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Indian Indices: Indian equity benchmarks traded in a narrow range throughout the day and ended the session modestly in green. Nifty closed near intraday record high as the arrival of monsoon rains kept the sentiments upbeat. The monsoon, which delivers about 70 per cent of India’s annual rainfall, arrived at the southern Kerala coast, in line with forecasts, brightening the outlook for higher farm output and robust economic growth. Pharma stocks continued to see strong gains after days of correction. The equity benchmarks despite a dismal start managed to enter into green terrain in early deals as traders got some support after World Bank in its ‘India Development Report’ increased its hopes that India, the fastest growing major economy in the world, will grow at 7.2 per cent in the current fiscal and further up to 7.7 per cent by 2019-20 on strong fundamentals, reform momentum and improving investment scenario. 

The World Bank had in January scaled down India’s growth forecast to 7 per cent for 2016-17 and had estimated growth to rebound in 2017-18 to 7.6 per cent. In its latest report it said that Economic activity ought to accelerate in 2017-18 and GDP is projected to grow at 7.2 per cent from 6.8 per cent in 2016-17.

The BSE Sensex ended at 31159.10, up by 49.82 points or 0.16% after trading in a range of 31064.04 and 31220.38. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices ended in green; the BSE Mid cap index was up by 0.94%, while Small cap index was up by 0.52%.

Crporate Front: Markets regulator Sebi has imposed a total penalty of Rs 13 lakh on Agnite Education and three other entities for failing to provide information sought by it. It has levied a fine of Rs 8 lakh on Agnite Education (formerly known as Teledata Informatics) for making incorrect disclosure repetitively about shareholding and for failing to comply with the multiple summons issued to it, Sebi said in an order.

Macroeconomic front: The Reserve Bank of India today fixed the reference rate of the rupee at 64.8586 against the US dollar and 72.4730 for the euro. The corresponding rates were 64.7751 and 72.7489, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 84.0957 and 57.96 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added.

On the global front:

On the global front, Asian markets closed mostly in red, with Nikkei closing slightly in red as losses in the Financial Services, Steel and Chemical, Petroleum & Plastic sectors led shares lower. In economic news, Japan household spending dipped 1.4% for the month of April, weaker than the 0.7% forecast. Meanwhile, April retail sales rose 3.2% on year, compared to a forecast of a 2.3% rise. European stock markets were trading in red as political issues throughout the euro zone weighed on sentiments and banks were under pressure after an analyst downgrade.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Healthcare up by 2.39%, Realty up by 1.27%, Utilities up by 0.92%, Basic Materials up by 0.84% and Bankex up by 0.63%, while Telecom down by 0.97%, Consumer Durables down by 0.92%, FMCG down by 0.91%, Capital Goods down by 0.88% and Power down by 0.23% were the top losing indices on BSE.

Top Nifty Movers: The top gainers on Nifty were AurobindoPharma up by 13.58%, Adani Ports & Special Economic Zone up by 4.01%, Bank of Baroda up by 3.05%, NTPC up by 3.00% and Tech Mahindra up by 2.28%. On the flip side, Power Grid down by 2.42%, BPCL down by 1.98%, BhartiInfratel down by 1.40%, ITC down by 1.35% and IndusInd Bank down by 1.17% were the top losers.

Global Signals:

Asian markets were trading in red; KOSPI Index decreased 9.29 points or 0.39% to 2,343.68, Jakarta Composite dipped 6.35 points or 0.11% to 5,705.98, Nikkei 225 was down by 4.72 points or 0.02% to 19,677.85 and FTSE Bursa Malaysia KLCI shed 0.38 points or 0.02% to 1,764.51.

European markets were trading in red; UK’s FTSE 100 decreased 49.22 points or 0.65% to 7,498.41, France’s CAC shed 48.03 points or 0.9% to 5,284.44 and Germany’s DAX was down by 20.33 points or 0.16% to 12,608.62.