Key benchmark indices ended the volatile session on a positive note. The barometer index, the S&P BSE Sensex, rose 124.49 points or 0.39% to settle at 32,028.89. The Nifty 50 index rose 41.95 points or 0.42% to settle at 9,915.25. The Sensex settled a tad above the psychologically important 32,000 mark after trading above and below that level in intraday trade. Shares had fallen in intraday trade due to negative global cues. However, gains in index pivotals Reliance Industries (RIL) and IT major Wipro supported the bourses at lower levels.

Overseas, European stocks fell, weighed by strength in the euro, as the flow of corporate earnings results failed to provide a lift. The European Central Bank (ECB) took a dovish stance on policy and its ongoing stimulus program. ECB left its key interest rates unchanged on Thursday. The ECB also reiterated its plan to purchase 60 billion euros worth of government bonds and other assets each month through December.

Most Asian shares declined, taking a breather from recent upmove. US stocks finished mostly lower on Thursday as Home Depot weighed on the Dow, but the Nasdaq bucked the trend to match its best win streak since February 2015 and closed at a record. The Dow Jones Industrial Average shed 28.97 points, or 0.1%, to end at 21,611.78. The Nasdaq Composite Index edged up 4.96 points to close at 6,390, rising for a 10th session in a row. The S&P 500 index slipped 0.38 points to finish at 2,473.45.

Back home, the Sensex rose 124.49 points or 0.39% to settle at 32,028.89, its highest closing level since 17 July 2017. The index rose 157.83 points, or 0.49% at the day's high of 32,062.23. The index fell 95.47 points, or 0.30% at the day's low of 31,808.93.

The Nifty 50 index rose 41.95 points or 0.42% to settle at 9,915.25, its highest closing level since 17 July 2017. The index rose 51.40 points, or 0.52% at the day's high of 9,924.70. The index fell 35.30 points, or 0.36% at the day's low of 9,838.

Among secondary barometers, the BSE Mid-Cap index rose 0.04%. The BSE Small-Cap index fell 0.05%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,407 shares fell and 1,277 shares rose. A total of 134 shares were unchanged.

The total turnover on BSE amounted to Rs 4822.21 crore, higher than turnover of Rs 3894.34 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE Realty index (down 1.1%), the S&P BSE Telecom index (down 1.04%), the S&P BSE Healthcare index (down 0.54%), the S&P BSE Power index (down 0.42%), the S&P BSE Capital Goods index (down 0.32%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.21%), the S&P BSE Utilities index (down 0.18%), the S&P BSE Auto index (down 0.05%), the S&P BSE Basic Materials index (down 0.04%), the S&P BSE FMCG index (up 0.02%), the S&P BSE Metal index (up 0.05%), the S&P BSE Finance index (up 0.07%), the S&P BSE Industrials index (up 0.12%) and the S&P BSE Bankex (up 0.25%), underperformed the Sensex, The S&P BSE Oil & Gas index (up 0.99%), the S&P BSE Consumer Durables index (up 1.09%), the S&P BSE Teck index (up 1.26%), the S&P BSE IT index (up 1.66%) and the S&P BSE Energy index (up 2.24%), outperformed the Sensex.

Most banks declined. Among private sector banks, RBL Bank (down 1.4%), Federal Bank (down 1.3%), City Union Bank (down 0.93%), HDFC Bank (down 0.28%) and Axis Bank (down 0.02%), edged lower. ICICI Bank (up 0.22%), IndusInd Bank (up 0.39%), Yes Bank (up 0.50%) and Kotak Mahindra Bank (up 1.86%), edged higher.

Among public sector banks, Bank of Maharashtra (down 1.21%), Vijaya Bank (down 0.81%), UCO Bank (down 0.73%), Punjab & Sind Bank (down 0.72%), Dena Bank (down 0.59%), Corporation Bank (down 0.49%), Canara Bank (down 0.4%), Central Bank of India (down 0.33%), Bank of Baroda (down 0.12%), State Bank of India (down 0.1%) and Andhra Bank (down 0.09%), edged lower. United Bank of India (up 0.26%), Syndicate Bank (up 0.39%), Allahabad Bank (up 0.49%), Union Bank of India (up 0.68%), Punjab National Bank (up 0.93%), IDBI Bank (up 1.11%) and Bank of India (up 2.38%), edged higher.

Indian Bank fell 0.48% to Rs 328.85 after net profit increased 21.16% to Rs 372.40 crore on 3.79% growth in total income to Rs 4788.04 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 21 July 2017.

The bank's gross non-performing assets (NPAs) stood at Rs 9653.01 crore as on 30 June 2017 as against Rs 9865.13 crore as on 31 March 2017 and Rs 8894.23 crore as on 30 June 2016. The ratio of gross NPAs to gross advances stood at 7.21% as on 30 June 2017 as against 7.47% as on 31 March 2017 and 6.97% as on 30 June 2016. The ratio of net NPAs to net advances stood at 4.05% as on 30 June 2017 as against 4.39% as on 31 March 2017 and 4.48% as on 30 June 2016. The bank's provisions and contingencies surged 71.59% to Rs 715.55 crore in Q1 June 2017 over Q1 June 2016.

IT major Wipro jumped 6.47% to Rs 286.40 after the company at the time of announcing Q1 results said that its board approved buyback of shares up to Rs 11000 crore.

Wipro's consolidated net profit fell 8.13% to Rs 2082.60 crore on 3.09% fall in net sales to Rs 13626.10 crore in Q1 June 2017 over Q4 March 2017. The result was announced after market hours yesterday, 20 July 2017. The results are as per International Financial Reporting Standards (IFRS).

The company's consolidated revenue from IT services segment in dollar terms rose 0.9% to $1,971.7 million in Q1 June 2017 over Q4 March 2017.

Jatin Dalal, Chief Financial Officer of Wipro said that the impact on operating margins by rupee appreciation and salary increases was partially offset by strong business efficiencies. The company continues to sustain robust cash generation.

Wipro expects revenue from IT Services business to be in the range of $1,962 million to $2,001 million in Q2 September 2017.

Wipro's board of directors approved a buyback proposal of up to 34.37 crore shares (representing 7.06% of total paid-up equity capital) from the shareholders of the company on a proportionate basis by way of a tender offer at Rs 320 per equity share for an aggregate amount not exceeding Rs 11000 crore. Promoters have indicated their intention to participate in the proposed buyback.

Ashok Leyland fell 2.64% to Rs 103.15 after net profit fell 61.74% to Rs 111.23 crore on 0.37% decline in total income to Rs 4552.79 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 21 July 2017.

Ashok Leyland's profitability in Q1 June 2017 was lower, primarily because of a richer mix and exchange gain on swap contracts in Q1 June 2016. The mix is expected to significantly improve in the coming quarters, the company said. The next 3 quarters look promising as the demand is expected to pick up on the back of Government spending on infrastructure as well as positive impact of GST, it added.

Index pivotal Reliance Industries (RIL) advanced 3.76% to Rs 1,586.20 after the company announced during trading hours today, 21 July 2017, that its board of directors recommended 1:1 bonus issue of shares.

The company's consolidated net profit rose 28% to Rs 9108 crore on 26.7% rise in revenue to Rs 90537 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours yesterday, 20 July 2017.

RIL's increase in revenue is primarily on account of increase in prices and volumes of refining and petrochemical products partially offset by lower prices and volumes from exploration and production (E&P) business. Revenue was also boosted by robust growth in retail business which recorded a 73.6% increase in revenue to Rs 11571 crore. Reliance Retail witnessed growth across all consumption baskets during the quarter.

Strong refining and petrochemicals margin environment contributed to higher operating profits for the quarter. Gross refining margins recorded nine-year-high of $ 11.9 per bbl whereas petrochemicals EBIT (earnings before interest and depreciation) margin were at all-time high of 15.8%. Gross refining margin rose to $11.9 per barrel in Q1 June 2017 from $11.5 per barrel in Q1 June 2016.

Meanwhile, the board of directors of RIL considered and approved an investment in Balaji Telefilms (BTL), to acquire 2.52 crore equity shares constituting 24.92% of BTL's equity, through subscription to preferential issue of shares by BTL to RIL for cash consideration of Rs 164 per equity share amounting to an investment of Rs 413.28 crore. This investment in content production (including digital content) is in line with RIL's commitment to invest and grow in telecom digital and media businesses.

Media company Balaji Telefilms rose 0.46% to Rs 187.50 after the company said its board approved preferential issue of 2.52 crore shares of the company at Rs 164 per share, aggregating Rs 413.28 crore to Reliance Industries. The announcement was made after market hours yesterday, 20 July 2017.

On the macro front, NDA candidate Ram Nath Kovind was on Thursday, 20 July 2017, elected as the 14th President of India after receiving an overwhelming majority of votes from the country's lawmakers. Kovind defeated Opposition candidate Meira Kumar, a former Lok Sabha speaker after garnering 66% of the votes in the Electoral College. Kovind received 2,930 votes with a value of 7,02,044. Kovind will be the first BJP member to be elected president. He will be sworn in by the Chief Justice of India JS Khehar in the Central Hall of Parliament on 25 July.

Key benchmark indices ended with small losses in volatile session of trade. The barometer index, the S&P BSE Sensex, fell 50.95 points or 0.16% to settle at 31,904.40. The Nifty 50 index fell 26.30 points or 0.27% to settle at 9,873.30. The Sensex ended below the psychologically important 32,000 mark after crossing that level in early trade.

The Sensex fell 50.95 points or 0.16% to settle at 31,904.40, its lowest closing level since 18 July 2017. The Sensex rose 101.77 points, or 0.32% at the day's high of 32,057.12 in early trade. The index fell 95.85 points, or 0.30% at the day's low of 31,859.50 in afternoon trade.

The Nifty 50 index fell 26.30 points or 0.27% to settle at 9,873.30, its lowest closing level since 18 July 2017. The Nifty rose 22.95 points, or 0.23% at the day's high of 9,922.55 in early trade. The index fell 36.15 points, or 0.37% at the day's low of 9,863.45 in afternoon trade.

Among secondary barometers, the BSE Mid-Cap index fell 0.52%. The decline in this index was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index rose 0.16%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,436 shares declined and 1,286 shares rose. A total of 147 shares were unchanged.

The total turnover on BSE amounted to Rs 3880.89 crore, lower than turnover of Rs 4874.24 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P Finance index (up 0.23%), the BSE Industrials index (up 0.05%), and the BSE Capital Goods index (up 0.22%) outperformed the Sensex. The S&P BSE Teck index (down 0.69%), the BSE Metal index (down 0.96%), and the BSE Auto index (down 0.44%) underperformed the Sensex.

IT major Wipro fell 0.83%. The company will announce Q1 June 2017 results today, 20 July 2017.

Most private bank stocks rose. Axis Bank (up 3.87%), Yes Bank (up 0.63%), HDFC Bank (up 0.92%) and RBL Bank (up 0.19%) rose. ICICI Bank (down 0.5%) and IndusInd Bank (down 0.98%) fell.

Kotak Mahindra Bank fell 1.44%. The bank's net profit rose 23.01% to Rs 912.73 crore on 8.64% growth in total income to Rs 5562.66 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 20 July 2017.

The bank's gross non-performing assets (NPAs) rose to Rs 3726.62 crore as on 30 June 2017 as against Rs 3578.61 crore as on 31 March 2017 and Rs 3058.81 crore as on 30 June 2016. The ratio of gross NPAs to gross advances stood at 2.58% as on 30 June 2017 as against 2.59% as on 31 March 2017 and 2.5% as on 30 June 2016. The ratio of net NPAs to net advances stood at 1.25% as on 30 June 2017 as against 1.26% as on 31 March 2017 and 1.21% as on 30 June 2016. The bank's provisions and contingencies rose 13.49% to Rs 203.74 crore in Q1 June 2017 over Q1 June 2016. The bank has total exposure of Rs 236 crore to 4 of 12 accounts identified by the Reserve Bank of India (RBI) for insolvency proceedings.

All the four accounts were inherited from ING Vysya Bank after merger with the bank on 1 April 2015. Kotak Mahindra Bank on its own had no exposure to any of the 12 accounts. The bank said that the provision is well in excess of RBI stipulation.

Karnataka Bank rose 0.79%. The bank said that it is targeting a farm credit of Rs 6800 crore during 2017-18. Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, said that timely extension of farm credit, technical counselling, marketing input to farmers to reap maximum benefit and thereby ensuring timely renewal shall be focused by agri business managers to have a commercially viable agri portfolio which is remunerative to both the bank and farmers. The announcement was made after market hours yesterday, 19 July 2017.

PSU bank stocks fell. Corporation Bank (down 2.19%), State Bank of India (SBI) (down 0.87%), Punjab National Bank (down 1.04%), Bank of Baroda (down 1.49%), Bank of India (down 2.92%) and Union Bank of India (down 1.7%) dropped. IDBI Bank (up 0.6%) rose.

Canara Bank lost 5.09% after the bank's gross and net bad loans ratio grew as on 30 June 2017, compared with the period ended 31 March 2017 and 30 June 2016. The result was announced after market hours yesterday, 19 July 2017.

Canara Bank's net profit rose 9.9% to Rs 251.60 crore on 4.4% growth in total income to Rs 12304.10 crore in Q1 June 2017 over Q1 June 2016.

The bank's gross non-performing assets (NPAs) stood at Rs 37657.76 crore as on 30 June 2017 as against Rs 34202.04 crore as on 31 March 2017 and Rs 32334.07 crore as on 30 June 2016. The ratio of gross NPAs to gross advances stood at 10.56% as on 30 June 2017 as against 9.63% as on 31 March 2017 and 9.71% as on 30 June 2016.

The ratio of net NPAs to net advances stood at 7.09% as on 30 June 2017 as against 6.33% as on 31 March 2017 and 6.69% as on 30 June 2016. The bank's provisions and contingencies surged 47.6% to Rs 2203.78 crore in Q1 June 2017 over Q1 June 2016.

Motorcycle maker Bajaj Auto fell 0.22% to Rs 2,818.65 amid intraday volatility after the company announced Q1 June 2017 results during market hours today, 20 July 2017. Bajaj Auto's consolidated net profit fell 19.52% to Rs 836.74 crore on 2.8% decline in total income to Rs 6177.66 crore in Q1 June 2017 over Q1 June 2016. The entire benefit on reduction in effective tax rates post GST has been passed on to the customers. This has resulted in a reduction in ex-showroom price of motorcycles, which were dependent on the Brand-State, varying from a low of Rs 200 to a high of Rs 6,500 per motorcycle, Bajaj Auto said.

ABB India rose 0.42%. The company's net profit rose 38.18% to Rs 76 crore on 6.15% rise in revenue to Rs 2224 crore in Q2 June 2017 over Q2 June 2016. The result was announced during market hours today, 20 July 2017.

ABB India's net profit margin rose to 3.4% in Q2 June 2017 from 2.6% in Q2 June 2016. This was a quarter where the lag effect of demonetization and troughing corporate lending met with the anticipation of Goods and Services Tax (GST). Continued close collaboration led to deeper insights of customer operations in a dynamic environment. This ensured revenue growth. Lean management, relentless pursuit of cash over revenue, and similar initiatives as part of operational excellence yielded savings and superior cash position.

Orders grew 13% to Rs 2301 crore in Q2 June 2017 over Q2 June 2016 reflecting company's organic growth strategy. Large orders remained muted as decisions on government initiatives and private investments were stalled in anticipation of upcoming tax restructure.

Base orders were the key contributor with industry turning to improving operational efficiencies through technology and digital upgrades including robotics automation. ABB strengthened its own digital asset health management offering to support the transformation of the Indian industry - with the launch of its remote drives service center. Export orders continued the uptrend in the year with a focus on power networks and industrial efficiency.

Godrej Industries rose 1.92% after the company said its subsidiary Godrej Agrovet has filed Draft Red Herring Prospectus with market regulator Sebi for an initial public offering of shares. The announcement was made after market hours yesterday, 19 July 2017. The proposed initial public offer (IPO) of Godrej Agrovet consists of fresh issue of equity shares aggregating up to Rs 300 crore and an offer for sale (OFS) of shares aggregating upto Rs 300 crore and upto 1.23 crore shares by V-Sciences Investments Pte.

Jubilant Industries lost 4.89% after the company reported consolidated net loss of Rs 1.66 crore in Q1 June 2017, compared with net profit of Rs 1.05 crore in Q1 June 2016. Consolidated net sales fell 8.6% to Rs 111.17 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 19 July 2017.

Sugar stocks surged reacting to a spike in sugar prices on the NCDEX, where it got locked in upper circuit. Triveni Engineering & Industries (up 7.06%), Shree Renuka Sugars (up 10.06%), Sakthi Sugars (up 4.41%), Dhampur Sugar Mills (up 5.05%), Dwarikesh Sugar Industries (up 1.58%), Balrampur Chini Mills (up 2.01%) surged.

Recently, the Government of India had hiked import duty on sugar to 50% from 40% with effect from 10 July 2017, to restrict cheap inward shipments and maintain domestic prices.

Also, the demand for sugar is expected to rise as the festive season is around the corner.

Atlas Cycles (Haryana) was locked at 5% upper circuit at Rs 375.05 after the company said its board will meet on 4 August 2017, to consider sub-division of equity shares.

Sterlite Technologies hit an upper circuit limit of 20% at Rs 206.75, with the stock extending previous sessions' rally triggered by the company posting highest ever order book of Rs 3140 crore at the end of Q1 June 2017. The stock had catapulted 8.98% to Rs 172.30 yesterday, 19 July 2017 after the company announced Q1 results during market hours on that day.

Sterlite Technologies' consolidated net profit fell 4.82% to Rs 60.59 crore on 5.76% rise in total income to Rs 751.19 crore in Q1 June 2017 over Q4 March 2017. The company's consolidated net profit surged 61% to Rs 61 crore on 23% rise in revenues to Rs 744 crore in Q1 June 2017 over Q1 June 2016.

Sterlite Tech reported highest ever quarterly revenues in Q1 June 2017, driven by strong order book and export sales. The company reported the highest ever quarterly export sales of Rs 320 crore and highest order book of Rs 3140 crore at the end of Q1 June 2017. With positive shifts in technology, national policies and consumption patterns for the creation of smarter broadband infrastructure, Q1 June 2017 saw optical fibre demand showing a consistent upward trend in the global markets. This reflected with healthy increase in exports at 43% of revenues.

Overseas, European bourses were trading higher supported by a surge in global stocks, as investors awaited a rate decision by the European Central Bank (ECB) later in the session. As per reports, the ECB is not expected to adjust interest rates today, 20 July 2017, but it is projected to signal plans to slow down some of its asset purchases over the next few months.

Most Asian shares rose, bolstered by a surge in global stocks to a record high on strong US corporate earnings. Earlier in the day, the Bank of Japan kept its monetary policy unchanged after its two-day meeting. However, BoJ slashed its inflation forecasts for fiscal years 2017-2018 and 2018-2019.

US stock-market indices closed firmly higher yesterday, 19 July 2017, with all of the main equity benchmarks notching records, as investors digested better-than-expected earnings. The Dow Jones Industrial Average closed up 0.3% higher at 21,640. The S&P 500 index rose 0.5% at 2,473 and the Nasdaq Composite Index ended up 0.6% at 6,385. Market sentiment was aided partially by an early climb in shares of Morgan Stanley after it reported earnings and revenue that topped expectations.

Key benchmark indices registered strong gains on positive global cues. The barometer index, the S&P BSE Sensex, gained 244.36 points or 0.77% to settle at 31,955.35. The Nifty 50 index gained 72.45 points or 0.74% to settle at 9,899.60. Firmness prevailed on the bourses as the key benchmark indices retained positive zone throughout the day. Today's market upmove was triggered by gains in ITC, TCS and Reliance Industries.

Bank stocks rose. Telecom shares rose after report suggested that Bharti Airtel, Idea Cellular and Vodafone pushed for doubling of mobile call termination charge to recover cost. Metal shares were in demand.

