News Mid-Session

Market holds firm at higher levels
06-Jun-18   14:16 Hrs IST

Firmness prevailed in mid-afternoon trade ahead of the central bank's monetary policy decision. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 213.41 points or 0.61% at 35,116.62. The Nifty 50 index was up 72.30 points or 0.68% at 10,665.45. The Sensex was trading above the psychologically important 35,000 mark after regaining that level in morning trade.

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) began the second bi-monthly monetary policy meeting on Monday, 4 June 2018. The resolution of the MPC will be unveiled at 14:30 IST today, 6 June 2018.

Among secondary barometers, the BSE Mid-Cap index was up 0.73%. The BSE Small-Cap index was up 1.09%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,504 shares rose and 1,027 shares fell. A total of 135 shares were unchanged.

Private sector banks were mixed. City Union Bank (down 0.43%), ICICI Bank (down 0.16%), RBL Bank (down 0.06%), Yes Bank (down 0.06%) and IndusInd Bank (down 0.01%), edged lower. HDFC Bank (up 0.03%), Axis Bank (up 0.31%), Federal Bank (up 0.55%) and Kotak Mahindra Bank (up 0.90%), edged higher.

Public sector banks were in demand. Allahabad Bank (up 7.43%), Corporation Bank (up 3.18%), Bank of Maharashtra (up 3.14%), Indian Bank (up 2.76%), Union Bank of India (up 2.58%), Syndicate Bank (up 2.44%), Punjab & Sind Bank (up 1.98%), Andhra Bank (up 1.94%), Punjab National Bank (up 1.93%), Bank of India (up 1.71%), Dena Bank (up 1.61%), Canara Bank (up 1.58%), United Bank of India (up 1.44%), State Bank of India (up 1.35%), Bank of Baroda (up 1.17%), Central Bank of India (up 0.88%), UCO Bank (up 0.55%) and IDBI Bank (up 0.09%), edged higher. Vijaya Bank was down 0.26%.

Realty shares were mixed. Peninsula Land (up 7.07%), D B Realty (up 4.49%), Anant Raj (up 2.31%), Godrej Properties (up 2.29%), Phoenix Mills (up 2.05%), Oberoi Realty (up 1.83%), Unitech (up 1.47%), Indiabulls Real Estate (up 1.22%), Omaxe (up 0.52%) and Sobha (up 0.17%), edged higher. DLF (down 0.08%), Sunteck Realty (down 0.73%), Prestige Estates Projects (down 0.84%), Mahindra Lifespace Developers (down 2.04%), Housing Development and Infrastructure (HDIL) (down 3.93%) and Parsvnath Developers (down 4.8%), edged lower.

Overseas, European stocks edged higher, underpinned by gains in tech and commodity-related stocks, although trading was cautious amid worries over Italian debt and global trade. Asian stocks were mixed as investors digested trade-related developments and the mixed close on Wall Street. Markets in South Korea were closed on Wednesday.

Media reports suggested that China would buy nearly $70 billion worth of US agriculture and energy products if the Trump administration steps back from tariffs. The US-China talks focused on reducing the United States' $375.20 billion trade deficit with China by facilitating the supply of agricultural and energy products to meet China's growing consumption needs.

In US, the Nasdaq Composite Index registered its second record close in a row Tuesday on the back of a rally in the shares of technology and internet giants. However, the Dow lagged as the stocks of slumping financials and consumer-staples weighed on the blue-chip gauge.

On the data front, the Markit services purchasing managers index for the US in May rose to 56.8 from 54.6. The Institute for Supply Management services index rose to 58.6 in May from 56.8, while a reading of job openings rose to a fresh record in April, reaching 6.7 million after 6.63 million in March.

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