Markets trade in green in late afternoon session

Indian equity markets continued to trade near neutral lines with positive bias in late afternoon session ahead of monthly F&O expiry this week. Traders took note of report that the GST Council at its 53rd meeting has introduced sweeping reforms. Finance Minister Nirmala Sitharaman highlighted the introduction of biometric-based Aadhaar authentication for registration applicants nationwide. This is intended to curb fraudulent registrations and tax evasion. The Council also set monetary limits for appeals, reducing the financial strain on taxpayers. On the global front, Asian markets were trading mixed as investors awaited U.S. inflation data and comments from Fed officials for additional clues on the outlook for interest rates. European markets were trading higher as Beijing and Brussels took the 'first step' towards resolving a months-long trade dispute over Chinese electric cars with new talks. Investors shrugged off survey results from the ifo Institute showing that Germany's business sentiment softened in June.

The BSE Sensex is currently trading at 77294.99, up by 85.09 points or 0.11% after trading in a range of 76745.94 and 77423.02. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.47%, while Small cap index was up by 0.41%.

The top gaining sectoral indices on the BSE were Power up by 1.48%, Capital Goods up by 1.20%, Auto up by 1.15%, Industrials up by 1.14% and Utilities was up by 0.98%, while Metal down by 0.82%, Energy down by 0.58%, Oil & Gas down by 0.50%, Basic Materials down by 0.10% and IT was down by 0.08% were the top losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 2.30%, Mahindra & Mahindra up by 2.30%, Sun Pharma up by 1.90%, Nestle up by 1.15% and ICICI Bank up by 0.90%. On the flip side, Indusind Bank down by 2.14%, Adani Ports down by 1.79%, Reliance Industries down by 0.85%, Tata Steel down by 0.83% and Bajaj Finance down by 0.63% were the top losers.

Meanwhile, the Labour Ministry has said that retail inflation for agricultural labourers and rural workers remained almost flat at 7% and 7.02%, respectively, in May 2024. The comparative figures in the previous month were 7.03% and 6.96%, respectively. The corresponding figures in May 2023 were 5.99% for Consumer Price Index-Agricultural Labourers (CPI- AL) and 5.84% for Consumer Price Index-Rural Labourers (CPI-RL). 

The point-on-point inflation rate based on CPI-AL was recorded at 7% in May, showing a deceleration from 7.03% in April 2024. Conversely, for CPI-RL, the inflation rate was recorded at 7.02% in May, a marginal increase from 6.96% in the preceding month. The All-India Consumer Price Index for agricultural labourers and rural labourers registered an increase of 6 points each in May, reaching levels of 1,269 and 1,281, respectively. The CPI-AL and CPI-RL stood at 1,263 and 1,275, respectively, in April.

The main items that drove the indices were vegetables, pulses, wheat (atta), milk, turmeric whole, ginger, fish, jowar, pan leaf, medicines, shirts, saree, leather sandals, among others, the statement said. A diverse pattern was observed in the indices of constituent states. Bihar experienced a decline for both CPI–AL and RL. The index of agricultural labourers remained stationary for Jammu and Kashmir.

The CNX Nifty is currently trading at 23514.45, up by 13.35 points or 0.06% after trading in a range of 23350.00 and 23558.10. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 2.20%, Power Grid up by 2.13%, Mahindra & Mahindra up by 2.06%, Grasim Industries up by 1.80% and Sun Pharma up by 1.70%. On the flip side, Cipla down by 2.31%, Indusind Bank down by 2.28%, Adani Ports down by 1.85%, Coal India down by 1.63% and Tata Steel down by 1.01% were the top losers.

Asian markets were trading mixed; Taiwan Weighted lost 439.69 points or 1.93% to 22,813.70, Shanghai Composite weakened 35.04 points or 1.18% to 2,963.10, KOSPI dropped 19.53 points or 0.71% to 2,764.73 and Hang Seng was down by 0.81 points or 0% to 18,027.71. On the flip side, Straits Times rose 4.17 points or 0.13% to 3,310.19, Jakarta Composite gained 27.12 points or 0.39% to 6,907.10 and Nikkei 225 was up by 208.18 points or 0.54% to 38,804.65.

European markets were trading higher; UK’s FTSE 100 increased 40.61 points or 0.49% to 8,278.33, France’s CAC rose 46.07 points or 0.6% to 7,674.64 and Germany’s DAX was up by 106.34 points or 0.59% to 18,269.86.