The Sensex gained 244.36 points or 0.77% to settle at 31,955.35, its highest closing level since 17 July 2017. The Sensex rose 267.90 points, or 0.84% at the day's high of 31,978.89 in late trade. The index rose 82.73 points, or 0.26% at the day's low of 31,793.72 in early trade.

The Nifty 50 index gained 72.45 points or 0.74% to settle at 9,899.60, its highest closing level since 17 July 2017. The Nifty rose 77.90 points, or 0.79% at the day's high of 9,905.05 in late trade. The index rose 24.50 points, or 0.25% at the day's low of 9,851.65 in early trade.

Among secondary barometers, the BSE Mid-Cap index rose 1.01%. The BSE Small-Cap index rose 0.99%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,714 shares rose and 971 shares fell. A total of 168 shares were unchanged.

The total turnover on BSE amounted to Rs 4860.21 crore, higher than turnover of Rs 3853.67 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P Energy index (up 1.12%), the BSE FMCG index (up 1.49%), and the BSE Healthcare index (up 1.78%) outperformed the Sensex. The S&P BSE Capital Goods index (up 0.58%), the BSE Bankex index (up 0.63%), and the BSE Auto index (up 0.59%) underperformed the Sensex.

ITC (up 2.42%), TCS (up 1.88%) and Reliance Industries (up 0.89%) edged higher from the Sensex pack.

Bank stocks rose. Among PSU bank stocks, Indian Bank (up 4.35%), Punjab National Bank (up 2.23%), Bank of Baroda (up 0.46%), Canara Bank (up 0.58%), State Bank of India (SBI) (up 0.95%), IDBI Bank (up 0.26%), Bank of India (up 2.27%) and Union Bank of India (up 0.29%) rose.

Among private bank stocks, Kotak Mahindra Bank (up 1.76%), RBL Bank (up 3.15%), HDFC Bank (up 0.6%), Axis Bank (up 0.61%), IndusInd Bank (up 0.38%) and Yes Bank (up 0.7%) rose. ICICI Bank (down 0.18%) fell.

Hindustan Unilever fell 0.46% to Rs 1,152.90. The company's net profit rose 8.45% to Rs 1283 crore on 4.08% growth in total income to Rs 9335 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 18 July 2017.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 14%. Profit after tax before exceptional items, PAT (bei), rose 15% to Rs 1292 crore. Under volatile market conditions, the company's domestic consumer business grew at 6% and underlying volume growth remained flat. During the quarter, trade sentiment remained cautious, particularly in the run up to GST implementation. Despite high promotional intensity, stock pipelines remained low and varied across categories, channels and geographies. In these challenging circumstances the company managed to deliver yet another quarter of resilient and profitable growth.

Harish Manwani, Chairman commented that both growth and margin improvement were delivered through a combination of sustained innovations, a comprehensive savings program and a relentless focus on execution in the market place. The company remains positive on the medium term outlook for the industry and will continue to drive consumer value, which also delivers profitable volume driven growth for the company.

Grasim Industries fell 3.74% to Rs 1,050.25 after Macquarie Bank offloaded bulk shares of the company through open market transaction yesterday, 18 July 2017. Macquarie Bank sold 11.25 lakh shares of Grasim Industries to Indian Opportunities Growth Fund - Pinewood Strategy at Rs 1,303 per share in a block deal on the BSE yesterday, 18 July 2017.

Telecom shares rose after report suggested that Bharti Airtel, Idea Cellular and Vodafone pushed for doubling of mobile call termination charge to recover cost. Idea Cellular (up 9.01%), Reliance Communications (up 4.43%), Bharti Airtel (up 3.21%), Tata Teleservices (Maharashtra) (up 2.42%) and MTNL (up 0.95%) edged higher.

Telecom tower infrastructure provider Bharti Infratel fell 0.69%.

Bharti Airtel and Idea Cellular reportedly yesterday, 18 July 2017, sought doubling of interconnection usage charge (IUC), a key input for mobile rates, saying that incoming calls to their networks cost 30 paise per minute to complete. Another incumbent, Vodafone, projected the cost at 34 paise, more than double the current level. Any change in IUC has a direct impact on mobile call rates as the charge is taken into account while setting telecom tariffs.

Telecom operators get the interconnection charge for every incoming calls from networks of other operator. It is included in call rates paid by mobile subscribers. The IUC is fixed by the Telecom Regulatory Authority of India (Trai). At present IUC of 14 paise per minute is levied on every incoming calls. The Aditya Birla group firm demanded that IUC should be raised so that telecom operators are able to recover cost of carrying load of incoming calls from other networks.

Meanwhile, Union Minister Manoj Sinha reportedly said today, 19 July 2017 that the new telecom policy is likely to be announced before March 2018 which will focus on 5G technology ecosystem, data security and privacy and other key areas in the sector.

Metal shares were in demand. National Aluminium Company (up 3.57%), Hindalco Industries (up 2.89%), Vedanta (up 1.86%), Jindal Steel & Power (up 1.92%), Bhushan Steel (up 1.73%), JSW Steel (up 1.6%), Steel Authority of India (up 1.52%), Tata Steel (up 1.46%), Hindustan Zinc (up 1.01%), Hindustan Copper (up 0.15%) and NMDC (up 0.46%) edged higher.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for September 2017 delivery was currently down 0.38% at $2.72 per pound on the COMEX.

Aurobindo Pharma surged 4.48% after the company said it has received final approval from the US drug regulator to manufacture Sevelamer Carbonate tablets 800mg. The announcement was made before market hours today, 19 July 2017.

Aurobindo Pharma received final approval from the US Food & Drug Administration (USFDA) to manufacture Sevelamer Carbonate tablets 800mg. Sevelamer Carbonate tablets, are therapeutic equivalent generic version of Genzyme's Renvela tablets. The product is being launched immediately.

Sevelamer Carbonate tablets are indicated for the control of serum phosphorus in patients with chronic kidney disease (CKD) on dialysis. The approved product has an estimated market size of $1.9 billion for the twelve months ending May 2017 according to IMS.

Jay Bharat Maruti tumbled 8.22% after the company reported Q1 June 2017 results after market hours yesterday, 18 July 2017. Jay Bharat Maruti's net profit surged 43.7% to Rs 10.12 crore on 28.2% growth in net sales to Rs 377.29 crore in Q1 June 2017 over Q1 June 2016. Prior to the announcement of results, shares of Jay Bharat Maruti witnessed an impressive rally. The shares surged 9.34% in three trading sessions to settle at Rs 714.85 yesterday, 18 July 2017, from its close of Rs 653.75 on 13 July 2017.

Heritage Foods rose 8.54% after the company said its board will meet on 10 August 2017, to consider sub-division of equity shares. The announcement was made during market hours today, 19 July 2017.

KDDL rose 1.98%. The company announced that its subsidiary-Ethos has launched a new store with effect from 25 June 2017 at Seawoods, Railway Station, Navi Mumbai. KDDL said that the total number of stores as on date is 36. The announcement was made after market hours yesterday, 18 July 2017.

Overseas, European bourses were trading higher as investors took stock of a series of corporate announcements from across the continent. Asian shares edged higher as optimism on China's economy underpinned Asian shares and commodities.

The US stock market ended mixed yesterday, 18 July 2017, but the Nasdaq Composite Index marked its first closing high since June. But the overall market was weighed by a slump in some of the US's biggest banks led by a decline in shares of Dow-component Goldman Sachs Group Inc.

The S&P 500 index edged up 1.47 points to close at 2,460.61. The Nasdaq Composite Index rose 29.87 points, or 0.5%, to end at 6,344.31. The Dow Jones Industrial Average fell 54.99 points, or 0.3%, to finish at 21,574.73.

Key benchmark indices dropped sharply led by slide in index heavyweights ITC and Reliance Industries (RIL). The barometer index, the S&P BSE Sensex, lost 363.79 points or 1.13% to settle at 31,710.99. The Nifty 50 index fell 88.80 points or 0.90% to settle at 9,827.15. The Sensex settled below the psychologically important 32,000 mark after seeing a gap-down opening.

The Sensex lost 363.79 points or 1.13% to settle at 31,710.99, its lowest closing level since 7 July 2017. The Sensex fell 448.34 points, or 1.40% at the day's low of 31,626.44. The index fell 163.17 points, or 0.51% at the day's high of 31,911.61 in morning trade.

The Nifty 50 index fell 88.80 points or 0.90% to settle at 9,827.15, its lowest closing level since 12 July 2017. The Nifty fell 123.90 points, or 1.25% at the day's low of 9,792.05 in early trade. The index fell 30.60 points, or 0.31% at the day's high of 9,885.35 in morning trade.

Among secondary barometers, the BSE Mid-Cap index fell 0.60%. The BSE Small-Cap index fell 0.58%. The decline in both these indices was lower than the Sensex's decline in percentage terms.

The market breadth, indicating the overall health of the market, was weak. On BSE, 1,691 shares fell and 998 shares rose. A total of 146 shares were unchanged.

The total turnover on BSE amounted to Rs 3844.09 crore, higher than turnover of Rs 3549.80 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P Teck index (up 0.17%), the BSE Capital Goods index (up 0.02%), and the BSE Auto index (up 0.2%), the S&P BSE Power index (down 0.6%), the BSE Metal index (down 0.12%), and the BSE Bankex index (down 0.05 %) outperformed the Sensex.

Cigarette major ITC lost 12.63% at Rs 284.60 after the Goods and Services Tax (GST) Council yesterday, 17 July 2017, increased the compensation cess on cigarettes by 48.50 paise to 79.20 paise per stick with effect from 18 July 2017. The stock hit a high of Rs 293.20 and low of Rs 276.90 so far during the day.

While the peak Goods and Services Tax (GST) rate of 28% stays and so does 5% ad valorem cess on top of it on the cigarettes, the fixed cess has been hiked between Rs 485 and Rs 792 per thousand sticks. The increase in cess is expected to help the government raise around Rs 5000 crore of additional tax revenue, reports suggested.

FMCG major Hindustan Unilever rose 0.47%. The company's net profit rose 8.45% to Rs 1283 crore on 4.08% growth in total income to Rs 9335 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours today, 18 July 2017.

Index pivotal Reliance Industries (RIL) dropped 2.03% at Rs 1,519.90. The stock hit a high of Rs 1,551.50 and low of Rs 1,512 in intraday trade. The stock declined on profit booking after recent rally. Shares of Reliance Industries (RIL) had witnessed a pre-result rally. The stock had surged 12.39% in the preceding eleven trading sessions to settle at Rs 1,551.35 yesterday, 17 July 2017, from its close of Rs 1,380.25 on 30 June 2017. RIL is scheduled to announce Q1 June 2017 results on Thursday, 20 July 2017.

Meanwhile, recent media reports suggested that the government has ordered RIL, Shell and ONGC to pay a combined $3 billion in penalty following an arbitration award in the Panna Mukta Tapti (PMT) oil field dispute that went in favour of the government.

According to reports, the oil ministry sent out a demand notice last month to RIL and Shell, which own 30% each in the PMT fields off the Mumbai coast, as well as to ONGC that owns the balance 40% participating interest. The three companies have to pay the penalty proportionate to their stake in the fields, reports added.

The dispute over state share of profit petroleum and royalty from the PMT fields raged for many years. Late last year, a London-based tribunal of arbitrators issued a final partial award (FPA), upholding key contentions of the government.

Many private bank stocks fell. HDFC Bank (down 0.01%), Kotak Mahindra Bank (down 0.08%), ICICI Bank (down 0.15%), RBL Bank (down 1.78%) and IndusInd Bank (down 0.54%) declined. Yes Bank (up 0.6%) rose.

Axis Bank rose 1.18% after the bank said it reviewed and decided to keep the marginal cost of funds based lending rates of the bank unchanged with effect from 18 July 2017. The announcement was made by the bank after market hours yesterday, 17 July 2017.

Axis Bank's marginal cost of funds based lending rate (MCLR) for overnight loans will be 7.8%, the rate for one month will be 7.8% and for three months it will be 8%. The MCLR on 6-month loans will be 8.15% and for one-year loans the rate will be 8.25%, the bank said. MCLR on two-year loans will be 8.3% and for three-year loans the rate will be 8.35%.

PSU bank stocks saw mixed trend. Punjab National Bank (up 1.31%), Canara Bank (up 0.07%), Allahabad Bank (up 1.27%), Bank of India (up 2.91%) and Union Bank of India (up 0.16%) gained. Bank of Maharashtra (down 1.22%), Bank of Baroda (down 0.43%) and IDBI Bank (down 0.09%) fell.

State Bank of India (SBI) fell 0.8% after the state-run bank said its insurance arm has filed a draft red herring prospectus with the market regulator Sebi for an initial public offer. The announcement was made after market hours yesterday, 17 July 2017.

SBI announced that its subsidiary, SBI Life Insurance Company, has filed a draft red herring prospectus with the Sebi for an initial public offer of up to 12 crore equity shares of face value of Rs 10 each, representing up to 12% of its paid up equity share capital for cash, through an offer for sale (OFS) by State Bank of India and BNP Paribas Cardif S.A of up to 8 crore equity shares (representing 8% of the paid up share capital) and up to 4 crore equity shares (representing 4% of the paid up share capital), respectively. The offer includes a proposed reservation of up to 1.20 crore equity shares for State Bank shareholders and a reservation of up to 20 lakh equity shares for eligible employees as part of the offer.

Realty shares declined. Prestige Estates Projects (down 2.34%), DLF (down 1.89%), D B Realty (down 1.53%), Unitech (down 2.63%), Parsvnath Developers (down 0.85%), Sobha (down 0.9%), Housing Development and Infrastructure (HDIL) (down 1.11%)and Godrej Properties (down 0.71%) edged lower. Oberoi Realty (up 1.35%) rose.

Indiabulls Real Estate fell 1.73%. The company said that its board will meet on 24 July 2017, to consider issuance of non-convertible redeemable debentures on private placement basis. The announcement was made after market hours yesterday, 17 July 2017.

State-run GAIL (India) dropped 1.81% after reports suggested that a fresh investigation against the company was ordered by the Competition Commission of India for alleged abuse of dominant position in natural gas supply. The Competition Commission of India's (CCI) probe is reportedly followed by the complaint by Uttar Pradesh-based glass-bottle manufacturer Mohan Meakin. The company is alleged to have violated Section 4 of the Competition Act that is related to the abuse of dominant market position. This is the second time in less than a week that the company has come under the lens of the watchdog for alleged unfair business practices, report added.

UltraTech Cement fell 0.74%. The company's consolidated net profit rose 15% to Rs 897 crore on 6.16% growth in net sales to Rs 6938 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 18 July 2017. The company's consolidated profit before interest, depreciation and tax (PBIDT) rose 10.57% at Rs 1798 crore in Q1 June 2017 over Q1 June 2016.

In its outlook, UltraTech said that the government spending on infrastructure, rural and affordable housing will be the key demand drivers for cement. The company added that it is well positioned across the country to cater to the demand.

ACC gained 0.49% after consolidated net profit rose 32.6% to Rs 326 crore on 17.8% rise in sales turnover to Rs 3329 crore in Q2 June 2017 over Q2 June 2016. The result was announced after market hours yesterday, 17 July 2017.

ACC said that cement sales volume rose 10.1% to 6.74 million tonnes in Q2 June 2017 over Q2 June 2016. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) rose 38% to Rs 637 crore in Q2 June 2017 over Q2 June 2016. Operating EBITDA margin improved to 19% in Q2 June 2017 from 16% in Q2 June 2016.

ACC approved payment of an interim dividend of Rs 11 per share for the year ending 31 December 2017 (FY 2017).

In its outlook, company said that it expects upward trajectory in cement demand supported by the prospects of a normal monsoon. Growing momentum in the launching of smart cities and urban infrastructure development & housing projects, together with the implementation of GST will also bring growth opportunities for the sector.

HT Media jumped 7.1% after consolidated net profit spurted 85.41% to Rs 41.55 crore on 1.55% decrease in total income to Rs 652.18 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 18 July 2017.

Overseas, European stocks were trading lower as oil and financial stocks declined. Most Asian stocks were mixed as setbacks for a health care overhaul in the US raised doubts over prospects for a range of reforms backed by US President Donald Trump.

US market ended little changed yesterday, 17 July 2017, as investors braced for a flood of second-quarter earnings reports later this week. The Dow Jones Industrial Average declined 8.02 points to close at 21,629.72. The S&P 500 declined 0.13 points to close at 2,459.14. The Nasdaq Composite Index rose 1.97 points to close at 6,314.43.

Key benchmark indices settled with small gains on first trading day of the week led by Reliance Industries and ICICI Bank. However, a sharp slide in shares of index heavyweight ITC capped gains. The barometer index, the S&P BSE Sensex, rose 54.03 points or 0.17% to settle at 32,074.78. The Nifty 50 index rose 29.60 points or 0.30% to settle at 9,915.95. Both the Sensex and the Nifty hit record high on intraday as well as closing basis.

The Sensex rose 54.03 points or 0.17% to settle at 32,074.78, a record closing high for the barometer index. The Sensex rose 111.17 points, or 0.35% at the day's high of 32,131.92 in mid-morning trade. The index rose 16.46 points, or 0.05% at the day's low of 32,037.21 in late trade.

The Nifty 50 index rose 29.60 points or 0.30% to settle at 9,915.95, a record closing high for the index. The Nifty rose 41.85 points, or 0.42% at the day's high of 9,928.20 in mid-afternoon trade. The index rose 8.35 points, or 0.08% at the day's low of 9,894.70 in morning trade.

Frontline stocks outperformed side counters. Among secondary barometers, the BSE Mid-Cap index rose 0.07%. The BSE Small-Cap index rose 0.01%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, turned negative from positive in late trade. On BSE, 1,377 shares fell and 1,302 shares rose. A total of 176 shares were unchanged.

The total turnover on BSE amounted to Rs 3536.43 crore, lower than turnover of Rs 4054.02 crore registered during the previous trading session on Friday, 14 July 2017.

Among the sectoral indices on BSE, the S&P BSE Materials index (up 1.04%), the BSE Realty index (up 1.26%), and the BSE Metal index (up 0.97%) outperformed the Sensex.

The S&P BSE FMCG index (down 1.54%), the BSE Capital Goods index (down 0.07%), and the BSE Consumer Durables index (up 0.14%) underperformed the Sensex.

Bank stocks saw mixed trend. Among PSU bank stocks, State Bank of India (SBI) (up 0.41%), Canara Bank (up 0.27%), Union Bank of India (up 0.26%), IDBI Bank (up 1.58%), Bank of India (up 0.78%) edhed higher. Corporation Bank (down 1.95%), Punjab National Bank (down 0.46%), Dena Bank (down 1.01%) and Bank of Baroda (down 0.3%) edged lower.

Among private bank stocks, Kotak Mahindra Bank (up 0.31%), HDFC Bank (up 0.11%) rose. Axis Bank (down 0.42%), IndusInd Bank (up 0.47%), RBL Bank (down 1.9%) and Yes Bank (down 1.16%) declined.

ICICI Bank gained 1.69% after the bank said that its subsidiary, ICICI Lombard General Insurance Company, filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for a public offer of up to 8.62 crore shares of face value of Rs 10 each. The announcement was made after market hours on Friday, 14 July 2017.

The offer represents approximately 19% of ICICI Lombard General Insurance Company's equity share capital, for cash through an offer for sale of up to 3.17 crore shares by ICICI Bank and up to 5.44 crore shares by FAL Corporation. ICICI Lombard GIC is one of the leading private sector general insurance companies.

DCB Bank fell 1.83%. The bank's net profit rose 39% to Rs 65 crore on 34% rise in total income to Rs 319 crore in Q1 June 2017 over Q1 June 2016. The announcement was made on Saturday, 15 July 2017.

Karnataka Bank lost 4.38%. The bank's net profit rose 10.13% to Rs 133.85 crore on 7.87% rise in total income to Rs 1547.94 crore in Q1 June 2017 over Q1 June 2016. The announcement was made on Saturday, 15 July 2017.

