap index was up by 1.13%. 

The top gaining sectoral indices on the BSE were Telecom up by 2.87%, Utilities up by 1.50%, Capital Goods up by 1.35%, Realty up by 1.31% and Oil & Gas was up by 1.17%, while Bankex down by 0.04% was the only losing indices on BSE.

The top gainers on the Sensex were Nestle up by 3.01%, Tata Motors up by 2.24%, Bharti Airtel up by 2.08%, Tata Steel up by 1.65% and Larsen & Toubro up by 1.30%. On the flip side, Kotak Mahindra Bank down by 1.08%, Mahindra & Mahindra down by 0.72%, ICICI Bank down by 0.55%, Maruti Suzuki down by 0.50% and Bajaj Finance down by 0.37% were the top losers.

Meanwhile, assuring the country that even during the coming monsoon season there will be no shortage of coal, Union Minister of Coal, Mines & Parliamentary Affairs Pralhad Joshi has said that India’s coal sector is fully prepared to meet the enhanced domestic demand of fast growing economy.

The Minister further pointed out that even as the world economy is going through a slowdown, India has emerged as a bright spot as one of the fastest growing economies globally. Joshi stated that internationally India’s credibility has increased substantially in the recent years and the country has emerged as world’s factory. 

The Minister called upon the coal sector to devise suitable action plans to meet the growing energy requirements of the country in coming years. The Minister appreciated the new initiatives and reforms undertaken by the Coal Ministry to enhance commercial coal mining. Besides, Joshi said that deliberation on new strategies to enhance coal production from underground mines is a step in the right direction.

The CNX Nifty is currently trading at 18697.05, up by 98.05 points or 0.53% after trading in a range of 18636.00 and 18697.85. There were 40 stocks advancing against 9 stocks declining on the index, while 1 stock remained unchanged. 

The top gainers on Nifty were Britannia up by 4.14%, Tata Consumer up by 3.51%, BPCL up by 3.36%, Nestle up by 2.98% and HDFC Life Insurance up by 2.39%. On the flip side, Kotak Mahindra Bank down by 0.99%, Cipla down by 0.90%, Mahindra & Mahindra down by 0.79%, Maruti Suzuki down by 0.58% and ICICI Bank down by 0.44% were the top losers.

Asian markets were trading mixed, Taiwan Weighted added 160.82 points or 0.95% to 16,922.48, Hang Seng advanced 152.72 points or 0.79% to 19,252.00, Shanghai Composite strengthened 2.42 points or 0.08% to 3,197.76 and KOSPI was up by 0.19 points or 0.01% to 2,615.60. On the flip side, Straits Times fell 14.94 points or 0.47% to 3,175.17, Jakarta Composite plunged 17.26 points or 0.26% to 6,601.66 and Nikkei 225 was down by 593.04 points or 1.86% to 31,913.74.

European markets were trading lower, UK’s FTSE 100 decreased 0.9 points or 0.01% to 7,627.20, France’s CAC fell 23.04 points or 0.32% to 7,185.96 and Germany’s DAX was down by 53.96 points or 0.34% to 15,938.48.