Key benchmark indices extended initial gains and hit fresh intraday high in morning trade as firmness in Asian stocks supported gains on the domestic bourses. At 10:17 IST, the barometer index, the S&P BSE Sensex was up 95.86 points or 0.36% at 26,873.31. The Nifty 50 index was currently up 28.25 points or 0.34% at 8,229.30.
The Sensex rose 108.12 points or 0.4% at the day's high of 26,885.57 in morning trade. The index gained 52.08 points or 0.19% at the day's low of 26,829.53 at the onset of the trading session. The Nifty rose 35.45 points or 0.43% at the day's high of 8,236.50 in morning trade, its highest level since 3 June 2016. The index rose 21.15 points or 0.25% at the day's low of 8,222.20 at the onset of the trading session.
In overseas markets, Asian stocks rose today, 7 June 2016 after Federal Reserve Chairwoman Janet Yellen yesterday, 6 June 2016 said US interest rate hikes are likely on the way but held back any reference to the timing. The Fed chief said last month's jobs report was "disappointing" and bears watching, though she gave a largely upbeat assessment of the US economic outlook, warning against attaching too much significance to the payrolls data in isolation. Uncertainty in timing of further hikes in Fed rate would support emerging market assets as investors have less incentive to draw out money from these markets in their search for higher yields in the US.
US stocks gained yesterday, 6 June 2016, even as Federal Reserve Chairwoman Janet Yellen said a rate-hike following an ugly jobs report late last week was still a possibility. The Federal Open Market Committee next undertakes monetary policy review on 14-15 June 2016.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,225 shares rose and 683 shares declined. A total of 96 shares were unchanged. The BSE Mid-Cap index was currently up 0.46%. The BSE Small-Cap index was currently up 0.6%. Both these indices outperformed the Sensex.
Meanwhile, the Reserve Bank of India (RBI) will announce the Second Bi-monthly Monetary Policy Statement, 2016-17 at 11.00 IST today, 7 June 2016. The RBI is likely to hold policy rates unchanged.
Commercial vehicles maker, Tata Motors gained after its British luxury car unit, Jaguar Land Rover recorded good sales in May. The stock rose 0.35%. Jaguar Land Rover's retail sales rose 18% to 44,946 units in May 2016 over May 2015. Jaguar Land Rover recorded best ever sales for May. Jaguar's sales jumped 90% to 10,633 units in May 2016 over May 2015. Land Rover's sales rose 6% to 34,313 units in May 2016 over May 2015. The announcement was made during market hours today, 7 June 2016.
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Bank stocks gained ahead of RBI's monetary policy review scheduled later in the day. Among public sector banks, Punjab National Bank (up 0.58%), Bank of Baroda (up 0.66%), State Bank of India (SBI) (up 0.88%), Union Bank of India (up 0.01%), and Bank of India (up 0.83%) edged higher. Canara Bank fell 0.01%.
Among private sector banks, ICICI Bank (up 1.6%), HDFC Bank (up 0.09%), Kotak Mahindra Bank (up 0.14%), Yes Bank (up 0.89%), and IndusInd Bank (up 0.43%) edged higher.
Axis Bank gained after the bank raised funds by issuing internationally listed certified green bonds. The stock rose 0.12%. The bank said that it opened trade at London to celebrate the bank's landmark issuance of Asia's first internationally listed certified green bond on London Stock Exchange. The bond certified by the Climate Bonds Standards Board, raised $500 million. It is the first green bond for Axis Bank within its $5 billion Medium Term Note (MTN) programme, which has additionally listed its entire MTN programme in London. The proceeds of the bond will be invested in green energy, transportation and infrastructure projects, reinforcing India's commitment to produce 175,000 megawatts (MW) of renewable power by 2022. The announcement was made after market hours yesterday, 6 June 2016.
Realty stocks rose ahead of RBI's monetary policy review scheduled later in the day. DLF (up 0.19%), D B Realty (up 0.51%), Sobha (up 1.41%), Indiabulls Real Estate (up 0.51%), Unitech (up 0.01%), NBCC (up 0.58%), Godrej Properties (up 0.65%), and Oberoi Realty (up 0.15%) edged higher. Housing Development & Infrastructure (HDIL) shed 0.05%. Purchases of both residential and commercial property are largely driven by finance.
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