Cigarette major ITC lost 3.4% to Rs 325.75 on fears of likely increase in cess on cigarette. According to media reports, the Goods and Services Tax (GST) Council may consider hiking the compensation cess on cigarettes if prices come down post the implementation of the GST. The GST Council will reportedly meet later today, 17 July 2017, to take stock of the implementation of the new indirect tax regime. After the rollout of GST, excise duty has automatically been removed on tobacco products. Now only GST and cess are levied on these products. GST and cess combined on cigarettes is currently 6-8% lower than pre-GST regime.

Reliance Industries rose 1.33% to Rs 1,551.35, with the stock extending recent strong gains ahead of its Q1 results scheduled later this week. RIL stock has surpassed Rs 5 lakh crore market capitalization for the first time in history.

RIL's telecom subsidiary Reliance Jio Infocomm (Jio) had announced on 11 July 2017 that Jio Prime Members can enjoy unlimited services for 3 months with Rs 399 plan. The earlier launched Rs 309 plan will provide 2 months of unlimited Jio services. The company will announce its Q1 results on 20 July 2017.

IT major Wipro advanced 3.12% to Rs 267.60 after the company said it will consider share buyback proposal on 20 July 2017, in its board meeting scheduled for announcing Q1 June 2017 results. The announcement was made after market hours on Friday, 14 July 2017.

Realty shares were mixed. Unitech (up 14.25%), Godrej Properties (up 1.38%), Parsvnath Developers (up 1.55%), Anant Raj (up 3.05%), Sunteck Realty (up 3.09%), DLF (up 1.27%), Indiabulls Real Estate (up 3.86%) and Housing Development and Infrastructure (HDIL) (up 1.18%) edged higher. Sobha (down 0.75%), D B Realty (down 0.13%), Mahindra Lifespace Developers (down 0.82%), Phoenix Mills (down 1.76%), Peninsula Land (down 1.52%), Oberoi Realty (down 1.46%) and Prestige Estates Projects (down 3.52%) edged lower.

Sunteck Realty rose 3.09%. The company announced that it has fixed 26 July 2017 as the record date for 2-for-1 stock split. The announcement was made after market hours on Friday, 14 July 2017.

Cadila Healthcare rose 1.16% after the company said it has received tentative approval from the US drug regulator to market Fingolimod Capsules, 0.5 mg. The announcement was made after market hours on Friday, 14 July 2017.

Cadila Healthcare announced that it has received the tentative approval from the United States Food and Drug Administration (USFDA) to market Fingolimod Capsules, 0.5 mg. The drug is an immunomodulating drug, mostly used for treating multiple sclerosis and will be produced at the group's formulations manufacturing facility at the Pharma SEZ, in Ahmedabad. The sales of Fingolimod Capsules is estimated at $2.1 billion as per IMS Health data. The group now has more than 120 approvals and has so far filed over 300 abbreviated new drug applications (ANDAs) since the commencement of the filing process in FY 2003-04.

Jubilant FoodWorks surged 9.31% after net profit rose 25.53% to Rs 23.84 crore on 10.62% growth in total income to Rs 681.81 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 17 July 2017. Jubilant FoodWorks' President & CFO Sachin Sharma has resigned from the services of the company. His last working day will be 21 July 2017. The Board will appoint his successor in due course.

On the macro front, the monsoon session of Parliament kickstarted today, 17 July 2017. The session will see a total of 19 sittings spread over a span of 26 days including four Private Members' days. A total of 21 Bills pending in Lok Sabha and 42 Bills pending in Rajya Sabha will be in focus.

Overseas, most European bourses declined as investors monitored the second round of formal Brexit talks in Brussels. Asian stocks rose, boosted by stronger-than-expected economic growth in China and bets that lackluster US data will keep the Federal Reserve cautious about the pace of policy tightening. Japan's Nikkei 225 was shut for a public holiday.

China reported stronger-than-expected economic growth data on Monday as the world's second-largest economy was supported by robust industrial output, retail sales and exports. The Chinese economy grew 6.9% (year-on-year) in the second quarter to keep pace with the first quarter of 2017, according to the National Bureau of Statistics.

US stocks closed higher on Friday, 14 July 2017, after data showed consumer prices were unchanged in June and retail sales fell for a second straight month. The Dow Jones Industrial Average rose 84.65 points, or 0.4% to finish at 21,637.74. The S&P 500 index rose 11.44 points, or 0.5%, to finish at a record 2,459.27. The Nasdaq Composite Index gained 38.03 points, or 0.6%, to close at 6,312.47.

Key benchmark indices finished last trading day of the week with small losses in a quiet session of trade. The barometer index, the S&P BSE Sensex, fell 16.63 points or 0.05% to settle at 32,020.75. The Nifty index fell 5.35 points or 0.05% to settle at 9,886.35. The Sensex settled above the psychological 32,000 level after alternately swinging above and below that level during the day.

Both the Sensex and the Nifty dipped in the negative zone soon after scaling record high at onset of the day's trading session. The key benchmark indices extended fall in morning trade. Stocks cut losses soon after hitting fresh intraday low in mid-morning trade. Key indices were trading with small losses uptill mid-afternoon trade. Stocks further trimmed losses in late trade.

The Sensex fell 16.63 points or 0.05% to settle at 32,020.75, its lowest closing level since 12 July 2017. The Sensex gained 72.37 points or 0.23% at the day's high of 32,109.75 at onset of the day's trading session, a record high for the barometer index. The index fell 139.51 points or 0.44% at the day's low of 31,897.87 in mid-morning trade.

The Nifty index fell 5.35 points or 0.05% to settle at 9,886.35, its lowest closing level since 12 July 2017. The Nifty gained 21.60 points or 0.22% at the day's high of 9,913.30 at onset of the day's trading session, a record high for the index. The index fell 46.25 points or 0.47% at the day's low of 9,845.45 in mid-morning trade.

The S&P BSE Mid-Cap index rose 0.22%, outperforming the Sensex. The S&P BSE Small-Cap index fell 0.35%. The fall in this index was higher than Sensex's decline in percentage terms.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 1,676 shares fell and 1,015 shares rose. A total of 131 shares were unchanged.

The total turnover on BSE amounted to Rs 4051.64 crore, slightly lower than the turnover of Rs 4054.02 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE Healthcare index (up 0.89%), the BSE Telecom index (up 0.91%), the BSE Bankex index (up 0.29%) and the BSE Oil & Gas index (up 0.67%) outperformed the Sensex.

The S&P BSE FMCG index (down 0.16%), the BSE IT index (down 0.95%), the BSE Auto index (down 0.28%), the BSE Capital Goods index (down 0.53%) and the BSE Realty index (down 0.59%) underperformed the Sensex.

Housing finance major HDFC shed 0.55% to Rs 1,647.20 as the stock turned ex-dividend today, 14 July 2017, for final dividend of Rs 15 per share for the year ended March 2017.

Private bank stocks saw mixed trend. RBL Bank (down 0.95%), HDFC Bank (down 0.01%), IndusInd Bank (down 0.15%) and Yes Bank (down 1.04%) declined. ICICI Bank (up 0.08%), Kotak Mahindra Bank (up 1.61%) and Axis Bank (up 0.21%) rose.

PSU bank stocks rose. Central Bank of India (up 5.14%), Indian Bank (up 3.79%), State Bank of India (SBI) (up 1.04%), Punjab National Bank (up 0.95%), Bank of Baroda (up 1.07%), Canara Bank (up 1.6%), Bank of India (up 1.77%), IDBI Bank (up 0.26%) and Union Bank of India (up 0.19%) gained.

Infosys fell 0.44% to Rs 972.05. The stock fell in volatile trade. The stock hit high of Rs 1,006.65 and low of Rs 968 in intraday trade. The company increased its revenue growth guidance in both dollar and rupee terms for FY 2018 at the time of announcing Q1 June 2017 results. Infosys' consolidated net profit fell 3.3% to Rs 3483 crore on 0.2% decline in revenue to Rs 17078 crore in Q1 June 2017 over Q4 March 2017. The results are as per International Financial Reporting Standards (IFRS) and was announced before market hours today, 14 July 2017.

The company expects its consolidated revenue to grow 7.1%-9.1% in dollar terms for the financial year ending March 2018 (FY 2018), which was higher than the revenue growth guidance of 6.1%-8.1% issued by the company at the time of announcing Q4 March 2017 earnings.

The company expects its consolidated revenue to grow 3%-5% in Rupee terms for FY 2018, based on the exchange rates as of 30 June 2017. This was higher than the revenue growth guidance of 2.5%-4.5% issued by the company at the time of announcing Q4 March 2017 earnings.

Vishal Sikka, CEO of Infosys said that the company's persistent focus on execution in Q1 was reflected in broad-based performance on multiple fronts - revenue growth, resilient margins despite multiple headwinds, healthy cash generation and overall business results.

The company's COO U B Pravin Rao commented that the company had broad-based growth across geographical and industry segments. The company's initiatives on operational discipline led to record levels of utilization and better realization during the quarter, he added.

TCS lost 1.85% to Rs 2,398.80 after consolidated net profit fell 10.13% to Rs 5940 crore on 0.19% decline in net sales to Rs 29584 crore in Q1 June 2017 over Q4 March 2017. The result was announced after market hours yesterday, 13 July 2017.

Commenting on the company's Q1 performance, TCS CEO and MD, Rajesh Gopinathan said that the company has seen steady growth across industries in Q1. Robust volumes from major markets driven by good client additions across revenue bands and accelerating Digital adoption among customers have given it the right start to the year. The company had excellent wins across all markets and has a good deal pipeline across industries that position it well for growth in FY18, Gopinathan said.

V. Ramakrishnan, Chief Financial Officer, TCS, said that during the quarter high currency volatility including sharp rupee appreciation against the dollar resulted in Rs 650 crore loss in reported revenues. TCS focused on generating strong cash flows and invest in its digital business. Despite the impact of wage hikes in Q1, TCS continues to drive profitability to its targeted range, Ramakrishnan added.

TCS' board declared interim dividend of Rs 7 per share for the year ending March 2018.

Pharma shares gained. Aurobindo Pharma (up 5.85%), Cipla (up 0.96%), Dr Reddy's Laboratories (up 0.42%), Glenmark Pharmaceuticals (up 0.11%), Sun Pharmaceutical Industries (up 0.2%), Cadila Healthcare (up 2.68%) and Wockhardt (up 0.7%) rose. Lupin (down 0.13%) and Alkem Laboratories (down 1.58%) fell.

GlaxoSmithKline Pharmaceuticals fell 1.82% to Rs 2,536 as the stock turned ex-dividend today, 14 July 2017, for dividend of Rs 30 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 1.16% based on the closing price of Rs 2,582.95 yesterday, 13 July 2017.

GVK Power & Infrastructure rose 3.7% after the company said it has completed the sale of residual 10% stake in Bangalore International Airport. The announcement was made after market hours yesterday, 13 July 2017.

GVK Power and Infrastructure (GVK Power) announced the successful completion of the sale of its residual stake of 10% in Bangalore International Airport (BIAL), held through its subsidiary, Bangalore Airport Infrastructure Developers (BAIDPL) to Fairfax India Holdings Corporation (Fairfax India) for a consideration of Rs 1290 crore (approximately $200 million).

In March 2017, GVK closed an agreement which was signed during March 2016 with Fairfax India to sell a 33% stake in BIAL. It had retained a 10% stake and the management of BIAL. Subsequently, in June 2017, GVK announced its decision to conclude the sale of this 10% residual stake to Fairfax India, subject to necessary consents and approvals.

On the macro front, wholesale price index (WPI)-based inflation eased sharply to its lowest level this year to 0.9% in June from 2.17% in May. WPI inflation had contracted by 0.9% in June last year. The final print of the April WPI inflation remained unchanged at 3.85%.

Overseas, European stock markets were trading slightly higher while most Asian stocks rose in anticipation of US inflation data and earnings from some of the large banks, Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc.

In US, the Dow yesterday, 13 July 2017 closed at a record for the 24th time in 2017, as gains in the financial sector helped the broader market book modest gains. The Dow Jones Industrial Average, rose 20.95 points, or 0.1%, to close at 21,553.09. The S&P 500 index, gained 4.58 points, or 0.2%, to end at 2,447.83. The Nasdaq Composite Index finished up 13.27 points, or 0.2%, at 6,274.44.

US Federal Reserve Chairwoman Janet Yellen reiterated a dovish stance in her second day of congressional testimony yesterday, 13 July 2017. Yellen told a Senate Banking Committee yesterday, 13 July 2017 the federal-funds rate wouldn't need to rise significantly to get to a neutral policy stance.

Key benchmark indices logged strong gains led by ITC, ICICI Bank and HDFC. The barometer index, the S&P BSE Sensex, rose 232.56 points or 0.73% to settle at 32,037.38. The Nifty 50 index rose 75.60 points or 0.77% to settle at 9,891.70. The Sensex settled above the psychological 32,000 mark after moving above and below that level during the day. The Sensex and the Nifty, both, hit record high on intraday as well as closing basis. Data showing record low inflation data stoking hopes of an interest-rate cut bolstered sentiment.

Expectations of an interest rate cut by the Reserve Bank of India (RBI) next month have risen after latest data showed that retail inflation has eased to a record in June and factory output growth slowed sharply in May.

Key benchmark indices saw gap up opening on positive global cues, with the Sensex scaling past the 32,000 mark in early trade. Stocks traded with firmness between mid-morning and afternoon trade. Stocks extended gains in mid-afternoon trade.

The Sensex rose 232.56 points or 0.73% to settle at 32,037.38, its record closing high. The index rose 286.70 points, or 0.90% at the day's high of 32,091.52. The index rose 87.81 points, or 0.28% at the day's low of 31,892.63.

The Nifty 50 index rose 75.60 points or 0.77% to settle at 9,891.70, its record closing high. The index rose 81.15 points, or 0.83% at the day's high of 9,897.25. The index rose 37.35 points, or 0.38% at the day's low of 9,853.45.

The S&P BSE Mid-Cap index rose 0.46%. The S&P BSE Small-Cap index rose 0.42%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, turned negative from positive in late trade. On the BSE, 1,425 shares declined and 1,299 shares rose. A total of 161 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE FMCG index (up 1.58%), the S&P BSE Capital Goods index (up 1.03%), the S&P BSE Bankex (up 0.91%), the S&P BSE Finance index (up 0.91%) and the S&P BSE Metal index (up 0.78%), outperformed the Sensex. The S&P BSE Basic Materials index (up 0.72%), the S&P BSE Industrials index (up 0.51%), the S&P BSE Power index (up 0.43%), the S&P BSE Healthcare index (up 0.39%), the S&P BSE Telecom index (up 0.37%), the S&P BSE Utilities index (up 0.36%), the S&P BSE Teck index (up 0.31%), the S&P BSE Consumer Durables index (up 0.29%), the S&P BSE Realty index (up 0.28%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.27%), the S&P BSE Auto index (up 0.25%), the S&P BSE IT index (up 0.23%), the S&P BSE Energy index (up 0.01%) and the S&P BSE Oil & Gas index (down 0.29%), underperformed the Sensex.

Housing finance major HDFC rose 0.90% to Rs 1,654.50. The stock hit a high of Rs 1,665 and low of Rs 1,637 in intraday trade.

Index heavyweight and cigarette major ITC gained 3.03% to Rs 338.65. The stock hit a high of Rs 339.45 and low of Rs 331.55 in intraday trade.

Telecom stocks saw mixed trend. MTNL (down 3.13%), Reliance Communications (down 1.65%) and Tata Teleservices (Maharashtra) (down 1.3%), edged lower. Idea Cellular rose 2.46%.

Telecom major Bharti Airtel advanced 1.45%. The stock turned ex-dividend today, 13 July 2017, for dividend of Re 1 per share for the year ended March 2017.

Shares of Bharti Infratel fell 2.40% to Rs 410.75. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Public sector banks were mixed. Punjab & Sind Bank (down 1.7%), UCO Bank (down 0.87%), Indian Bank (down 0.77%), Allahabad Bank (down 0.7%), Bank of India (down 0.62%), Dena Bank (down 0.57%), Andhra Bank (down 0.26%), IDBI Bank (down 0.26%), Bank of Baroda (down 0.24%), Syndicate Bank (down 0.19%) and Vijaya Bank (down 0.13%), edged lower. Punjab National Bank (up 0.03%), Bank of Maharashtra (up 0.35%), Union Bank of India (up 0.36%), State Bank of India (up 0.42%), Canara Bank (up 0.51%) and Central Bank of India (up 1.43%), edged higher.

Private sector banks were in demand. Yes Bank (up 4.42%), City Union Bank (up 4.12%), RBL Bank (up 2.26%), ICICI Bank (up 1.71%), Axis Bank (up 0.93%), Kotak Mahindra Bank (up 0.48%), Federal Bank (up 0.17%), IndusInd Bank (up 0.13%) and HDFC Bank (up 0.01%), edged higher.

Goa Carbon rose 2.69% to Rs 374.65 after net profit spurted 591.56% to Rs 5.74 crore on 22.93% increase in revenue from operations to Rs 89.27 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 13 July 2017.

On the macro front, government data released after market hours yesterday, 12 July 2017 showed that retail inflation has eased to a record in June and factory output growth slowed sharply in May. Inflation as measured by the Consumer Price Index (CPI) slowed to 1.54% in June from 2.18% in May. The Index of Industrial Production (IIP) rose 1.7% in May compared with 3.1% in April.

Overseas, Asian and European shares rose as dovish comments from US Federal Reserve Chairwoman Janet Yellen improved risk-taking appetite.

China's exports grew for a fourth straight month in June, as external demand for goods from the world's second-largest economy continued to strengthen. Exports rose 11.3% in June from a year earlier, following growth of 8.7% in May. Imports in June rose 17.2% from a year earlier, compared with a 14.8% expansion in May. The trade surplus widened in June to $42.77 billion from $40.81 billion a month earlier.

US stocks closed higher yesterday, 12 July 2017 with the Dow industrials setting its first closing record in nearly a month as Federal Reserve Chairwoman Janet Yellen emphasized the central bank's gradual approach to normalizing monetary policy and expressed optimism about the economy in congressional testimony.

In her testimony on Capitol Hill, Yellen signaled that the Fed would take a cautious approach to tightening policy in the face of an uncertain inflation outlook. She said the Fed would continue to raise interest rates gradually, though it would change plans if inflation weakness persisted.

Key benchmark indices settled with modest gains led by Reliance Industries (RIL) and ICICI Bank. The barometer index, the S&P BSE Sensex, rose 57.73 points or 0.18% to settle at 31,804.82. The Nifty 50 index rose 30.05 points or 0.31% to settle at 9,816.10. Trading session was quiet as investors awaited industrial output data for the month of May and retail inflation data of June by the government today, 12 July 2017. The Sensex and the Nifty, both, attained record closing high.

Overseas, European stocks were trading higher led by gains in energy shares and miners, as well as strong updates from retailers Burberry and B&M.

Asian stocks were mixed as investors looked ahead to US Federal Reserve Chair Janet Yellen's comments. The US stock market remained resilient yesterday, 11 July 2017 with the Nasdaq extending its winning streak to a third session as a pair of political developments dominated the news cycle. The Dow Jones Industrial Average, edged up less than a point to close at 21,409.07. The S&P 500 lost 1.90 points to finish at 2,425.53. The Nasdaq Composite Index rose 16.91 points, or 0.3%, to end at 6,193.30.

In a development in claims that Russia might have meddled in the 2016 US presidential election, Donald Trump's eldest son released correspondence on Tuesday that showed communication with a Russian government attorney.

Meanwhile, investors are awaiting testimony from Federal Reserve Chair Janet Yellen on Wednesday and Thursday for more cues on the pace of interest-rate increases. On the Fed front, Fed Gov. Lael Brainard, speaking at a conference held at Columbia University, indicated she supports the central bank beginning to reverse its $4.5 trillion balance sheet, but wasn't persuaded on more rate increases after that.

