Benchmark indices moderately high as WPI falls; RIL gains

Swinging between gains and losses, benchmark indices were trading moderately high in afternoon trade after data released by the commerce ministry showed that India's May wholesale inflation slipped to 2.17% as compared to 3.85% in April and - 0.90% in the similar period of the previous year. Gaines were capped as investors sat on the fence ahead of the US Federal Reserve’s interest rate decision.

 

Globally, Asian shares were tading mixed while the dollar was left adrift as investors everywhere awaited clarity on the Federal Reserve's future path for US policy. Moves elsewhere were cautious with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.1% and Japan's Nikkei down 0.08%.

 

At 2:21 pm, the S&P BSE Sensex was trading at 31,152, up 48 points, while the broader Nifty50 was ruling at 9,613, up 5 points.

 

In the broader market, the S&P BSE Midcap lost 0.2% while S&P BSE Smallcap index gained 0.1%.

 

Reliance Industries, Dr Reddy’s, HeroMoto Corp and ICICI Bank gained the most on BSE Sensex while Wipro, ITC, Cipla and Asian Paints lost the most in the index.

 

Reliance Industries was the biggest gainer, up 3% after its telecom unit, Reliance Jio Infocomm, added 3.9 million subscribers in April, the most additions among telecom providers in April, regulatory data showed.

 

Nifty PSU Bank index gained 1% after the Reserve Bank of India identified 12 largest loan defaulters that can be immediately taken up under the Insolvency and Bankruptcy Code (IBC).

 

Bank of Baroda, Canara Bank, Punjab National Bank and Syndicate Bank gained between 1-5%.

 

Among losers, Wipro lost 2.08 % after it said it has invested $809,690 (about Rs 5.12 crore) in management and IT consulting firm Drivestream. The cash consideration will see Wipro acquiring 19,679 preferred stocks and 27,865 common stocks, Wipro said in a BSE filing.

 

Raymond fell 2% after Sebi initiated a preliminary enquiry against the company over corporate governance lapses relating to the sale attempt of JK House.