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Indian Indices: Reversing initial losses, Indian equity benchmarks added gains in late afternoon session to hover near intraday highs, as investors remained optimistic ahead of the two-day Good and Services Tax (GST) Council's meet that is scheduled to start on Thursday and healthy buying in metal, realty and automobile stocks also buoyed investors' sentiments. 

Some support also came with the report that India has overtaken the US to be at second place in this year's 'Renewable energy country attractiveness index' released by EY and this is primarily due to a combination of strong government support and increasingly attractive economics. 

Meanwhile, power stocks gained traction after the CCEA approved a new coal linkage policy to ensure adequate supply of the fuel to power plants through reverse auction. Shares of some steel companies were trading higher with India Ratings and Research’s report that the National Steel Policy 2017 announced by the Ministry of Steel will give a boost to the struggling Indian steel industry and is betting on higher spending on infrastructure and construction sector through government initiatives to push steel demand and increase utilization.

The BSE Sensex is currently closed at 30658.77, up by 76.17 points or 0.25% after trading in a range of 30519.14 and 30692.45. There were 20 stocks advancing against 10 stocks declining on the index. The broader indices were trading mixed; the BSE Mid cap index was up by 0.17%, while Small cap index was down by 0.04%.

The CNX Nifty is currently shut up at 9525.75, up by 13.50 points or 0.14% after trading in a range of 9486.10 and 9529.30. There were 28 stocks advancing against 23 stocks declining on the index.

Crporate Front:

Pharmaceutical and petrochemical industries can help India and Belgium to diversify their bilateral trade beyond the diamond sector, the country's Secretary of State for Foreign Trade Pieter De Crem has said."Bilateral trade between India and Belgium is already strong. This is mainly thanks to the diamond sector and trade between Mumbai and Antwerp. I believe there is scope for diversifying to other sectors," De Crem told IANS on a recent visit to India.

Macroeconomic front:The Medium and Heavy Commercial Vehicle (MHCV) segment posted a 55 per cent yoy and 73 per cent mom decline in domestic sales volumes in April 2017, which is disconcerting and reflective of the possible MHCV industry downturn, says India Ratings and Research (Ind-Ra). MHCV sales volumes traditionally have displayed a sharp month on month decline in the month of April, due to highest annual sales usually registered in the month of March.

On the global front:

On the global front, European markets were trading in red as investors reacted to fresh corporate earnings and ongoing political uncertainty in the US. Asian markets were also trading in red. Back home, in scrip specific development, Dr. Reddy’s Laboratories traded higher after the company received approval from the U.S. Food and Drug Administration (USFDA) to launch Doxorubicin Hydrochloride Liposome Injection, a therapeutic equivalent generic version of Doxil (doxorubicin hydrochloride liposome injection), for intravenous use, in the United States market.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Metal up by 2.51%, Basic Materials up by 0.65%, Realty up by 0.49%, Auto up by 0.40% and Power up by 0.38%, while Consumer Durables down by 0.91%, IT down by 0.34%, Healthcare down by 0.23%, TECK down by 0.23%, and Oil & Gas down by 0.05% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Tata Steel up by 8.64%, Indiabulls Housing Finance up by 2.96%, ICICI Bank up by 2.08%, Tata Power up by 1.73% and Tata Motors up by 1.67%. On the flip side, Tech Mahindra down by 2.54%, Bosch down by 1.69%, ACC down by 1.47%, Yes Bank down by 1.38% and Adani Ports & SEZ down by 1.38% were the top losers.

Global Signals:

All Asian markets were trading in red; Nikkei 225 decreased 104.94 points or 0.53% to 19,814.88, Hang Seng decreased 42.31 points or 0.17% to 25,293.63, Jakarta Composite decreased 25.8 points or 0.46% to 5,621.20, Taiwan Weighted decreased 17.82 points or 0.18% to 10,013.67, Shanghai Composite decreased 8.52 points or 0.27% to 3,104.44, FTSE Bursa Malaysia KLCI decreased 5.82 points or 0.33% to 1,772.33 and KOSPI Index decreased 2.25 points or 0.1% to 2,293.08.

European markets were trading mostly in red; Germany’s DAX decreased 22.26 points or 0.17% to 12,782.27 and France’s CAC decreased 13.96 points or 0.26% to 5,392.14. On the flip side, UK’s FTSE 100 increased 6.15 points or 0.08% to 7,528.18.