Back home, the Sensex rose 57.73 points or 0.18% to settle at 31,804.82, a record closing high. The index gained 118.60 points or 0.37% at the day's high of 31,865.69. The index fell 15.66 points or 0.05% at the day's low of 31,731.43.

The Nifty 50 index rose 30.05 points or 0.31% to settle at 9,816.10, a record closing high. The index gained 38.90 points or 0.40% at the day's high of 9,824.95. The index rose 1.65 points or 0.02% at the day's low of 9,787.70.

The S&P BSE Mid-Cap index rose 1.08%. The S&P BSE Small-Cap index rose 0.57%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,476 shares rose and 1,203 shares fell. A total of 157 shares were unchanged.

The total turnover on BSE amounted to Rs 3634.93 crore, lower than the turnover of Rs 4488.21 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE Oil & Gas index (up 1.54%), the S&P BSE Energy index (up 1.24%), the S&P BSE Telecom index (up 1.12%), the S&P BSE Basic Materials index (up 0.73%), the S&P BSE Utilities index (up 0.66%), the S&P BSE Finance index (up 0.55%), the S&P BSE Industrials index (up 0.53%), the S&P BSE Bankex (up 0.51%), the S&P BSE Power index (up 0.47%), the S&P BSE Metal index (up 0.44%), the S&P BSE Healthcare index (up 0.43%), the S&P BSE Auto index (up 0.28%), the S&P BSE Consumer Durables index (up 0.28%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.22%) and the S&P BSE FMCG index (up 0.21%), outperformed the Sensex. The S&P BSE Realty index (up 0.09%), the S&P BSE Capital Goods index (up 0.05%), the S&P BSE Teck index (down 0.06%) and the S&P BSE IT index (down 0.38%), underperformed the Sensex.

Oil & gas stocks gained. Shares of oil exploration and production (E&P) companies edged higher. ONGC (up 1.59%) and Oil India (up 0.70%) edged higher.

Among PSU OMCs, HPCL (up 5.07%), Indian Oil Corporation (up 1.45%) and BPCL (up 0.94%), gained.

Reliance Industries (RIL) gained 1.02% to Rs 1,510.50 after the company's telecom subsidiary Reliance Jio Infocomm (Jio) announced that Jio Prime Members can enjoy unlimited services for 3 months with Rs 399 plan. The earlier launched Rs 309 plan will provide 2 months of unlimited Jio services.

The new set of plan benefits will be available from 11 July and will be applicable for all new as well as existing subscribers. As part of this unlimited benefit, customers can enjoy 1GB data per day at 4G speed followed by unlimited at 128 kbps, unlimited local, STD and national roaming voice calls and unlimited national SMS.

Over and above the Prime exclusive plans, Jio is introducing new Every Day More Value (EDMV) plans. These plans provide 20% more value than competitors' best plans. It's Jio's solemn promise to always offer better value for the best price, RIL said.

Earlier this year, in the month of March, Jio introduced Jio Prime membership program. Millions of customers enrolled into this membership. These founding members of Jio will also be special and they will continue to get industry-leading tariffs, RIL said. With the introduction of EDMV plans, Jio customers no longer have to worry if they are getting the best value with Jio, it added. The announcement was made after market hours yesterday, 11 July 2017.

Tata Steel rose 0.32% to Rs 558.85 after the company announced that its entire equity stake in a 50% joint venture, viz, Tata Elastron S.A. has been divested to Elastron S.A for a consideration of euro 0.368 million. It is not a related party transaction. The announcement was made before market hours today, 12 July 2017.

Private bank stocks saw mixed trend. IndusInd Bank (up 0.86%), Federal Bank (up 0.83%), RBL Bank (up 0.40%), Yes Bank (up 0.26%) and HDFC Bank (up 0.02%), edged higher. Axis Bank (down 0.04%) and City Union Bank (down 0.14%), edged lower.

ICICI Bank rose 1.04% to Rs 292.75.

Karur Vysya Bank fell 3.10% to Rs 137.65 as the stock turned ex-dividend today, 12 July 2017, for dividend of Rs 2.60 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 1.83% based on the closing price of Rs 142.05 on BSE yesterday, 11 July 2017.

Kotak Mahindra Bank lost 0.19% to Rs 956.90 as the stock turned ex-dividend today, 12 July 2017, for dividend of Rs 0.60 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 0.06% based on the closing price of Rs 958.70 on BSE yesterday, 11 July 2017.

PSU bank stocks gained. Indian Bank (up 3.15%), Punjab & Sind Bank (up 3.02%), Corporation Bank (up 2.35%), Punjab National Bank (up 1.81%), State Bank of India (up 1.34%), IDBI Bank (up 1.33%), Union Bank of India (up 1.25%), Allahabad Bank (up 1.21%), Syndicate Bank (up 1.04%), Andhra Bank (up 0.88%), Vijaya Bank (up 0.87%), Dena Bank (up 0.86%), Bank of Baroda (up 0.58%), UCO Bank (up 0.58%) and Bank of India (up 0.55%), edged higher. Bank of Maharashtra (down 0.17%), United Bank of India (down 0.25%) and Central Bank of India (down 0.54%), edged lower.

Canara Bank rose 1.17% to Rs 359.95. The stock turned ex-dividend today, 12 July 2017, for dividend of Rs 1 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 0.28% based on the closing price of Rs 355.80 on BSE yesterday, 11 July 2017.

Among macro economic data, investors are awaiting industrial output data for the month of May and retail inflation data of June by the government today, 12 July 2017. The government will announce industrial production data for the month of May 2017 after market hours today, 12 July 2017. The data on inflation based on consumer price index (CPI) or retail inflation for June 2017 will also be announced after market hours today, 12 July 2017.

The Sensex rose for the third straight session. The Sensex had gained 444.19 points or 1.42% in three sessions from a low of 31,360.63 on 7 July 2017. The Sensex has risen 883.21 points or 2.86% in July so far (till 12 July 2017). The Sensex has risen 5,178.36 points or 19.45% in the calendar year 2017 so far (till 12 July 2017). From a 52-week low of 25,717.93 hit on 21 November 2016, the barometer index has risen 6,086.89 points or 23.67%. The Sensex has fallen 80.29 points or 0.25% from the record high of 31,885.11 on 11 July 2017.

Key benchmark indices reported small gains in volatile trade. The barometer index, the S&P BSE Sensex, rose 31.45 points or 0.10% to settle at 31,747.09. The Nifty 50 index rose 15 points or 0.15% to settle at 9,786.05. Both the Sensex and the Nifty trimmed gains in late trade after hitting record high in afternoon trade. The Sensex and the Nifty, both, hit record high on intraday as well as closing basis. Broader market, however, witnessed selling pressure.

Overseas, most European stocks edged lower as investors took a cautious approach ahead of US Federal Reserve Chairwoman Janet Yellen's testimony to Congress. Most Asian stocks settled higher as investors hold on to their big bets ahead of the earnings season in the US.

Investors are watching for more cues from the Fed on the pace of interest-rate increases. Fed Gov. Lael Brainard was due to speak in New York on Tuesday, ahead of Chairwoman Janet Yellen's testimony to congressional committees on Wednesday and Thursday.

In US stocks, the Nasdaq and the S&P 500 finished higher yesterday, 10 July 2017 as a pair embattled sectors, technology and energy, drew bidders, while the Dow industrials closed fractionally lower.

US President Donald Trump's effort to roll back Obamacare faced growing obstacles on Monday as Republicans remained divided over how to curb the costs of their proposed healthcare bill and prevent millions from losing coverage.

Back home, the Sensex rose 31.45 points or 0.10% to settle at 31,747.09, its record closing high. The index gained 169.47 points or 0.53% at the day's high of 31,885.11. The index rose 2.84 points or 0.01% at the day's low of 31,718.48.

The Nifty 50 index rose 15 points or 0.15% to settle at 9,786.05, its record closing high. The index gained 59 points or 0.6% at the day's high of 9,830.05. The index rose 7.80 points or 0.08% at the day's low of 9,778.85.

The S&P BSE Mid-Cap index fell 0.79%. The S&P BSE Small-Cap index fell 0.58%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,564 shares declined and 1,166 shares rose. A total of 148 shares were unchanged.

The total turnover on BSE amounted to Rs 4476.09 crore, lower than the turnover of Rs 9919.38 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE Telecom index (down 1.79%), the S&P BSE Realty index (down 1.56%), the S&P BSE Consumer Durables index (down 0.7%), the S&P BSE Healthcare index (down 0.65%), the S&P BSE Metal index (down 0.58%), the S&P BSE FMCG index (down 0.44%), the S&P BSE Finance index (down 0.42%), the S&P BSE Bankex (down 0.41%), the S&P BSE Basic Materials index (down 0.17%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.04%), the S&P BSE Energy index (up 0.04%), the S&P BSE Industrials index (up 0.05%) and the S&P BSE Utilities index (up 0.08%), underperformed the Sensex. The S&P BSE Oil & Gas index (up 0.20%), the S&P BSE Power index (up 0.24%), the S&P BSE Capital Goods index (up 0.28%), the S&P BSE Teck index (up 0.35%), the S&P BSE Auto index (up 0.80%) and the S&P BSE IT index (up 0.91%), outperformed the Sensex.

Most IT stocks gained. Hexaware Technologies (up 2.83%), TCS (up 1.27%), Oracle Financial Services Software (up 0.46%) and Tech Mahindra (up 0.17%), edged higher. HCL Technologies (down 0.06%), Persistent Systems (down 0.62%), MindTree (down 1.09%), Wipro (down 1.92%) and MphasiS (down 1.97%), edged lower.

Index heavyweight and software major Infosys advanced 1.75% to Rs 975.80. The stock hit high of Rs 988.90 and low of Rs 955 in intraday trade.

Most sugar stocks rose after the government yesterday, 10 July 2017, issued notification increasing import duty on sugar to 50% from 40%, to restrict cheap inward shipments and maintain domestic prices. Empee Sugars and Chemicals (up 4.95%), Sakthi Sugars (up 3.99%), Rana Sugars (up 2.63%), Dhampur Sugar Mills (up 1.31%), Triveni Engineering & Industries (up 1.03%), KCP Sugar & Industries Corporation (up 0.46%), Bajaj Hindusthan Sugar (up 0.21%), Simbhaoli Sugars (up 0.16%) and EID Parry (India) (up 0.08%), edged higher. Balrampur Chini Mills (down 0.72%), Dwarikesh Sugar Industries (down 0.77%), DCM Shriram Industries (down 0.86%) and Shree Renuka Sugar (down 2.32%), edged lower.

A notification issued by the revenue department yesterday, 10 July 2017 said that import duty on sugar (raw sugar, refined or white sugar, raw sugar if imported by bulk consumers) has been increased from the present 40% to 50% with immediate effect and without an end date.

Banks tumbled. Among private sector banks, City Union Bank (down 1.33%), Kotak Mahindra Bank (down 0.88%), ICICI Bank (down 0.6%), Axis Bank (down 0.44%), Federal Bank (down 0.31%), Yes Bank (down 0.11%) and RBL Bank (down 0.08%) edged lower. HDFC Bank was up 0.24%.

IndusInd Bank fell 0.04% to Rs 1559.25. The bank's net profit rose 26.48% to Rs 836.55 crore on 21.52% growth in total income to Rs 5302.77 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 11 July 2017.

The bank's gross non-performing assets (NPAs) stood at Rs 1271.68 crore as on 30 June 2017 as against Rs 1054.87 crore as on 31 March 2017 and Rs 860.64 crore as on 30 June 2016. The ratio of gross NPAs to gross advances stood at 1.09% as on 30 June 2017 as against 0.93% as on 31 March 2017 and 0.91% as on 30 June 2016.

The ratio of net NPAs to net advances stood at 0.44% as on 30 June 2017 as against 0.39% as on 31 March 2017 and 0.38% as on 30 June 2016. The bank's provisions and contingencies rose 34.49% to Rs 309.97 crore in Q1 June 2017 over Q1 June 2016.

Among public sector banks, Bank of India (down 3.22%), Indian Bank (down 3.13%), Allahabad Bank (down 3.04%), IDBI Bank (down 2.84%), Union Bank of India (down 2.78%), Punjab & Sind Bank (down 2.77%), Syndicate Bank (down 2.66%), Bank of Baroda (down 2.55%), Punjab National Bank (down 2.51%), Corporation Bank (down 2.2%), Andhra Bank (down 1.82%), Bank of Maharashtra (down 1.7%), UCO Bank (down 1.58%), Canara Bank (down 1.54%), Central Bank of India (down 1.5%), Vijaya Bank (down 1.46%), Dena Bank (down 1.13%), United Bank of India (down 0.75%) and State Bank of India (down 0.68%), edged lower.

The Sensex rose for the second straight session. The Sensex had gained 386.46 points or 1.23% in two sessions from a low of 31,360.63 on 7 July 2017. The Sensex has risen 825.48 points or 2.67% in July so far (till 11 July 2017). The Sensex has risen 5,120.63 points or 19.23% in the calendar year 2017 so far (till 11 July 2017). From a 52-week low of 25,717.93 hit on 21 November 2016, the barometer index has risen 6,029.16 points or 23.44%.

The BSE Sensex logged strong gains on first trading day of the week on steady buying in TCS, Infosys and Bharti Airtel. The barometer index, the S&P BSE Sensex, rose 355.01 points or 1.13% to settle at 31,715.64. The Sensex hit record high on intraday as well as closing basis. Buoyant global stocks lifted sentiment on the domestic shares.

Trading was halted temporarily in both cash and derivatives segment of NSE due to technical reasons. National Stock Exchange (NSE) in a press release issued today, 10 July 2017, said that cash market segment did not function normally due to technical problem. The matter is being examined by the internal technical team and external vendors, to analyse and identify the cause which led to the issue and to suggest solutions to prevent recurrence, NSE said.

Domestic stocks kick-started trading for the week on a upbeat note on positive Asian stocks. The Sensex kept gaining ground as trading for the day progressed before trimming some gains in late trade.

The Sensex rose 355.01 points or 1.13% to settle at 31,715.64. The index rose 407.76 points or 1.30% at the day's high of 31,768.39. The index rose 110.78 points, or 0.35% at the day's low of 31471.41.

The S&P BSE Mid-Cap index rose 0.67%. The S&P BSE Small-Cap index rose 0.43%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,554 shares rose and 1,090 shares fell. A total of 166 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Telecom index (up 3.88%), the S&P BSE Teck index (up 2.95%), the S&P BSE IT index (up 2.92%), the S&P BSE Metal index (up 1.43%), the S&P BSE Capital Goods index (up 1.19%) and the S&P BSE Healthcare index (up 1.14%), outperformed the Sensex. The S&P BSE Bankex (up 1.06%), the S&P BSE Industrials index (up 1.06%), the S&P BSE Utilities index (up 1.03%), the S&P BSE Power index (up 0.99%), the S&P BSE Realty index (up 0.95%), the S&P BSE Oil & Gas index (up 0.90%), the S&P BSE Finance index (up 0.87%), the S&P BSE Basic Materials index (up 0.79%), the S&P BSE Energy index (up 0.66%), the S&P BSE Auto index (up 0.59%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.34%), the S&P BSE Consumer Durables index (up 0.24%) and the S&P BSE FMCG index (down 0.01%), underperformed the Sensex.

IT stocks gained. TCS (up 4.66%), Wipro (up 4.64%), Hexaware Technologies (up 2.94%), Infosys (up 2.46%), HCL Technologies (up 2.36%), MphasiS (up 2.17%), Tech Mahindra (up 1.30%), Persistent Systems (up 0.56%) and Oracle Financial Services Software (up 0.43%), edged higher. MindTree was down 1.72%.

Telecom major Bharti Airtel rose 5.39% to Rs 405.40.

Drug maker Lupin gained 2.96% to Rs 1,149.75 after the company said it has received approval from the US health regulator for generic Ancobon Capsules. The announcement was made during market hours today, 10 July 2017. Lupin received final approval for its Flucytosine Capsules USP, 250 mg and 500 mg from the United States Food and Drug Administration (FDA) to market a generic version of Valeant Pharmaceuticals International Inc's Ancobon Capsules, 250 mg and 500 mg.

Flucytosine Capsules USP, 250 mg and 500 mg are indicated for the treatment of serious infections caused by susceptible strains of Candida and/or Cryptococcus. Ancobon Capsules had US sales of $46.6 million (IMS MAT March 2017).

Tata Motors gained 2.28% to Rs 446.75 after the company said that the sales of its British luxury unit Jaguar Land Rover (JLR) rose 11% to 51,591 units in June 2017 over June 2016, driven by healthy China market. Jaguar sales grew by 16.4% to 15,343 units in June 2017 over June 2016. Land Rover sales rose 8.9% to 36,248 units in June 2017 over June 2016. The announcement was made after market hours on Friday, 7 July 2017.

Banks were in demand. Among the private sector banks, IndusInd Bank (up 2.35%), City Union Bank (up 1.74%), Axis Bank (up 1.28%), RBL Bank (up 1.05%), HDFC Bank (up 0.68%), Yes Bank (up 0.61%), ICICI Bank (up 0.59%) and Kotak Mahindra Bank (up 0.34%), edged higher. Federal Bank was down 1.08%.

Among the public sector banks, Punjab National Bank (up 6.31%), Bank of India (up 5.55%), Canara Bank (up 4.57%), Allahabad Bank (up 3.95%), Bank of Baroda (up 3.83%), Union Bank of India (up 3.81%), Andhra Bank (up 3.32%), Syndicate Bank (up 3.28%), IDBI Bank (up 2.93%), Indian Bank (up 2.39%), State Bank of India (up 1.91%), UCO Bank (up 1.16%), Dena Bank (up 1%), United Bank of India (up 0.76%), Vijaya Bank (up 0.73%), Bank of Maharashtra (up 0.69%), Corporation Bank (up 0.19%) and Central Bank of India (up 0.11%), edged higher. Punjab & Sind Bank was down 0.53%.

Shares of IDFC and Shriram Group companies were trading lower after Shriram group and IDFC unveiled their intent to merge the two entities. IDFC (down 5.68%), Shriram Transport Finance Corporation (down 3.33%) and Shriram City Union Finance (down 6.41%) edged lower. IDFC Bank rose 0.69%.

The boards of IDFC Group and Shriram Group on 8 July 2017 approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination of certain businesses and subsidiaries / affiliates/associate companies of the Shriram Group engaged in the credit and non-credit financial services sector with the IDFC Group. The agreement primarily provides for a mutually agreed exclusivity period for due diligence and discussions between the relevant parties in relation to the potential combination.

The proposed potential combination would be subject to due diligence, definitive documentation and applicable board, shareholder, statutory/ regulatory and other third party approvals, as may be applicable.

The Sensex has risen 5,089.18 points or 19.11% in the calendar year 2017 so far (till 10 July 2017). From a 52-week low of 25,717.93 hit on 21 November 2016, the barometer index has risen 5,997.71 points or 23.32%.

Overseas, European stocks and most Asian stocks rose, with sentiment helped by Wall Street's strong performance on Friday and gains in Asia today, after US jobs report beat estimates and Chinese inflation data came in line with forecasts.

Consumer prices in China rose an annual 1.5% in June, the National Bureau of Statistics said. That was unchanged from the May reading. The bureau also said that producer prices were up 5.5% on year, an unchanged pace and in line with expectations.

US stocks finished higher on Friday, 7 July 2017 as tech stocks rebounded from a slump and the jobs report showed a higher-than-expected gain for June. The Fed, in its semiannual monetary policy report, forecast a gradual hike in interest rates and a wind down of the balance sheet as the economy continues its steady pace of expansion. Meanwhile, the Group of 20 meeting of world leaders made little impact on markets, as there was less discord than expected.

In economic data, an employment report showed the US added 222,000 jobs in June, representing the second-largest job haul of the year and underscoring that the labor market remains healthy. The Labor Department said unemployment ticked up to 4.4% from 4.3%.

