Sun Pharma, Lupin, GAIL and Axis Bank were the top gainers on BSE Sensex
The sentiment also remained cautious ahead of the US Federal Reserve’s two-day policy meeting that kicks off later today where they are widely expected to hike the policy rate this time.
At 10:08 am, the S&P BSE Sensex was trading at 31,143, up 48 points, while the broader Nifty50 was ruling at 9,625, up 9 points.
The broader market outperformed benchmark indices with S&P BSE Midcap up 0.4% while the S&P BSE Smallcap up 0.5%.
"A break above 9,640 could set up moves towards 9,627-9,770 or even above. Alternatively, inability to float above 9,640 could keep the moves aiming 9,591 or below, but until 9,500 is cleared, falls will not gain momentum," said Geojit Financial Services in a note.
Buzzing Stocks
Sun Pharma, Lupin, GAIL and Axis Bank were the top gainers on BSE Sensex while TCS, Infosys, COal India and ITC fell the most on the index.
Sun Pharma gained nearly 3%, becoming the top gainer on BSE Sensex afetr it received USFDA approval for generic Zetia tablets, which has market size of $2.7 billion in US.
Allahabad Bank gained 0.6% after it cut MCLR rates for various tenors in the range of 0.10-0.15 per cent with effect from Monday.
Wipro fell nearly 1% after its ADR stock tanked over 47% in US pre-open Monday. The company clarified that the date for issuing bonus or stock dividend to the holders of its American Depository Receipts is yet to be finalised.
CPI at a five-year low, IIP at 3.1%
India's retail inflation eased to the lowest level in at least five years in May on cooling food prices, bolstering hopes for an interest rate cut by the Reserve Bank of India (RBI) later this year. Consumer prices rose by an annual 2.18% last month, compared with a 2.99% gain in April, data released by the Ministry of Statistics showed on Monday.
On the other hand, Industrial production growth slipped to 3.1% in April due to poor show by manufacturing, mining and power sectors coupled with lower offtake of capital goods and consumer durables. The CSO also revised upwards the IIP growth figure for March to 3.75% from provisional estimate of 2.7% released last month.
Govt, RBI works on NPA issue
Union Finance Minister Arun Jaitley said on Monday that the Reserve Bank of India (RBI) was at “a fairly advanced stage” of preparing a list of borrowers from whom non-performing assets (NPAs) of public sector banks could be recovered under the Insolvency and Bankruptcy Code. The move, he said, would help beleaguered public sector banks (PSBs) recover part of their NPAs, estimated at over Rs 6 lakh crore.
Jaitley’s remarks came after he, along with RBI and finance ministry officials, held a meeting with the heads of PSBs and took stock of problems affecting the lenders.
Jaitley also said that although the meeting did not discuss the issue of consolidation in the banking space, but it was being “actively considered”.
Global Markets
Asian stocks crept higher on Tuesday, defying a weak lead from Wall Street, which was dragged lower by technology stocks for a second day, while the Canadian dollar soared on the possibility interest rates might go up sooner than expected.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1% in early trade while Japan's Nikkei slipped 0.3%. South Korea's KOSPI gained 0.3%, with the biggest stock Samsung Electronics flat after Monday's 1.6% slump.
On Wall Street, tech giants continued to be sold off for the second consecutive day dragging the Nasdaq down 0.5%, the S&P 500 0.1% and the Dow Jones 0.2%.
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