INDICES TRADE WITH DECENT GAINS; EUROPEAN MKT OPENS HIGHER

The headline equity benchmarks continued to trade in a narrow range with minor gains in afternoon trade. The Nifty hovered above the 23,500 level. Consumer durables, realty and private bank stocks advanced while media, pharma and oil & gas shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex was up 232.37 points or 0.30% to 77,222.49. The Nifty 50 index rose 71.45 points or 0.30% to 23,536.30.

The Sensex and Nifty clocked an all-time high of 77,366.77 and 23,579.05 respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.40% and the S&P BSE Small-Cap index added 0.84%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,278.53 and 51,758.97 respectively.

The market breadth was positive. On the BSE, 2,115 shares rose and 1,808 shares fell. A total of 168 shares were unchanged.

Economy:

India�s forex reserves rose 4.307 billion US Dollars to hit a new all-time high of 655.817 billion Dollars for the week ended June 7. The reserves had jumped 4.837 billion dollars to 651.51 billion dollars in the previous week. For the latest week, foreign currency assets, a major component of the reserves, increased by 3.773 billion dollars to 576.337 billion dollars.

Gainers & Losers:

Power Grid Corporation of India (up 3.14%), Wipro (up 2.96%), Shriram Finance (up 2.50%), Titan Company (up 2.01%) and Mahindra and Mahindra (up 1.60%) were major Nifty gainers.

Maruti Suzuki India (down 1.80%), UltraTech Cement (down 1.47%), Dr Reddy`s Laboratories (down 1.42%), Divi`s Laboratories (down 1%) and Tata Steel (down 0.81%) were major Nifty losers.

Stocks in Spotlight:

Som Distilleries & Breweries tumbled 5.93%. The company terminated the contract with vendor services of its associated company over allegations of child labour. Police has launched an investigation after the Government`s child protection agency found out children working at its liquor factory in Madhya Pradesh.

One 97 Communication (Payim) slipped 1.87%. The company is in talks with Zomato to sell its movie and ticketing business. The fintech firm is going to focus on its core business: payment and financial services along with goods commerce.

Hindustan Aeronautics (HAL) jumped 6.09% after the company announced that a request for proposal (RFP) has been issued by the Ministry of Defence for procurement of 156 light combat helicopters (LCH).

Rail Vikas Nigam (RVNL) advanced 2.34% after the company has emerged as lowest bidder (L-1) from East Coast Railway for installing automatic block signaling system in Odisha.

Larsen and Toubro rose 0.16%. The EPC major announced that its construction arm has secured `significant� orders for its Buildings & Factories (B&F) vertical in India.

Global Markets:

European and Asian stocks traded advanced on Tuesday, following gains on Wall Street the previous day. This positive sentiment was buoyed by easing concerns about political instability in Europe. Investors also awaited comments from several Federal Reserve officials scheduled to speak later.

The Reserve Bank of Australia (RBA) held its benchmark interest rate at 4.35% for its fifth straight meeting. Further, the RBA also noted that the economic outlook remained �uncertain,� with recent data signaling that achieving the inflation target was unlikely to be smooth.

U.S. stocks surged to fresh records on Monday, fueled by continued gains in technology companies. The S&P 500 climbed 0.8%, surpassing its all-time high from Thursday. The Dow Jones Industrial Average also rose 0.5%, while the Nasdaq Composite extended its own record with a 1% gain.

The U.S. stock market will be closed tomorrow, Wednesday, June 19th, for Juneteenth.

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