Key indices settled trading for the week with tiny losses after what was a range bound and lackluster session. Profit booking emerged on weak global cues. The barometer index, the S&P BSE Sensex fell 8.71 points or 0.03% to settle at 31,360.63. The Nifty 50 index declined 8.75 points or 0.09% to settle at 9,665.80. However, gains in index heavyweight Reliance Industries provided support to indices. Key indices snapped two-day winning streak.

Sharp fall in crude oil prices also kept losses under check. Crude oil prices fell sharply as news of a rise in US production added to earlier reports that Organization of Petroleum Exporting Countries (OPEC) output was also on the rise. Brent crude oil futures for September delivery dropped $1.18 a barrel at $46.93 a barrel. India imports 80% of its oil requirement.

Indices remained in the negative terrain with small losses till afternoon trade tracking weak global cues. Stocks reversed losses in mid-afternoon trade. Market pared gains and hovered between gains and losses in late trade.

The Sensex fell 8.71 points or 0.03% to settle at 31,360.63, its lowest closing level since 5 July 2017. The index gained 56.95 points or 0.18% at the day's high of 31,426.29. The index fell 82.72 points or 0.26% at the day's low of 31,286.62.

The Nifty 50 index declined 8.75 points or 0.09% to settle at 9,665.80, its lowest closing level since 5 July 2017. The index gained 9.70 points or 0.1% at the day's high of 9,684.25. The index shed 31.90 points or 0.32% at the day's low of 9,642.65.

The S&P BSE Mid-Cap index fell 0.04%. The decline in the index was higher than the Sensex's decline in percentage terms. The S&P BSE Small-Cap index gained 0.26%, outperforming the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,395 shares rose and 1,282 shares fell. A total of 137 shares were unchanged.

The total turnover on BSE amounted to Rs 3355.02 crore, lower than turnover of Rs 3873.01 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE Energy index (up 1.63%), the S&P BSE Realty index (up 1.48%), the S&P BSE Healthcare index (up 1.03%), the S&P BSE Oil & Gas index (up 0.44%), the S&P BSE Telecom index (up 0.31%), the S&P BSE Industrials index (up 0.21%), the S&P BSE Capital Goods index (up 0.15%), the S&P BSE Power index (up 0.15%) and the S&P BSE Utilities index (up 0.03%), outperformed the Sensex.

The S&P BSE Metal index (down 0.09%), the S&P BSE Auto index (down 0.17%), the S&P BSE Basic Materials index (down 0.2%), the S&P BSE Bankex (down 0.25%), the S&P BSE Finance index (down 0.34%), the S&P BSE FMCG index (down 0.36%), the S&P BSE Consumer Durables index (down 0.37%), the S&P BSE Teck index (down 0.52%) and the S&P BSE IT index (down 0.73%), underperformed the Sensex. The S&P BSE Consumer Discretionary Goods & Services index fell 0.03%, matching the Sensex's decline in percentage terms.

IT stocks dropped. HCL Technologies (down 1.1%), Wipro (down 0.19%) and TCS (down 0.54%) fell. Tech Mahindra rose 0.96%.

Infosys dropped 1.21%. The company announced that it will open its next Technology and Innovation Hub in North Carolina and hire 2,000 American workers in the state by 2021. This investment reinforces Infosys' commitment, announced in May 2017, to open four Technology and Innovation Hubs in the US and hire 10,000 American technology workers over the next two years. The announcement was made after market hours yesterday, 6 July 2017.

The announcement of the new hub in North Carolina, marks the second key milestone in Infosys' strategy to help drive American innovation and create the next-generation of American innovators. The company plans to hire the first 500 of these 2,000 North Carolina workers by the end of two years, with the remainder to be hired in the state by 2021. The first hub, announced in Indiana, will hire 2,000 American workers by 2021 and help boost Indiana's economy.

These new hires will include recent graduates from the state's prestigious network of colleges, universitiesand community colleges, as well as local professionals who will benefit from upskilling through Infosys' world-class training curriculum. As part of Infosys' commitment to create 2,000 jobs in the state of North Carolina, Infosys is partnering with the North Carolina community college system to create a customized program designed to train the workforce of the future. North Carolina is also contributing a $3 million grant towards upskilling these workers.

Separately, Infosys said during market hours today, 7 July 2017, that it has fortified its partnership with Udacity, a global online education company, for the second consecutive year. The joint endeavor, aimed at accelerating the pace of skill adoption in new technologies and industry skills in the new batch of trainees of Infosys, offers a Nanodegree program online in an innovative curriculum. It also enables the learner to develop unique, in-demand skills through project-based and real-world scenarios.

Shares of public sector banks were mixed. UCO Bank (up 2.09%), Punjab National Bank (up 0.59%), Corporation Bank (up 1.26%), Canara Bank (up 0.82%), Bank of India (up 0.11%) and United Bank of India (up 0.51%) edged higher. Syndicate Bank (down 0.52%), Allahabad Bank (down 0.43%), Bank of Baroda (down 0.86%), State Bank of India (SBI) (down 0.25%), and Union Bank of India (down 1.21%) declined.

Shares of most private sector banks gained. HDFC Bank (up 0.4%), Kotak Mahindra Bank (up 0.59%), Federal Bank (up 0.09%), Yes Bank (up 0.18%), and IndusInd Bank (up 0.25%) edged higher. Axis Bank shed 1.25%.

ICICI Bank declined 1.28%. The bank said that it acting through its DIFC (Dubai) branch, priced a $50 million RegS bond by way of tap of its existing $700 million fixed rate notes maturing March 2026, on a private placement basis under its GMTN programme. The notes shall carry a coupon of 4% payable semi-annually and will be listed on the Singapore Stock Exchange.

The committee of executive directors of the bank at a meeting held on 10 May 2017 had approved the offshore borrowing plan for the financial year 2017-18. The announcement was made after market hours yesterday, 6 July 2017.

RBL Bank rose 0.38% after the bank said that its board has approved the proposal to issue 3.26 crore equity shares on preferential basis to the one or more investors at Rs 515 per equity share totalling to Rs 1680 crore. The investors include ABG Capital, CDC Group PLC, Global IVY Ventures LLP, HDFC Standard Life Insurance Company, ICICI Lombard General Insurance Company, LTR Focus Fund, Multiples Private Equity Fund II LLP, Plenty CI Fund I, Plenty Private Equity Find I and Steadview Capital Mauritius.

The purpose of this capital raise is to augment the bank's tier 1 capital for supporting the future organic growth of business as well as enabling the bank to capitalize on inorganic opportunities and for other general corporate purposes, RBL Bank. The announcement was made during market hours today, 7 July 2017.

Index heavyweight Reliance Industries jumped 3.43%.

Realty stocks were mixed. Sobha (up 0.2%), Unitech (up 20%), DLF (up 0.77%), and Oberoi Realty (up 4.37%) gained. Godrej Properties (down 1.02%), Indiabulls Real Estate (down 1.73%) and Omaxe (down 0.61%) edged lower.

Tata Teleservices (Maharashtra) jumped 17.1% on reports that the Tata group and Bharti Enterprises are in discussions to form an alliance across telecom and direct-to-home television businesses. According to reports, Tata Group and Bharti Enterprises have held exploratory talks to evaluate a mega alliance involving their telecom, overseas cable & enterprise services, and direct-to-home TV businesses.

Discussions between both sides have revolved around a possible merger between Tata Teleservices, Tata Sky and Tata Communications with the Sunil Mittal-owned Bharti Airtel, which includes its wholly-owned DTH arm, reports added.

Telecom major Bharti Airtel gained 1.07%. Tata Communications fell 1.14%.

Hindustan Foods hit an upper circuit limit of 10% at Rs 176.30 after the company said it bagged orders from two new customers for manufacturing and supply of leather shoes. The announcement was made during trading hours today, 7 July 2017. Hindustan Foods received the orders from Reliance Brands (under Steve Madden brand) and Arvind Lifestyle Brands (under US Polo & Arrow brands).

Key indices snapped two-day gains. The Sensex had gained 159.55 points or 0.51% in two sessions to 31,369.34 on 6 July 2017, from a low of 31,209.79 on 4 July 2017. The Sensex has risen 234.30 points or 0.75% in July so far (till 7 July 2017). The Sensex has risen 4,529.45 points or 17.01% in the calendar year 2017 so far (till 7 July 2017).

From a 52-week low of 25,717.93 hit on 21 November 2016, the barometer index has risen 5437.98 points or 21.44%. From a record high of 31,522.87 hit on 22 June 2017, the barometer index has fallen 366.96 points or 1.16%.

Overseas, European bourses declined as investors look out for fresh economic data, a G-20 meeting in Hamburg and continue to mull the possible end of monetary stimulus from central banks.

German industrial output growth accelerated in May. Rising for the fifth month in a row, industrial output in Europe's largest economy increased by 1.2% in May from April, adjusted for seasonal swings and calendar effects, the economics ministry said.

French industrial production rose further than expected in May on a surge in output of manufactured goods, statistics showed. Industrial output in the eurozone's second-largest economy rose 1.9% on the month in May. UK industrial production shrank unexpectedly in May, data showed. In monthly terms, production shrank 0.1% in May, according to Office for National Statistics data published.

Asian stocks declined after negative close for US stocks overnight as investors become more cautious about the prospects of global central bank tightening.

US stocks closed lower yesterday, 6 July 2017 as investors continued to sell tech firms. A combination of geopolitical jitters and growing signs that global central banks are inching closer to unwinding policies that have helped to support both stocks and government bonds is also weighing on the broader market.

US private-sector employers added a seasonally-adjusted 153,000 jobs during June month, below the forecast. A closely watched US non-farm jobs report for June is due later in the day. The US service sector expanded at a healthy pace in June, according to a closely watched survey released. The Institute for Supply Management's nonmanufacturing index rose to 57.4% in June from 56.9% in May.

US trade deficit fell 2.3% in May. The deficit slipped to $46.5 billion in May from $47.6 billion in April, the Commerce Department said.

Key benchmark indices settled with small gains after hovering in positive terrain throughout the session. The barometer index, the S&P BSE Sensex rose 123.78 points or 0.4% to settle at 31,369.34. The Nifty 50 index gained 36.95 points or 0.38% to settle at 9,674.55.

The Sensex settled at a new high while the Nifty settled at its highest level in a month. However, weakness in global stocks kept gains under check. Key indices rose for the second day in a row.

Stocks of public sector banks surged. Stocks of private sector banks were mixed. Most realty stocks rose for the second straight day. Page Industries dropped on profit booking after recent rally triggered by optimism over the government's rollout of goods and services tax from 1 July 2017.

Good monsoon rains so far during the current monsoon season perked up sentiment. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.

State Bank of India (up 2.15%), ITC (up 1.72%), Coal India (up 1.52%), Bharti Airtel (up 1.36%) and Maruti Suzuki India (up 1.33%) were the top gainers from the Sensex pack.

Bajaj Auto (down 1.52%), Mahindra & Mahindra (down 1.3%), Sun Pharmaceutical Industries (down 1.04%), Axis Bank (down 0.93%) and ONGC (down 0.77%) were the top losers from the Sensex pack.

Key indices opened with small gains and accumulated further gains till mid-morning trade. After holding ground for some time, stocks extended gains in mid-afternoon trade. Indices trimmed gains in late trade on lower European stocks.

The Sensex rose 123.78 points or 0.4% to settle at 31,369.34, a record closing high. The index gained 215.14 points or 0.68% at the day's high of 31,460.7. The index rose 19.30 points or 0.06% at the day's low of 31,264.86.

The Nifty gained 36.95 points or 0.38% to settle at 9,674.55, its highest closing level since 5 June 2017. The index gained 63.10 points or 0.65% at the day's high of 9,700.70. The index rose 2.35 points or 0.02% at the day's low of 9,639.95.

The S&P BSE Mid-Cap index rose 0.3%. The S&P BSE Small-Cap index gained 0.31%. Both these indices underperformed the Sensex.

The breadth, indicating overall health of the market was positive. On BSE, 1,537 shares rose and 1,171 shares fell. A total of 135 shares were unchanged.

The total turnover on BSE amounted to Rs 3870.44 crore, higher than turnover of Rs 3139.53 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE FMCG index (up 0.75%), the BSE Telecom index (up 1.26%), the BSE Bankex index (up 0.45%) and the BSE Realty index (up 1.57%) outperformed the Sensex.

The BSE Healthcare index (up 0.12%), the BSE IT index (down 0.26%), the BSE Auto index (up 0.37%) and the BSE Power index (down 0.16%) underperformed the Sensex.

Stocks of public sector banks surged. Indian Bank (up 8.08%), Punjab National Bank (up 4.56%), IDBI Bank (up 3.33%) and Bank of Baroda (up 0.71%) edged higher.

Stocks of private sector banks were mixed. HDFC Bank (up 0.49%), ICICI Bank (up 0.32%) and Kotak Mahindra Bank (up 0.07%) edged higher. Yes Bank (down 0.24%), IndusInd Bank (down 0.1%) and RBL Bank (down 0.08%) edged lower.

Most realty stocks rose for the second straight day. DLF (up 1.9%), Unitech (up 4.49%), Godrej Properties (up 0.69%) and Housing Development & Infrastructure (up 0.87%) edged higher. D B Realty (down 0.85%) and Indiabulls Real Estate (down 0.67%) declined.

Sobha rose 3.79% after the company achieved good new sales volume in Q1 June 2017. The announcement was made after market hours yesterday, 5 July 2017.

Sobha said it achieved new sales volume of 8.15 lakh square feet (sq ft) in Q1 June 2017 valued at Rs 623.4 crore with an average realisation of Rs 7647 per sq ft. The company in its real estate operational update for Q1 said its share of sales value is Rs 562.70 crore with an average realisation of Rs 6,903 per sq ft. The sales volume and total sales value are up by 12.7% and 11.9%, respectively, compared with Q4 March 2017.

NBCC (India) declined 0.1%. The company said it secured total business worth approximately Rs 630 crore in June 2017. The announcement was made after market hours yesterday, 5 July 2017.

Page Industries lost 3.21% at Rs 17,380, with the stock sliding on profit booking after recent rally triggered by optimism over the government's rollout of goods and services tax from 1 July 2017.

The government's decision to fix GST rate for apparel priced below Rs 1,000 at 5% is reportedly likely to have a positive impact on the company's volume growth and market position. Currently the company is estimated to pay an indirect tax of around 7%. With most of its products priced below Rs 1,000 per piece, product prices are expected to come down, aiding sales, reports indicated.

According to a brokerage, almost three-fourths of the company's products are priced below Rs 1,000 per piece. As the lower tax rate reduces the cost arbitrage between the organized and unorganized firms, companies like Page Industries are expected to gain competitive advantage, the brokerage reportedly said. Currently a significant part of the market is controlled by the unorganized sector.

Key indices rose for the second day in a row. The Sensex has risen 159.55 points or 0.51% in two trading sessions from its closing of 31,209.79 on 4 July 2017. The Sensex has risen 4,742.88 points or 17.81% in the calendar year 2017 so far (till 6 July 2017).

From a 52-week low of 25,717.93 hit on 21 November 2016, the barometer index has risen 5,651.41 points or 21.97%. From a record high of 31,522.87 hit on 22 June 2017, the barometer index has fallen 153.33 points or 0.48%.

Overseas, European equities dropped as investors digest minutes from key central banks and follow geopolitical events. German manufacturing orders rebounded in May, albeit by less than expected, depressed by a relatively low share of bulk orders. Germany's economics ministry said that total orders for the important sector increased by 1% compared with April, adjusted for seasonal swings and calendar effects.

Most Asian stocks declined after underwhelming overnight moves in the US, as investors adopted a collective wait-and-see attitude. Market participants are especially concerned about the repercussions of North Korea's missile launch earlier this week, in addition to a Group of 20 meeting in Germany and Friday's US jobs report.

In the US, the Nasdaq Composite Index and S&P 500 index finished higher while the Dow Jones Industrials Average closed fractionally lower yesterday, 5 July 2017, as Federal Reserve policy meeting minutes indicated a reduction in the central bank's economy-boosting balance sheet could begin soon, and technology stocks rallied amid a disappointing manufacturing report and a tumble in crude futures.

In minutes released from the Fed's June meeting, several members showed they're in favor of starting a reduction of the central bank's $4.5 trillion balance sheet. The minutes also showed that officials are divided on unemployment figures.

New orders for US-made goods fell more than expected in May. Factory goods orders dropped 0.8%, the Commerce Department said after a revised 0.3% decline in April. It was the second straight monthly decrease in orders.

Key benchmark indices managed to settle with small gains after hovering in small range near the flat line throughout the session. The barometer index, the S&P BSE Sensex rose 35.77 points or 0.11% to settle at 31,245.56. The Nifty 50 index gained 24.30 points or 0.25% to settle at 9,637.60.

A private survey showing India's service sector expanding at its fastest pace in eight months in June and gains in most global stocks provided support to local indices. However, the market movement remained lackluster amid geopolitical concerns after North Korea launched a long-range ballistic missile.

Bank stocks gained. ICICI Bank advanced after its unit ICICI Prudential Life Insurance Company has confirmed its interest in buying the beleaguered Sahara Life's insurance business. Realty stocks were mostly higher. Metal and mining stocks advanced.

L&T rose after the company fixed 14 July 2017 as the record date for 1:2 bonus issue of shares. Lupin gained after the company announced the launch of generic Vigamox Ophthalmic solution in the US. Tata Motors rose after the company said that it has slashed prices of passenger vehicles post GST, passing benefits of GST to its customers.

The Sensex rose 35.77 points or 0.11% to settle at 31,245.56, its highest closing level since 22 June 2017. The index gained 74.85 points or 0.23% at the day's high of 31,284.64. The index fell 32.01 points or 0.1% at the day's low of 31,177.78.

The Nifty gained 24.30 points or 0.25% to settle at 9,637.60, its highest closing level since 20 June 2017. The index gained 30.35 points or 0.31% at the day's high of 9,643.65. The index fell 5.95 points or 0.06% at the day's low of 9,607.35.

The S&P BSE Mid-Cap index rose 0.97%. The S&P BSE Small-Cap index gained 1.12%. Both these indices outperformed the Sensex.

The breadth, indicating strength of the market was strong. On BSE, 1,706 shares rose and 968 shares fell. A total of 142 shares were unchanged.

The total turnover on BSE amounted to Rs 3137.10 crore, lower than turnover of Rs 3840.10 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE Heathcare index (up 0.69%), the BSE Auto index (up 0.71%), the BSE Bankex index (up 0.64%), the BSE Capital Goods index (up 0.79%), the BSE Metal index (up 1.24%) and the BSE Realty index (up 1.54%) outperformed the Sensex.

The S&P BSE FMCG index (down 0.62%), the BSE IT index (down 0.5%), the BSE Telecom index (down 0.02%) and the BSE Teck index (down 0.37%) underperformed the Sensex.

Bank stocks gained. Among public sector banks, IDBI Bank (up 3.74%), Union Bank of India (up 2.15%), Bank of India (up 0.73%), State Bank of India (up 0.73%) and Punjab National Bank (up 0.29%) edged higher. Indian Bank (down 0.46%) edged lower.

Bank of Baroda was up 0.88%. The bank has kept its marginal cost of funds based lending rate (MCLR) applicable from 7 July 2017 unchanged from its prior levels in between 8.1% and 8.65% for tenors ranging from overnight to five years. The announcement was made during market hours today, 5 July 2017.

Among private sector banks, IndusInd Bank (up 1.3%), Yes Bank (up 1.28%) and Axis Bank (up 0.94%) edged higher. Kotak Mahindra Bank (down 0.41%) and HDFC Bank (down 0.34%) edged lower.

ICICI Bank rose 1.09% after ICICI Prudential Life Insurance Company, India's only listed life insurance company and unit of ICICI Bank has confirmed its interest in buying the beleaguered Sahara Life's insurance business.

The company confirmed that it has expressed its interest to evaluate taking over policyholders' liabilities and assets of Sahara Life. The last reported policyholders' liabilities of Sahara Life is about Rs 900 crore, which is less than 1% of the company's balance sheet size. The announcement was made after market hours yesterday, 4 July 2017.

