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Market closes at a three week high

Market closes at a three-week high

Market closes at a three-week high
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By Sudarshan Kumar  Jun 7, 2018 4:20:35 PM IST (Published)

The Indian market closed firmly in the green. The benchmark Nifty index closed 0.8% higher at 10,768 points after breaching 10,800 intra-day for the first time in 17 sessions, while the 30-stock Sensex gained 284 points to 35,463.

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The broader markets also saw gains on the line of benchmarks, with the Nifty Bank index gaining 150 points to 26,518 and the Nifty Midcap index surging 281 points to 18,734.
Financials, IT and energy stocks were the top contributors to index gains.
RBI relaxing limits on liquidity coverage ratio carve-out from statutory liquidity ratio has been taken positively by banks. Morgan Stanley in its report, said, “Banks now can treat part of excess of minimum SLR requirements as level 1 high quality liquid assets. It’s a good step given Indian banks' large liquidity reserves. Relaxations should help banks better meet LCR requirements.”
Most brokerages also believe the 25 basis point rate hike by the RBI's  monetary policy committee was on time, and that the neutral stance indicates the central bank is not embarking on a tightening cycle.
In the futures market, premium of call options has surged while Put options saw premium falling. 10,700 Call option saw its premium surging by 29% 10,800 option by 35%. Amongst the active put options, 10,700 and 10,600 calls’ premium slipped 29% each. The Nifty June Futures closed with a discount of 5 points against the premium of 2 points of Wednesday.
On the global front, Asian shares closed higher, with Japan leading gains in the region. That followed moves higher on Wall Street in the last session, which saw the Dow Jones industrial average close above 25,000.
The Nikkei 225 advanced 0.9% to close at 22,823 as banking and other financial sector stocks advanced. South Korean stocks also gained, with the benchmark Kospi closing up 0.7% at 2,471.
Banks and steelmakers climbed, with Posco rising 4.4%, but gains were capped by declines in large cap technology stocks. On the mainland, the Shanghai composite closed lower by 0.2% at 3,109 and the smaller Shenzhen composite declined 0.6% to 1,767.
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