Indices extend gain

Key benchmark indices were trading with modest gains in afternoon trade. At 13:20 IST, the S&P BSE Sensex was up 164.33 points or 0.41% at 39,948.85. The Nifty 50 index was up 44.10 points or 0.37% at 11,966.80.

In broader market, the S&P BSE MidCap index was up 0.54%, outperforming the Sensex. The S&P BSE SmallCap was down 0.11%, underperforming the Sensex.

The market breadth was negative. On BSE, 984 shares advanced and 1330 shares declined. A total of 139 shares were unchanged.

Auto stocks were mixed. Hero Motocorp (up 1.09%), TVS Motor Company (up 0.39%), Bajaj Auto up (0.29%) and Ashok Leyland (up 0.11%), increased. While, Eicher Motors (down 0.09%), Maruti Suzuki India (down 0.15%) and Mahindra and Mahindra (down 1.44%), decreased.

Tata Motors was up by 1.26%. The company announced that Jaguar Land Rover retail sales in May 2019 were 42,370 vehicles, down 12.2% compared to May 2018.

Bharat Heavy Electricals (BHEL) was up 2.49% on the BSE after the company announced that it had received an order from the Nuclear Power Corporation of India Limited (NPCIL) for erection of Kudankulam Units 3&4.

HCL Technologies was up 1.94%. HCL Technologies and PTC, announced an Internet of Things (IoT) solution of Realtime Manufacturing Insights (RMI) for the discrete manufacturing industry.

Vodafone Idea was up 1.33%. Vodafone Idea has announced that it has collaborated with NetApp and Cisco to deliver the FlexPod converged infrastructure managed private cloud offering which integrates NetApp storage, Cisco UCS compute or networking resources, and Vodafone Idea's 'The Vinci Smart Autonomics Platform' to deliver a feature rich private cloud for its users.

Sterlite Technologies rose by 11.07%. Sterlite Technologies announced that the promoters of the company have removed 100% of entire pledge on shares of Sterlite Technologies (STL) with immediate effect.

Overseas, European Markets opened on a higher note. Asian stock markets were trading higher on Tuesday.

US President Trump is set to meet with Xi at the G-20 summit, where the leaders of 19 nations and the European Union are expected to meet, as trade tensions approach boiling point worldwide. Donald Trump reportedly said on Monday he was ready to impose another round of punitive tariffs on Chinese imports if he cannot make progress in trade talks with Chinese President Xi Jinping at the G20 summit. US president reportedly expects to meet Xi at the June 28-29 summit in Osaka, Japan.

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