Realty stocks were mostly higher. Indiabulls Real Estate (up 6.32%), D B Realty (up 3.53%), HDIL (up 1.71%), DLF (up 1.15%), Godrej Properties (up 0.79%) and Prestige Estates Projects (up 0.56%) edged higher. Oberoi Realty (down 1.15%), Unitech (down 0.16%) and Sobha (down 0.1%) edged lower.

Metal and mining stocks advanced. JSW Steel (up 2.09%), Hindustan Copper (up 1.38%), Vedanta (up 2.41%), Hindalco Industries (up 0.45%), Hindustan Zinc (up 1.56%), Jindal Steel & Power (up 3.57%), Tata Steel (up 0.62%), Steel Authority of India (Sail) (up 1.97%) and National Aluminum Company (up 0.3%) gained.

NMDC declined 0.27% after the company reduced prices of lump iron ore by 8.24% to 2,225 per wet metric tonne (WMT) from prices of last month. Fine iron ore price shed 9.15% to Rs 1,985 per WMT. The rates will be effective from 5 July 2017. The announcement was made after market hours yesterday, 4 July 2017.

L&T rose 0.69% after the company fixed 14 July 2017 as the record date for 1:2 bonus issue of shares. The announcement was made during market hours today, 5 July 2017.

Wipro declined 0.9%. The company announced that the company and Ramot, the business engagement centre at Tel Aviv University (TAU) formed a partnership for joint research in emerging technologies. The announcement was made before market hours today, 5 July 2017. TAU is Israel's largest institution of higher learning.

Infosys dropped 0.98%. Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys announced a partnership with Active.AI. Active.AI is a Singapore-based financial technology firm that offers an Enterprise AI platform for banks globally. The Active AI platform, integrated with Finacle, will help financial institutions offer conversational banking services through chat and voice-based interfaces and automate, enhance customer experience. The announcement was made after market hours yesterday, 4 July 2017.

Lupin gained 3.82% after the company announced the launch of generic Vigamox Ophthalmic solution in the US. The company launched Moxifloxacin Hydrochloride Opthalmic Solution USP, 0.5% (base) having received an approval from the United States Food & Drug Administration (USFDA). The announcement was made during market hours today, 5 July 2017.

The medicine is indicated for the treatment of bacterial conjunctivitis caused by susceptible strains of the organisms. Vigamox Ophthalmic solution had US sales of $267.9 million in US as per IMS MAT March 2017.

Tata Motors rose 1.03% after the company said that it has slashed prices of passenger vehicles post GST, passing benefits of GST to its customers. The announcement was made during market hours today, 5 July 2017. The company offered a price reduction of upto 12% ranging between Rs 3,300 and Rs 2.17 lakh depending on the model and variant.

Mahindra & Mahindra (M&M) rose 2.24% after the company announced revised prices of its vehicles pursuant to the implementation of Goods & Services Tax (GST), with immediate effect. The announcement was made after market hours yesterday, 4 July 2017.

The prices of vehicles for end-customers on large utility vehicles (UVs) and sports utility vehicles (SUVs) have been reduced by an average of 6.9%, while those that come under small car segment have been reduced by an average of 1.4%. Similarly, end-customer prices have been reduced by an average of 1.1% for small commercial vehicles and 0.5% for light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs).

Since the GST rates on hybrid vehicles are significantly higher than that in the pre-GST regime, the prices for the end-customers of hybrid vehicles have been increased marginally. These price changes to end-customers will vary across states or even cities within a state, due to the differing levels of pre-GST local taxes.

The effect of the imposition of GST for tractors, which were not levied an excise duty, should be neutral given the input tax credits that would be available to original equipment manufacturers (OEMs). Hence there will be no change for end-customer prices for tractors.

On macroeconomic data front, activity in India's dominant service sector expanded at its fastest pace in eight months in June as new business orders surged, a private survey showed. The Nikkei/IHS Markit Services Purchasing Managers' Index climbed to 53.1 in June from the previous month's 52.2. June was the fifth consecutive month the index has been above the 50 mark that separates growth from contraction.

Overseas, European stocks struggled for direction as losses for pharmaceutical companies and car makers dragged on the region's index, even as fresh data painted an upbeat picture of the eurozone economy.

On macroeconomic data front, Euro zone retail sales increased by more than expected in May, European statistics office Eurostat said. Compared to the previous month, May sales in the 19 countries sharing the euro currency increased by 0.4%, making for a 2.6% annual increase.

Euro zone businesses lost some momentum in June but chalked up their best performance last quarter in over six years, according to surveys. IHS Markit's final composite Purchasing Managers' Index for the euro zone was 56.3 in June, down from May's 56.8 but comfortably beating a flash estimate of 55.7.

Most Asian equities edged higher amid geopolitical concerns after North Korea launched a long-range ballistic missile. North Korea reportedly claimed today, 5 July 2017 the missile it launched yesterday, 4 July 2017 was an intercontinental ballistic missile capable of carrying a heavy nuclear warhead. The missile launched on Tuesday, 4 July 2017 landed in Japan's exclusive economic zone (EEZ).

In Asia, the Caixin services Purchasing Managers' Index (PMI) showed that growth in China's services sector slowed in June. The Caixin services PMI fell to 51.6 from the 52.8 figure seen in May. The June composite PMI, which takes into account both the services and manufacturing sectors, fell to 51.1 compared with the 51.5 number seen last month.

Activity in Japan's services sector accelerated from the previous month to expand at its fastest pace in almost two years, a private survey showed. The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) rose to a seasonally adjusted 53.3 in June from 53 in May as new business, outstanding business and hiring expanded.

US markets were closed yesterday, 4 July 2017 for Independence Day.

Key benchmark indices settled with small-to-minor losses in a quiet session of trade. The barometer index, the S&P BSE Sensex fell 11.83 points or 0.04% to settle at 31,209.79. The Nifty 50 index declined 1.70 points or 0.02% to settle at 9,613.30. Slide in index pivotals ITC, Axis Bank and HDFC Bank was mostly offset by gains in Reliance Industries, HDFC and Infosys.

After opening with moderate gains, key indices hovered near the flat line with a positive bias till morning trade. Indices slipped into the negative terrain and hovered between gains and losses till early afternoon trade. Key indices after regaining positive zone in afternoon trade once again slipped into the red in late trade.

The S&P BSE Mid-Cap index fell 0.34%. The decline in the index was higher than the Sensex's fall in percentage terms. The S&P BSE Small-Cap index dropped 0.04%. The decline in the index matched with Sensex's fall in percentage terms.

The breadth, indicating overall health of the market is slightly positive. On BSE, 1,3850 shares rose and 1,308 shares fell. A total of 135 shares were unchanged.

The total turnover on BSE amounted to Rs 3829.52 crore, higher than turnover of Rs 3189.86 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE Healthcare index (down 0.73%), the S&P BSE Telecom index (down 0.68%), the S&P BSE FMCG index (down 0.66%), the S&P BSE Realty index (down 0.64%), the S&P BSE Auto index (down 0.48%), the S&P BSE Capital Goods index (down 0.3%), the S&P BSE Power index (down 0.29%), the S&P BSE Utilities index (down 0.29%), the S&P BSE Industrials index (down 0.28%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.27%), the S&P BSE Bankex (down 0.25%) and the S&P BSE Consumer Durables index (down 0.09%). underperformed the Sensex.

The S&P BSE Basic Materials index (down 0.02%), the S&P BSE Metal index (up 0.06%), the S&P BSE Teck index (up 0.11%), the S&P BSE IT index (up 0.33%), the S&P BSE Oil & Gas index (up 0.56%) and the S&P BSE Energy index (up 1.37%), outperformed the Sensex. The S&P BSE Finance index fell 0.04%, matching the Sensex decline in percentage terms.

The Sensex fell 11.83 points or 0.04% to settle at 31,209.79, its lowest closing level since 30 June 2017. The Sensex gained 131.84 points or 0.42% at the day's high of 31,353.46. The index fell 55.25 points or 0.17% at the day's low of 31,166.37.

The Nifty 50 index declined 1.70 points or 0.02% to settle at 9,613.30, its lowest closing level since 30 June 2017. The Nifty gained 35.65 points or 0.37% at the day's high of 9,650.65. The index fell 19.50 points or 0.2% at the day's low of 9,595.50.

Index heavyweight and cigarette major ITC lost 1.52% to Rs 337.10.

Index heavyweight and housing finance major HDFC gained 1.28% to Rs 1,643.

Private bank stocks saw mixed trend. Axis Bank (down 2.08%), Federal Bank (down 0.04%), ICICI Bank (down 0.17%) and HDFC Bank (down 0.39%) declined. Kotak Mahindra Bank (up 1.1%), IndusInd Bank (up 0.73%), City Union Bank (up 1.8%) and RBL Bank (up 0.84%) rose.

Yes Bank shed 0.54%. The bank's board will meet on 26 July 2017 to consider stock split. The announcement was made after market hours yesterday, 3 July 2017.

Most PSU bank stocks declined. Punjab National Bank (down 1.73%), State Bank of India (SBI) (down 0.62%), Bank of Baroda (down 1.67%), IDBI Bank (down 0.93%), Bank of India (down 2.18%), Bank of Maharashtra (down 0.36%), UCO Bank (down 0.45%), Canara Bank (down 0.08%) and Union Bank of India (down 2.6%) fell. Vijaya Bank (up 2.56%), Corporation Bank (up 1.4%) and Dena Bank (up 0.15%) rose.

Shares of oil exploration firms rose after recent rise in crude oil prices. Reliance Industries (RIL) (up 2.79%), ONGC (up 0.57%), and Oil India (up 1.38%) gained. Higher crude oil prices would result in higher realizations from crude sales for oil exploration firms.

Oil prices retreated, halting a run of eight straight days of gains on signs that a persistent rise in US crude production is running out of steam. In global commodities markets, Brent for September settlement was off 20 cents at $49.48 a barrel. The contract had gained 91 cents to settle at $49.68 a barrel during previous trading session.

Most IT stocks gained on positive economic data in the US. HCL Technologies (up 0.3%), Wipro (up 0.25%) and Infosys (up 0.96%) gained. TCS (down 0.4%) and Tech Mahindra (down 1.24%) edged lower. US is the biggest IT outsourcing market for the Indian IT firms.

Hero MotoCorp lost 2.04% to Rs 3,699.95 after a bulk deal of 15.86 lakh shares was executed on the scrip at Rs 3,729.50 per share in opening bell on BSE.

Maruti Suzuki India rose 0.17% after the company said that production rose 31.46% to 1.18 lakh units in June 2017 over June 2016. The announcement was made during market hours today, 4 July 2017.

Ambuja Cements gained 0.65% after the company said it has secured an estimated limestone of 42 million tones at a final bid price of 125.05% of value of mineral dispatched after participating in the e-auction tender of limestone block for Nandgaon Ekodi Limistone block in Chandrapur district of Maharashtra by the state government of Maharashtra.

The company is expecting a formal communication vesting the said block in its favour shortly, it said. The announcement was made after market hours yesterday, 3 July 2017.

NTPC gained 0.8% after the company announced that second unit of 195 megawatts (MW) of Muzaffarpur Thermal Power Station Stage-II 390 megawatts (MW) of Kanti Bijlee Utpadan Nigam, a subsidiary of NTPC is declared on commercial operation from 1 July 2017.

With this, the commercial capacity of Muzaffarpur Thermal Power Station has become 610 MW and that of NTPC group has become 47488 MW. The announcement was made after market hours yesterday, 3 July 2017.

Power Mech Projects rose 2.27% after the company said it has secured orders worth Rs 624 crore. The announcement was made during market hours today, 4 July 2017.

Welspun Enterprises jumped 5.66% after the company clarified that no material findings came to notice after recent income tax raid on its premises. Media reports on 3 July 2017 suggested that IT department conducted raids at Welspun Group's Mumbai office since Friday, 30 July 2017.

In its clarification, Welspun Enterprises confirmed during trading hours today, 4 July 2017, that a search under section 132 of the Income Tax Act, 1961 was conducted by income tax authorities at various locations of Welspun Group from 30 June 2017 to 3 July 2017. Welspun extended its full co-operation to the authorities. As the search was in progress, it could not inform the bourses earlier. No material findings have come to the company's notice.

Omkar Speciality Chemicals fell 6.43% to Rs 86.65 on profit booking after a recent rally. Shares of Omkar Speciality Chemicals rose 21.52% in three trading sessions to settle at Rs 92.60 yesterday, 3 July 2017, from its close of Rs 76.20 on 28 June 2017.

Meanwhile, Omkar Speciality Chemicals announced after market hours yesterday, 3 July 2017, that the company has framed concrete plans for its business expansion by scaling up its activities in the existing segments like pharmaceuticals and related areas. The company would further like to penetrate into segments like fragrances & flavours, foods & beverages, etc. in which new products will be launched in immediate future. These products will be having end application in FMCG sector. The company said it has already tapped opportunities in these segments in domestic and overseas markets.

Overseas, European stocks were trading lower, pulling back after its biggest rally in two months as a North Korean missile launch rattled investors.

The prices of goods leaving the eurozone's factory gates fell in May at the fastest pace in over a year. The European Union's statistics agency said that producer prices fell 0.4% from April, although they were up 3.3% from May 2016.

Asian stocks declined after North Korea launched a missile. North Korea reportedly said it successfully test-launched an intercontinental ballistic missile, claiming a major advance in its attempt to threaten the US with a nuclear-tipped weapon.

Most US stocks rose yesterday, 3 July 2017 as banks continued to climb along with interest rates, and energy companies rallied again with oil prices. Better-than-expected auto sales and a strong report on US factories also boosted stocks.

On macro economic data front, American manufacturers are growing at the fastest pace in almost three years. The Institute for Supply Management said its manufacturing index rose to 57.8% in June from 54.9%. That's the highest reading since mid-2014.

Trading for the second quarter and July month started on a positive note as key benchmark indices settled with good gains as firmness in global stocks perked up sentiment. The barometer index, the S&P BSE Sensex rose 300.01 points or 0.97% to settle at 31,221.62. The Nifty 50 index advanced 94.10 points or 0.99% to settle at 9,615. The Sensex closed above the psychological 31,000 level.

The sentiment was also boosted after the biggest tax reform, the Goods and Services Tax came into force from 1 July 2017. The gains were supported by a sharp jump in index heavyweight ITC. Bank and metal sector stocks advanced.

Trading for July started on a buoyant note, with indices witnessing a gap-up opening. Indices held firm later during the session.

The Sensex rose 300.01 points or 0.97% to settle at 31,221.62, its highest closing level since 22 June 2017. The index gained 336.72 points or 1.08% at the day's high of 31,258.33. The index rose 95.50 points or 0.3% at the day's low of 31,017.11.

The Nifty advanced 94.10 points or 0.99% to settle at 9,615, its highest closing level since 22 June 2017. The index spurted 103.10 points or 1.08% at the day's high of 9,624. The index gained 22.65 points or 0.23% at the day's low of 9,543.55.

Among other indices, the S&P BSE Mid-Cap index rose 1.13%. The S&P BSE Small-Cap index gained 1.05%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,788 shares rose and 871 shares fell. A total of 175 shares were unchanged.

The total turnover on BSE amounted to Rs 3187.61 crore, higher than turnover of Rs 3079.94 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE FMCG index (up 3.4%), the BSE Telecom index (up 1.86%), the BSE Auto index (up 1.33%), the BSE Metal index (up 1.85%) and the BSE Realty index (up 1.48%) outperformed the Sensex.

The S&P BSE Healthcare index (up 0.26%), the BSE IT index (up 0.69%), the BSE Bankex index (up 0.25%) and the BSE Capital Goods index (up 0.47%) underperformed the Sensex.

Bank stocks advanced. Among public sector banks, Indian Bank (up 1.65%), Punjab National Bank (up 1.39%), IDBI Bank (up 1.12%), Bank of Baroda (up 0.43%) and State Bank of India (up 0.4%) edged higher. Bank of India (down 0.22%) edged lower.

Among private sector banks, Yes Bank (up 2.15%), HDFC Bank (up 0.41%), IndusInd Bank (up 0.41%) and Axis Bank (up 0.32%) edged higher. Kotak Mahindra Bank (down 0.72%) and ICICI Bank (down 0.05%) edged lower.

Metal and mining stocks gained. NMDC (up 4.48%), Jindal Steel & Power (up 4.47%), Hindalco Industries (up 2.99%), Vedanta (up 1.97%), Hindustan Copper (up 1.33%), JSW Steel (up 0.93%), Tata Steel (up 0.93%), Steel Authority of India (up 0.86%) and Hindustan Zinc (up 0.7%) edged higher. National Aluminium Company (down 0.08%) edged lower.

Index heavyweight and cigarette maker ITC jumped 5.7% at Rs 342.30 on reports that taxation for cigarettes under the goods and services tax regime is around 5-6% lower compared to the previous tax structure. Under the GST regime, cigarettes have been put in the highest tax slab of 28%. Basic excise duty and additional excise duty are repealed and only national calamity duty is continuing under the GST regime for cigarettes.

Mahindra & Mahindra (M&M) was up 1.21%. The company's total auto sales fell 8% to 35,716 units in June 2017 over June 2016. Total tractor sales rose 9% to 32,933 units in June 2017 over June 2016. The announcement was made on Saturday, 1 July 2017.

Maruti Suzuki India rose 1.96% after the company's total sales rose 7.6% to 1.06 lakh units in June 2017 over June 2016. Domestic sales grew by 1.2% to 93,263 units in June 2017 over June 2016. Export sales jumped 95.8% to 13,131 units in June 2017 over June 2016. The announcement was made on Saturday, 1 July 2017.

Meanwhile, Maruti Suzuki India on Saturday, 1 July 2017 announced that the company has passed on the entire benefit of GST rates on vehicles to its customers. The ex-showroom prices of Maruti Suzuki India models have come down by up to 3%. The rate of reduction varies across locations depending on the VAT rates applicable prior to GST, the company said.

Owing to the withdrawal of tax concessions on mild hybrid vehicles, the price of Smart Hybrid Ciaz Diesel and Smart Hybrid Ertiga Diesel has increased. The new prices are effective from 1 July 2017, it added.

Tata Motors was down 0.43% after the company's passenger and commercial vehicles total sales (including exports) fell 9% to 40,358 vehicles in June 2017 over June 2016. The company's domestic sales of Tata commercial and passenger vehicles for June 2017 were at 36,854 vehicles, lower by 5% over 38,718 vehicles sold in June 2016. The announcement was made on Saturday, 1 July 2017.

Bajaj Auto rose 0.01%. The company's total sales fell 23% to 2.44 lakh units in June 2017 over June 2016. Domestic sales slumped 34% to 1.26 lakh units in June 2017 over June 2016. Exports dropped 4% to 1.17 lakh units in June 2017 over June 2016. The announcement was made before market hours today, 3 July 2017.

Separately, the company announced during market hours today, 3 July 2017 that KTM and the company have elevated the cooperation to the next level and decided to take Husqvarna Motorcycles globally with roll out slated in 2018. There will be an increase in production of KTM and Husqvarna branded motorcycles produced in India from expected 1 lakh units in 2017 to over 2 lakh units in the next years.

Husqvarna Motorcycles founded in 1903 for which KTM has secured a long term license agreement in the year 2013.

Hero MotoCorp rose 2.17% after the company's sales rose 14% to 6.24 lakh units in June 2017 over June 2016. The announcement was made during market hours today, 3 July 2017. Hero MotoCorp has clocked such robust volumes in the month of June on account of strong growth in both motorcycles and scooters.

The company has passed on the benefit of GST to its customers with a reduction in the prices of models across its product portfolio in most of the states from 1 July 2017. The quantum of reduction ranges from Rs 400 to Rs 1800 on mass-selling models. The actual benefit varies from state to state, depending on the pre and post-GST rates. Some of the premium segment models see a reduction of up to Rs 4000 in certain markets. In one or two states, such as Haryana, where the pre-GST rates were lower than the post-GST rate, the prices of a few models have gone up marginally.

Adani Ports & Special Economic Zone rose 1.55% after the company announced that it has raised $224.82 million by allotment of fixed rate senior unsecured notes. The notes will be listed on Singapore Exchange Securities Trading. The announcement was made on Saturday, 1 July 2017.

Separately, the company announced incorporating a wholly owned subsidiary company, Adani International Terminals on 30 June 2017.

Infosys rose 1.68% after the company announced that it has signed on 29 June 2017, an agreement for divestment of its entire investment in Cloudyn for a total consideration of approximately $4.4 million. The divestment is due to Microsoft signing a definitive agreement for the acquisition of Cloudyn. The announcement was made after market hours on Friday, 30 June 2017. Infosys on 3 August 2016 had announced minority investment in Cloudyn Software.

Tata Power Company declined 0.25%. The company announced that the company through Adjaristsqali Georgia LLC (AGL), its joint venture with Norway's Clean Energy Invest AS Norway (Clean Energy) and IFC InfraVentures (IFC), a member of the World Bank Group announced completion of construction of its 187 megawatts (MW) Shuakhevi hydro power project in Georgia. The project investment cost was over $420 million. The announcement was made during market hours today, 3 July 2017.

The power generated by the project will be exclusively sold within Georgia throughout the winter which is a period of energy deficit.

Shares of PSU coal mining major Coal India gained 1.95%. The company achieved production of 92% of target at 39.66 million tonnes in June. The company achieved offtake of 94% of target at 45.67 million tonnes in June. The announcement was made on Sunday, 2 July 2017.

On macroeconomic data front, Markit Economics said during market hours today, 3 July 2017 that Purchasing Managers' Index (PMI) data highlighted a slowdown in growth across India's manufacturing sector during June. A softer rise in factory new orders resulted in weaker growth of production, with rates of expansion at four-month lows in both cases. Down from 51.6 in May to a four-month low of 50.9 in June, the Nikkei India Manufacturing PMI pointed to a slight and weaker improvement in the health of the sector.

Meanwhile, the output of eight core infrastructure industries, comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP), improved 3.6% in May 2017. The cumulative output of eight core infrastructure industries moved up 3.2% in April-May 2017-18. The data was announced after market hours on Friday, 30 June 2017.

The Goods and Services Tax came into force from 1 July 2017, amid a historic midnight session in the Central Hall of Parliament on 30 June 2017. President Pranab Mukherjee, Prime Minister Narendra Modi, and Finance Minister Arun Jaitley addressed the gathering, before the President and the Prime Minister pressed a button to mark the launch of GST. The biggest tax reform since independence - GST - will pave the way for realization of the goal of One Nation - One Tax - One Market.

Overseas, European stocks edged higher buoyed by the commodities sector after upbeat manufacturing data from China and a continued rally in oil prices. Factories across the euro zone rounded off the first half of 2017 by ramping up activity at the fastest rate for over six years as rising prices failed to put a dent in orders, a survey showed. IHS Markit's Manufacturing Purchasing Managers' Index for the euro zone rose to 57.4 in June, up from May's 57 and pipping the preliminary reading of 57.3.

Most Asian stocks gained. US stocks closed mixed on Friday, 30 June 2017.

On macro economic data front, a private gauge of China's factory activity rebounded in June to show an expansion, indicating an improvement in the manufacturing sector that tallied with official data released last week. The Caixin China manufacturing purchasing managers' index rose to 50.4 in June from 49.6 in May, showing a rise in activity, Caixin Media Co. and research firm Markit said. The 50 level separates an expansion in manufacturing activity from a contraction.

Japanese manufacturing activity expanded at a slightly slower pace in June. The final June Markit/Nikkei Japan Manufacturing PMI was 52.4, higher than a preliminary reading of 52 but still below a final 53.1 in May.

Japan's business confidence among the nation's large manufacturers strengthened to its highest level in more than three years in the second quarter, according to a central bank survey. The main index measuring large manufacturers' confidence rose to plus 17 in the April-June period from plus 12 previously, according to the Bank of Japan's quarterly tankan survey.

Key benchmark indices registered small gains in the last trading session of the week and month in what was mostly a range-bound session of trade. The barometer index, the S&P BSE Sensex, rose 64.09 points or 0.21% to settle at 30,921.61. The Nifty 50 index advanced 16.80 points or 0.18% to settle at 9,520.90.

Bank stocks were mixed. Bank of Baroda advanced after a foreign brokerage reportedly upgraded the stock to buy from neutral with a target price of Rs 200. FMCG and pharma sector stocks advanced. Central Depository Services (India) surged on its debut today, 30 June 2017.

Key indices opened the session lower on weak global cues. Indices hovered within a small range in negative terrain till mid-afternoon trade. Later, indices breached the flat line to register small gains towards the closing tracking recovery in European equities.

The Sensex rose 64.09 points or 0.21% to settle at 30,921.61, its highest closing level since 27 June 2017. The index rose 107.93 points or 0.34% at the day's high of 30,965.45. It lost 176.86 points or 0.57% at the day's low of 30,680.66.

The Nifty advanced 16.80 points or 0.18% to settle at 9,520.90, its highest closing level since 23 June 2017. The index rose 31.70 points or 0.33% at the day's high of 9,535.80. It lost 55.35 points or 0.58% at the day's low of 9,448.75.

Investors were awaiting the nation-wide rollout of the much discussed indirect tax reform, the Goods and Services Tax (GST) with effect from tomorrow, 1 July 2017.

Finance Minister Arun Jaitley held a meeting yesterday, 29 June 2017 with the representatives of trade and industry ahead of GST rollout. He asked the representatives of trade and industry to ensure that all benefits arising due to implementation of GST from 1 July 2017 are passed on to the consumers in a transparent manner.

Jaitley further said that now large number of traders has registered themselves and the GST Network and other official machinery is fully ready for smooth rollout of GST from 1 July 2017. He said that he is sure that GST will not have any inflationary impact.

Back to market, the S&P BSE Mid-Cap index rose 0.63%. The S&P BSE Small-Cap index advanced 0.66%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,358 shares rose and 1,209 shares declined. A total of 184 shares were unchanged.

The total turnover on BSE amounted to Rs 3077.93 crore, lower than turnover of Rs 3955.99 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE FMCG index (up 2.24%), the BSE Healthcare index (up 1.47%), the BSE Consumer Durables index (up 2.07%) and the BSE Power index (up 0.56%) outperformed the Sensex.

The S&P BSE Energy index (down 0.44%), the BSE Telecom index (down 0.65%), the BSE Auto index (down 0.32%) and the BSE Realty index (down 0.51%) underperformed the Sensex.

Bank stocks witnessed a mixed trend. Among public sector banks, Canara Bank (down 0.87%), Punjab National Bank (down 0.4%) and IDBI Bank (down 0.19%) edged lower. Union Bank of India (up 1.45%), Bank of India (up 0.36%) and State Bank of India (up 0.39%) edged higher.

Bank of Baroda rose 3.6% at Rs 161.10 after a foreign brokerage reportedly upgraded the stock to buy from neutral with a target price of Rs 200. The outlook for its pre-provision operating profit (PPOP) is better than its rivals, due to expected improvements in its net interest margins, the brokerage said. PPOP is forecasted to grow at an average rate of roughly 13% between 2017 and 2019, it added.

Among private sector banks, ICICI Bank (down 1.23%) edged lower. Kotak Mahindra Bank (up 0.75%), Yes Bank (up 1.69%) and Axis Bank (up 0.86%) edged higher.

HDFC Bank fell 0.49%. The bank said it has allotted 7.56% unsecured, subordinated, fully paid-up, non-convertible, Basel III compliant, Tier 2 bonds amounting to Rs 2000 crore on private placement basis for inclusion in Tier 2 capital. The announcement was made after market hours yesterday, 29 June 2017.

IndusInd Bank rose 0.71% after the bank said it has inaugurated a new branch in Kota, Rajasthan. With this, the bank now has 94 branches in Rajasthan. The announcement was made after market hours yesterday, 29 June 2017.

FMCG stocks gained. Bajaj Corp (up 2.65%), Godrej Consumer Products (up 1.81%), Colgate-Palmolive (India) (up 1.61%), Britannia Industries (up 1.55%), Marico (up 0.59%), Dabur India (up 0.64%) and Procter & Gamble Hygiene and Health Care (up 0.25%) edged higher. Hindustan Unilever (down 0.85%) and Nestle India (down 0.46%) edged lower.

Central Depository Services (India) (CDSL) settled at Rs 260.70 on NSE, a premium of 74.96% over the initial public offer (IPO) price of Rs 149, on its debut on the bourses today, 30 June 2017. Shares of CDSL debuted at Rs 250 on NSE, a 67.79% premium over its IPO price of Rs 149 per share. The stock had hit a high of Rs 269.95 and low of Rs 250. On NSE, 5.03 crore shares were traded on the counter.

Meanwhile, the India Meteorological Department (IMD) in its weekly weather report yesterday, 29 June 2017 said that during the week from 22nd June to 28th June 2017, the all India actual rainfall stood at 48.6 mm as against normal rainfall of 51.1 mm, with a departure of minus 5%.

The all India cumulative seasonal rainfall from 1st June to 28th June 2017 stood at 147.8 mm as against normal rainfall of 148 mm, with a departure of 0%.

On the macro front, the implementation of landmark tax reform GST will be closely watched. There will be a special function in the Central Hall of Parliament House tonight wherein a number of programs will be witness to the change in tax structure and implementation of GST across the country between the night of June 30 and July 1. The government expects GST to revolutionize India's taxing system and is being marketed as one nation one tax.

Overseas, European stocks edged higher amid volatility. Asian stocks declined despite marginal improvement in China's manufacturing activity as select tech shares around the region sold off.

In economic news, China's manufacturing activity accelerated more than expected in June, suggesting the world's second-largest economy continued to confound expectations for a slowdown. The official manufacturing PMI rose to 51.7 in June, from 51.2 in May. Levels above 50 indicate expansion, while levels below signal contraction.

US equities fell yesterday, 29 June 2017 as technology stocks' latest drop washed out strong gains from the big banks.

Market closed with marginal gains amid volatility as traders rolled over positions in the futures & options (F&O) segment from the near month June 2017 series to July 2017 series. The barometer index, the S&P BSE Sensex, rose 23.20 points or 0.08% to settle at 30,857.52. The Nifty 50 index rose 12.85 points or 0.14% to settle at 9,504.10. The Sensex settled below the psychological 31,000 level after slipping below that level in afternoon trade. Metal and realty sector stocks advanced.

The June 2017 derivative contracts expired today, 29 June 2017.

Market opened on a positive note and traded with modest gains till early afternoon trade as investors' sentiment was positive ahead of nation-wide rollout of the ambitious indirect tax reform the Goods and Services Tax (GST) with effect from 1 July 2017. However, indices pared gains later only to make partial recovery in mid-afternoon trade. Later, indices once again pared all the intraday gains to settle near the flat line.

The Sensex rose 23.20 points or 0.08% to settle at 30,857.52, its highest closing level since 27 June 2017. The index rose 263.60 points or 0.85% at the day's high of 31,097.92. The index fell 39.71 points or 0.12% at the day's low of 30,794.61.

The Nifty 50 index rose 12.85 points or 0.14% to settle at 9,504.10, its highest closing level since 27 June 2017. The index rose 84.55 points or 0.89% at the day's high of 9,575.80. The index rose 2.55 points or 0.02% at the day's low of 9,493.80.

Among other indices, the S&P BSE Mid-Cap index rose 0.34%. The S&P BSE Small-Cap index advanced 0.98%. Both these indices outperformed the Sensex.

Closer home, the breadth, indicating the overall health of the market, was strong. On the BSE, 1,616 shares rose and 958 shares declined. A total of 163 shares were unchanged.

The total turnover on BSE amounted to Rs 3945.67 crore, higher than turnover of Rs 3918.02 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE Metal index (up 2.15%), the S&P BSE Basic Materials index (up 1.16%), the S&P BSE Telecom index (up 1.10%), the S&P BSE Realty index (up 1.01%), the S&P BSE FMCG index (up 0.73%), the S&P BSE Utilities index (up 0.45%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.34%), the S&P BSE Teck index (up 0.27%), the S&P BSE Industrials index (up 0.21%), the S&P BSE Capital Goods index (up 0.20%), the S&P BSE Power index (up 0.20%), the S&P BSE Finance index (up 0.19%), the S&P BSE Oil & Gas index (up 0.12%) and the S&P BSE Consumer Durables index (up 0.08%), outperformed the Sensex. The S&P BSE IT index (up 0.06%), the S&P BSE Auto index (down 0.03%), the S&P BSE Bankex (down 0.08%), the S&P BSE Healthcare index (down 0.09%) and the S&P BSE Energy index (down 0.18%), underperformed the Sensex.

Bank stocks advanced. Among public sector banks, Bank of India (up 3.49%), Central Bank of India (up 2.47%), Canara Bank (up 2.03%), Allahabad Bank (up 2.02%), Syndicate Bank (up 1.31%), Punjab & Sind Bank (up 1.09%), Bank of Maharashtra (up 1.08%), Punjab National Bank (up 0.92%), Vijaya Bank (up 0.71%), United Bank of India (up 0.53%), UCO Bank (up 0.30%), Andhra Bank (up 0.19%) and Bank of Baroda (up 0.03%), edged higher. Dena Bank (down 0.15%), Union Bank of India (down 0.55%), Corporation Bank (down 0.99%), IDBI Bank (down 1.02%), Indian Bank (down 1.07%) and State Bank of India (down 1.39%), edged lower.

Among private sector banks, Kotak Mahindra Bank (down 1.95%), IndusInd Bank (down 0.83%), Yes Bank (down 0.76%), RBL Bank (down 0.5%) and HDFC Bank (down 0.25%), edged lower. ICICI Bank (up 0.95%), Federal Bank (up 0.98%) and City Union Bank (up 2.39%), edged higher.

Axis Bank rose 3.48% at Rs 511.70 after the bank said its board of directors yesterday, 28 June 2017, approved the allotment of non-convertible debentures (NCDs) of face value of Rs 10 lakh each for cash at par aggregating to Rs 3500 crore, on a private placement basis. The perpetual debentures with a 5 year call are priced at a fine coupon rate of 8.75%. The announcement was made after market hours yesterday, 28 June 2017.

Separately, Axis Bank after market hours yesterday, 28 June 2017 said that it has fully redeemed all the outstanding notes in an aggregate principal amount of $60 million and an aggregate accrued amount of interest of $2.137 million, for a total sum of $62.137 million.

Separately, Axis Bank announced before market hours today, 29 June 2017 that the Reserve Bank of India (RBI) issued directions its communication dated 15 June 2017 advising banks to initiate insolvency resolution process in select accounts under the provisions of the Insolvency and Bankruptcy Code, 2015 (IBC).

Axis Bank had exposure on 8 of these accounts. Total fund based outstanding of the bank on these accounts was Rs 5071 crore. Non-fund based outstanding was Rs 212 crore as on 31 March 2017. Around 80% of the outstanding was secured. Against this outstanding, the provision held was Rs 2497 crore.

Metal and mining stocks surged. Vedanta (up 3.55%), Tata Steel (up 2.85%), Jindal Steel & Power (up 2.77%), Bhushan Steel (up 2.52%), Hindustan Copper (up 2.07%), Steel Authority of India (up 1.40%), NMDC (up 1.32%), Hindalco Industries (up 1.16%) and Hindustan Zinc (up 0.73%), edged higher.

National Aluminium Company (Nalco) rose 0.77% after the Ministry of Mines said that the central government is working to expand capacity of the company to make it a major producer of aluminium globally. The Ministry of Mines made the announcement after market hours yesterday, 28 June 2017.

JSW Steel rose 3.85% after the company said it proposed slurry pipe line to transport iron ore and coal in Karnataka. The announcement was made during market hours today, 29 June 2017.

This slurry pipeline can be set up within 24 months at an estimated cost of Rs 2100 crore. This will facilitate transporting iron ore through slurry pipeline at a very competitive 15% cost of alternate means of transport.

This strategic project will enable the company to source almost 50% of the current requirement of iron ore at Vijayanagar works from outside Karnataka either from imports or from Odisha/eastern sector at prices lower than the prevailing prices in Karnataka.

Most realty shares rose. Sunteck Realty (up 6.40%), Parsvnath Developers (up 4.72%), Unitech (up 3.40%), Indiabulls Real Estate (up 1.97%), Sobha (up 1.90%), DLF (up 1.84%), Anant Raj (up 1.81%), Mahindra Lifespace Developers (up 1.15%), Godrej Properties (up 0.84%), Peninsula Land (up 0.79%), Prestige Estates Projects (up 0.36%), Omaxe (up 0.10%) and Oberoi Realty (up 0.01%), edged higher. Housing Development and Infrastructure (HDIL) (down 0.46%), D B Realty (down 0.64%) and Phoenix Mills (down 1.42%), edged lower.

On the macro front, the implementation of landmark tax reform Goods and Services Tax (GST) will be closely watched. On the night of 30 June 2017, there will be a special function in the Central Hall of Parliament House wherein a number of programs will be witness to the change in tax structure and implementation of GST across the country between the night of June 30 and July 1. The government expects GST to revolutionize India's taxing system and is being marketed as one nation one tax.

The Sensex bounced back after sliding in the past three trading sessions. The Sensex fell 456.42 points or 1.46% in three sessions to 30,834.32 yesterday, 28 June 2017, from a close of 31,290.74 on 22 June 2017. The Sensex has fallen 288.28 points or 0.93% in June 2017 so far (till 29 June 2017). The Sensex has gained 4,231.06 points or 15.89% in the calendar year 2017 so far (till 29 June 2017). From a 52-week low of 25,717.93 hit on 21 November 2016, the barometer index has risen 5,139.59 points or 19.98%. From a record high of 31,522.87 hit on 22 June 2017, the barometer index has fallen 665.35 points or 2.11%.

Overseas, European stocks edged lower amid volatility as markets eyed a preparatory meeting between Group of 20 heads of state.

Asian stocks edged higher, taking cues from a stronger finish in US markets. US equities registered strong gains yesterday, 28 June 2017 as bank stocks led the charge. The S&P 500 index notched its biggest one-day gain since late April 2017.

Market registered modest losses amid negative global cues. The barometer index, the S&P BSE Sensex, fell 123.93 points or 0.40% to settle at 30,834.32. The Nifty 50 index fell 20.15 points or 0.21% to settle at 9,491.25. The Sensex failed to hold the psychological 31,000 level which it briefly surpassed in early trade. Metal and telecom sector stocks advanced.

Key indices opened on a weaker note amid initial volatility. Indices traded with small losses till early afternoon trade. Later, indices extended slide for the remaining session. The Sensex hit its lowest intraday level in almost five weeks in afternoon trade.

Market sentiment was lackluster amid weakness in global stocks as policy uncertainty heightened in US with the Senate Republicans forced to delay vote on a crucial healthcare bill due to lack of support.

The Sensex fell 123.93 points or 0.40% to settle at 30,834.32, its lowest closing level since 25 May 2017. The index rose 42.23 points, or 0.14% at the day's high of 31,000.48. The index fell 159.55 points, or 0.51% at the day's low of 30,798.70.

The Nifty 50 index fell 20.15 points or 0.21% to settle at 9,491.25, its lowest closing level since 24 May 2017. The index rose 11.10 points, or 0.12% at the day's high of 9,522.50. The index fell 37.05 points, or 0.38% at the day's low of 9,474.35.

The S&P BSE Mid-Cap index rose 0.23%. The S&P BSE Small-Cap index advanced 0.13%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was negative. On the BSE, 1,332 shares declined and 1,276 shares rose. A total of 181 shares were unchanged.

The total turnover on BSE amounted to Rs 3906.04 crore, higher than turnover of Rs 3601.66 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE Metal index (up 1.62%), the S&P BSE Telecom index (up 1.11%), the S&P BSE Basic Materials index (up 0.77%), the S&P BSE Power index (up 0.64%), the S&P BSE Realty index (up 0.56%), the S&P BSE Utilities index (up 0.51%), the S&P BSE Teck index (up 0.31%), the S&P BSE IT index (up 0.30%), the S&P BSE Bankex (up 0.24%), the S&P BSE Healthcare index (up 0.12%), the S&P BSE Auto index (up 0.11%), the S&P BSE Finance index (down 0.03%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.19%) and the S&P BSE Capital Goods index (down 0.25%), outperformed the Sensex. The S&P BSE FMCG index (down 0.67%), the S&P BSE Oil & Gas index (down 0.79%), the S&P BSE Consumer Durables index (down 1.22%) and the S&P BSE Energy index (down 1.37%), underperformed the Sensex. The S&P BSE Industrials index was unchanged.

Metal shares were in demand. National Aluminium Company (up 3.53%), NMDC (up 2.31%), Vedanta (up 2.24%), Hindustan Zinc (up 2.04%), Tata Steel (up 1.85%), Jindal Steel & Power (up 1.84%), JSW Steel (up 1.75%), Steel Authority of India (up 1.42%), Hindalco Industries (up 1.07%) and Hindustan Copper (up 0.40%), edged higher. Bhushan Steel fell 4.03%.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for September 2017 delivery was currently down 0.26% at $2.6545 per pound on the COMEX.

Telecom stocks advanced. Tata Teleservices (Maharashtra) (up 7.87%), Idea Cellular (up 2.83%) and Bharti Airtel (up 1.49%), edged higher. Reliance Communications fell 3.92%. MTNL was unchanged at Rs 20.35.

Telecom tower infrastructure provider Bharti Infratel rose 1.20%.

Car major Maruti Suzuki India rose 0.66% at Rs 7,238.95 after a foreign brokerage house reportedly retained its buy call and raised its price target on the stock. A foreign brokerage house reportedly retained its buy call on Maruti Suzuki India and raised target price on the stock to Rs 8,824 from Rs 7,412 earlier. The stock will continue to trade at premium valuations due to high growth visibility and consistently improving free cash flow due to limited capex requirements, the brokerage house said.

Banks were mixed. Among private sector banks, Federal Bank (down 0.53%), RBL Bank (down 0.48%), City Union Bank (down 0.14%), HDFC Bank (down 0.11%) and Kotak Mahindra Bank (down 0.04%), edged lower. Axis Bank (up 0.34%), ICICI Bank (up 1.02%) and Yes Bank (up 2.34%), edged higher. IndusInd Bank was unchanged at Rs 1,490.

Among public sector banks, Central Bank of India (down 2.3%), IDBI Bank (down 2.17%), Vijaya Bank (down 1.46%), State Bank of India (down 1.07%), Punjab & Sind Bank (down 0.88%), Dena Bank (down 0.74%), Bank of Maharashtra (down 0.54%), Punjab National Bank (down 0.47%) and Syndicate Bank (down 0.21%), edged lower. Canara Bank (up 0.34%), Bank of Baroda (up 0.42%), United Bank of India (up 0.53%), Corporation Bank (up 0.79%), Andhra Bank (up 0.84%), UCO Bank (up 1.05%), Bank of India (up 1.95%), Indian Bank (up 1.96%) and Union Bank of India (up 2.46%), edged higher.

The Sensex declined for the third session in a row. The Sensex fell 456.42 points or 1.46% in three sessions from a close of 31,290.74 on 22 June 2017. The Sensex has fallen 311.48 points or 1% in June 2017 so far (till 28 June 2017). The Sensex has gained 4,207.86 points or 15.80% in the calendar year 2017 so far (till 28 June 2017). From a 52-week low of 25,717.93 hit on 21 November 2016, the barometer index has risen 5,116.39 points or 19.89%. From a record high of 31,522.87 hit on 22 June 2017, the barometer index has fallen 688.55 points or 2.18%.

Overseas, European stocks dropped as markets digested the previous session's comments by European Central Bank President Mario Draghi and eyed additional remarks by the central bank head.

European equities weakened after Draghi said factors weighing on inflation in the euro area were mainly temporary, adding that the bank could look through them. Draghi also said the ECB sees growth that is above trend and well distributed across the euro area, but reiterated that “a considerable degree” of stimulus is still needed in the euro zone, and that the ECB must be “prudent” in how it unwinds it.

Asian stocks edged lower after the softer lead from Wall Street, with the vote on a bill to replace Obamacare in the US delayed.

US equities closed lower yesterday, 27 June 2017 amid losses in large-cap technology stocks, while a Senate vote delay raised heightened policy uncertainty.

In US, the Republican Party's seven-year crusade to repeal the Affordable Care Act (ACA) is on the verge of collapse, after Senate leaders were forced to delay a vote on a healthcare bill. Republicans, who hold the Senate 52-48, must find at least 50 votes to pass the bill, under a budget rules process known as “reconciliation” that would require only a simple majority.

Key benchmark indices closed the first trading session of the week with modest losses. The barometer index, the S&P BSE Sensex, fell 179.96 points or 0.58% to settle at 30,958.25. The Nifty 50 index fell 63.55 points or 0.66% to settle at 9,511.40. The Sensex settled below the psychological 31,000 level. Negative cues from European markets spoiled investors' sentiment.

Geopolitical tensions also weighed on market sentiment amid reports suggesting that China today, 27 June 2017 accused Indian troops of crossing the boundary in the Sikkim region and demanded their immediate withdrawal, while asserting that it stopped the Indian pilgrims who enter Tibet via the Himalayan pass of Nathu La for safety reasons in view of the border issue.

Key indices opened higher after a holiday. They later slipped into the negative terrain amid lack of key domestic or global cues to boost investors' spirits. Indices extended slide in afternoon trade as selling pressure intensified amid weakness in European markets. Thereafter, indices languished in negative zone for the remainder of the session.

The Sensex fell 179.96 points or 0.58% to settle at 30,958.25, its lowest closing level since 25 May 2017. The Sensex rose 156.75 points or 0.5% at the day's high of 31,294.96. It fell 291.13 points or 0.93% at the day's low of 30,847.08.

The Nifty 50 index fell 63.55 points or 0.66% to settle at 9,511.40, its lowest closing level since 25 May 2017. The index rose 40.45 points, or 0.42% at the day's high of 9,615.40. The index fell 101.50 points, or 1.06% at the day's low of 9,473.45.

The S&P BSE Mid-Cap index declined 0.79%. The S&P BSE Small-Cap index lost 1.57%. The decline in both the indices was higher than the Sensex's decline in percentage terms.

The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,881 shares declined and 711 shares rose. A total of 180 shares were unchanged.

The total turnover on BSE amounted to Rs 3591.59 crore, lower than turnover of Rs 7395.04 crore registered during the previous trading session.

Bank stocks declined. Among private sector banks, Axis Bank (down 2.34%), Federal Bank (down 2.13%), Yes Bank (down 1.47%), ICICI Bank (down 1.2%), Kotak Mahindra Bank (down 1.13%), HDFC Bank (down 0.63%), IndusInd Bank (down 0.52%) and City Union Bank (down 0.5%), edged lower. RBL Bank rose 0.37%.

Among public sector banks, Syndicate Bank (down 4.97%), Punjab National Bank (down 4.69%), Canara Bank (down 4.52%), Indian Bank (down 4.46%), Vijaya Bank (down 4.15%), Andhra Bank (down 4.03%), Allahabad Bank (down 3.88%), Bank of Baroda (down 3.64%), United Bank of India (down 3.33%), State Bank of India (down 3.27%), Union Bank of India (down 2.83%), Corporation Bank (down 2.8%), Punjab & Sind Bank (down 2.74%), Bank of Maharashtra (down 2.63%), IDBI Bank (down 1.69%), UCO Bank (down 1.18%) and Bank of India (down 0.3%), edged lower. Dena Bank (up 0.90%) and Central Bank of India (up 1.20%), edged higher.

Capital goods stocks declined. BEML (down 3.64%), Bharat Electronics (down 2.64%), SKF India (down 2.6%), AIA Engineering (down 2.46%), Punj Lloyd (down 2.38%), Siemens (down 2.06%), Crompton Greaves (down 1.78%), GE Power India (down 1.76%), Lakshmi Machine Works (down 1.62%), Praj Industries (down 1.55%), Reliance Defence and Engineering (down 1.48%), Suzlon Energy (down 1.36%) and GE T&D India (down 0.32%), edged lower. ABB India (up 0.17%), Jindal Saw (up 0.30%), Thermax (up 0.40%) and Havells India (up 1.57%), edged higher.

Index heavyweight and engineering and construction major L&T lost 1.23% to Rs 1,701.80. The company said its construction division has won orders worth Rs 2552 crore across various business segments. The announcement was made during market hours today, 27 June 2017.

State-run Bharat Heavy Electricals (Bhel) fell 0.63% to Rs 133.95. The company announced that it secured an order for setting up 15 megawatts (MW) Solar Photovoltaic (SPV) Power Plant on engineering, procurement and construction (EPC) basis, in Gujarat. The order has been placed on Bhel by Gujarat Alkalies and Chemical (GACL) for setting up the SPV Power Plant at Gujarat Solar Park at Charanka in Gujarat. The announcement was made during trading hours today, 27 June 2017.

Software major Infosys declined 1.80% to Rs 926.35. The company issued a press release regarding its settlement with New York Attorney General. The company said that its agreement concluded the State of New York's investigation relating to the amount of taxes the company paid in 2010-2011 without any criminal or civil charges being filed. While this investigation centered on alleged paperwork errors, the company committed no wrongdoing and denies all allegations made in this regard, Infosys said.

This settlement relates to legal issues already resolved under the 2013 settlement with the US Department of Justice, and was reached by both parties to avoid protracted litigation.

Infosys said it maintains robust policies and procedures to ensure adherence with all applicable regulations and laws. Infosys will continue to focus on boosting American innovation, hiring American workers and better serving its valued customers across the United States, it added. The announcement was made after market hours on Friday, 23 June 2017.

IT major Tata consultancy Services (TCS) fell 0.62% to Rs 2,345.90. The company announced after market hours today, 27 June 2017, that TMX Group awarded TCS, the implementation of a single, integrated technology platform for Canada's clearing and settlement businesses. The innovative platform, called TCS BaNCS for Market Infrastructure, will replace the legacy systems deployed by The Canadian Depository for Securities Limited (CDS) and Canadian Derivatives Clearing Corporation (CDCC), subject to regulatory approval where required. Technology integration across TMX Group's cash and derivatives clearing businesses is the next significant step in the company's evolution as a premier client-driven solutions provider to the Canadian and global capital markets.

In August 2016, CDS and CDCC began an initiative to align, simplify and integrate risk management tools, operations, systems and business development functions to become more responsive and adaptive in serving client needs. This new solution will enable TMX to deliver a more seamless client experience between the two clearing houses and provide rich browser-based access and straight-through processing using industry standard messaging through ISO 15022, ISO 20022, FIX and FIXML. Additional benefits to adopting the platform include enhanced reporting and metrics, a streamlined approach to collateral management and the future development and integration of emerging technologies.

The Sensex declined for the second session in a row. The Sensex fell 332.49 points or 1.06% in two sessions from a close of 31,290.74 on 22 June 2017. The Sensex has fallen 187.55 points or 0.60% in June 2017 so far (till 27 June 2017). The Sensex has gained 4,331.79 points or 16.27% in the calendar year 2017 so far (till 27 June 2017). From a 52-week low of 25,717.93 hit on 21 November 2016, the barometer index has risen 5,240.32 points or 20.38%. From a record high of 31,522.87 hit on 22 June 2017, the barometer index has fallen 564.62 points or 1.79%.

Overseas, European shares declined as a drop in autos stocks after Germany's Schaeffler cut its profit outlook and disappointment over a failed buyout of Stada spoiled investors sentiment.

The European Central Bank (ECB) chief Mario Draghi gave an upbeat view of the euro zone economy today, 27 June 2017, but still urged the need for monetary policy to become accommodative.

Draghi yesterday, 26 June 2017, defended the ECB's easy monetary policy. Draghi, speaking to university students in Lisbon, reportedly said super low rates create jobs, foster growth and benefit borrowers, ultimately easing inequality.

Asian stocks witnessed mixed trend as investors watched for signals from central bankers' speeches. Federal Reserve Chair Janet Yellen is due to speak in London today, 27 June 2017.

US equities closed mixed yesterday, 26 June 2017, as a rise in the financial sector helped offset losses from large-cap technology stocks.

Key indices declined due to negative cues from European stock market. The barometer index, the S&P BSE Sensex, fell 152.53 points or 0.49% to settle at 31,138.21. The Nifty 50 index fell 55.05 points or 0.57% to settle at 9,574.95. Selling in bank shares put pressure on key benchmarks. The Sensex hit its lowest closing level in one week. The Nifty hit its lowest closing level in more than four weeks.

Overseas, European stocks edged lower as energy shares extended losses in what's been a dreadful week for oil prices, while investors assessed mixed signals about the eurozone economy. Stocks remained in the red as the first reading of growth in the eurozone's manufacturing and services sector slowed in June. Markit's flash eurozone PMI composite output index came in at 55.7 in June, a five-month low.

On Friday, European Union leaders are gathering for their summit in Brussels, where Brexit is high on the agenda one year after the UK voted to leave the bloc.

Most Asian shares ended higher as crude oil prices pulled away from this week's 10-month lows. China's Shanghai Composite Index rose 0.33% as increased regulatory scrutiny over the borrowings of China's most prolific overseas deal makers weighed on Chinese shares. The move, which sent shares of the companies' listed units tumbling late Thursday, hurt investor sentiment due to concerns about tighter regulations across China's financial markets at a time of volatile trading.

In US, stocks closed mostly lower as weak financials and consumer staples shares eclipsed a rally in the healthcare and biotechnology sectors. Health-care stocks were among the biggest gainers as lawmakers released a discussion draft of the health-care bill that aims to cut Medicaid and eliminate penalties for people who don't buy insurance, among other changes. The Dow Jones Industrial Average slipped 12.74 points to end at 21,397.29. The Nasdaq Composite Index bucked the trend for a second day to edge up 2.73 points to close at 6,236.69.

A report on weekly jobless claims showed that fewer than 250,000 Americans applied for unemployment benefits in mid-June. Initial jobless claims rose by 3,000 to 241,000 in the seven days stretching from 11 June to 17 June 2017, Labor Department said.

Back home, the Sensex fell 152.53 points or 0.49% to settle at 31,138.21, its lowest closing level since 16 June 2017. The index rose 74.65 points, or 0.24% at the day's high of 31,365.39. The index fell 180.35 points, or 0.58% at the day's low of 31,110.39.

The Nifty 50 index fell 55.05 points or 0.57% to settle at 9,574.95, its lowest closing level since 25 May 2017. The index rose 17.65 points, or 0.18% at the day's high of 9,647.65. The index fell 64.70 points, or 0.67% at the day's low of 9,565.30.

Among secondary barometers, the BSE Mid-Cap index fell 1.21%. The BSE Small-Cap index fell 1.46%. The decline in both these indices was higher than the Sensex's decline in percentage terms.

The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,948 shares fell and 676 shares rose. A total of 132 shares were unchanged.

The total turnover on BSE amounted to Rs 7376.91 crore, higher than turnover of Rs 4693.41 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE Auto index (down 1.54%), the S&P BSE Industrials index (down 1.39%), the S&P BSE Consumer Discretionary Goods & Services index (down 1.23%), the S&P BSE Oil & Gas index (down 1.13%), the S&P BSE Consumer Durables index (down 1.09%), the S&P BSE Basic Materials index (down 1.07%), the S&P BSE Capital Goods index (down 1.04%), the S&P BSE Finance index (down 0.96%), the S&P BSE Realty index (down 0.89%), the S&P BSE Bankex (down 0.74%), the S&P BSE Metal index (down 0.62%) and the S&P BSE Energy index (down 0.61%), underperformed the Sensex. The S&P BSE Telecom index (down 0.48%), the S&P BSE Teck index (down 0.41%), the S&P BSE Power index (down 0.4%), the S&P BSE IT index (down 0.34%), the S&P BSE Utilities index (down 0.29%), the S&P BSE Healthcare index (down 0.26%) and the S&P BSE FMCG index (down 0.19%), outperformed the Sensex.

Realty shares declined. Prestige Estates Projects (down 4.97%), Unitech (down 3.44%), Oberoi Realty (down 3.35%), Godrej Properties (down 3.17%), Sunteck Realty (down 2.92%), Anant Raj (down 2.87%), Sobha (down 2.11%), Mahindra Lifespace Developers (down 1.98%), D B Realty (down 1.69%), DLF (down 1.69%), Housing Development and Infrastructure (HDIL) (down 1.32%), Peninsula Land (down 0.99%), Parsvnath Developers (down 0.97%), Phoenix Mills (down 0.44%) and Omaxe (down 0.02%), edged lower.

Indiabulls Real Estate jumped 6.60% to Rs 204.45 after the company said it proposes to issue non-convertible debentures aggregating Rs 500 crore on a private placement basis.

Most private sector banks declined. Federal Bank (down 2.17%), RBL Bank (down 1.24%), HDFC Bank (down 1.14%), Yes Bank (down 1.13%), Kotak Mahindra Bank (down 1.07%) and Axis Bank (down 0.65%), edged lower. City Union Bank (up 0.03%), IndusInd Bank (up 0.07%) and ICICI Bank (up 0.71%), edged higher.

Public sector banks fell across the board. Central Bank of India (down 7.28%), Andhra Bank (down 4.04%), Indian Bank (down 3.2%), Canara Bank (down 3.18%), Union Bank of India (down 2.69%), Bank of Baroda (down 2.64%), Syndicate Bank (down 2.55%), Dena Bank (down 2.2%), State Bank of India (down 1.94%), Corporation Bank (down 1.89%), Bank of Maharashtra (down 1.72%), Bank of India (down 1.61%), UCO Bank (down 1.6%), Vijaya Bank (down 1.45%), IDBI Bank (down 1.4%), Punjab National Bank (down 1.17%), Punjab & Sind Bank (down 1.12%), United Bank of India (down 1.02%) and Allahabad Bank (down 0.57%), edged lower.

Fortis Healthcare slumped 12.96% to Rs 172.30 after reports suggested IHH Healthcare Berhad is not close to concluding any negotiations to buy controlling stake in the company. Earlier reports had suggested that IHH Healthcare Bhd will be buying a controlling stake in Fortis Healthcare and SRL Logistics from Malvinder and Shivinder Mohan Singh, the promoters of the company.

Meanwhile, the company clarified during trading hours today, 23 June 2017, that earlier its board had approved the enabling fund raising options upto Rs 5000 crore including but not limited to qualified institutional placement, foreign currency convertible bonds or any other method. The company is still evaluating the best possible way to raise the fund and no firm decision in this regard has been approved by the board till date.

Reliance Infrastructure gained 1.98% to Rs 503.25 after reports suggested that the company has initiated a process to spin off a new unit, called Reliance Transport. The spinoff will take care of its interests in railway, metro, airport and road projects even as the proposed listing of Infrastructure Investment Trust (InvIT) faces what the company calls “some procedural delays” after receiving the nod from the stock market regulator, report added.

Meanwhile, Reliance Infrastructure said after market hours yesterday, 22 June 2017 that Reliance Defence, a fully owned subsidiary of Reliance Infrastructure, signed a memorandum of understanding (MOU) at the Paris Air Show with Daher Aerospace, France, a leading supplier of integrated systems for Aerospace and Advanced Technologies. Daher Aerospace is tier one manufacturer in Aerostructures segment comprising fuselage sections and fairings made of composites as well as conventional metals for Dassault Aviation and other leading global aircraft manufacturers.

Signing this MOU on the sidelines of the Paris Air Show, Reliance Defence envisages a strategic partnership with Daher with aim to jointly explore opportunities in design and manufacture of composite parts; design and build welded ducts, metal conduits, swaged pipes and cable harness supports; aerostructure components, integrated logistics, airframes/assemblies and related industrial activities.