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Indian markets trimmed some of their gains but managed to trade in green in noon trade. Both the benchmarks were up by over 0.70%, trading at their psychological levels of 52100 (Sensex) and 15500 (Nifty). Buying in frontline stocks such as Maruti Suzuki, Asian Paints and Bharti Airtel were aiding sentiment, while selling in Power Grid, Titan Co and NTPC kept the gains in the markets in check. Traders were encouraged as Prime Minister Narendra Modi said the government expects the Indian economy to grow by 7.5 per cent this year. Modi also said the value of the Indian digital economy will reach $1 trillion by 2025. Additional support came with RBI data showing that the country's foreign exchange reserves in nominal terms, including valuation effects, rose by $30.3 billion in 2021-22 fiscal against $99.2 billion expansion in FY2020-21. Meanwhile, Prime Minister Narendra Modi appealed to exporters and the industry to fix long-term export targets for themselves and suggest ways for the government to achieve those figures. On the global front, Asian markets were trading mixed with the lack of strong cues and due to the persisting fears over global economic slowdown.

The BSE Sensex is currently trading at 52191.66, up by 369.13 points or 0.71% after trading in a range of 51809.18 and 52516.79. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 1.08%, while Small cap index was up by 0.77%.

The top gaining sectoral indices on the BSE were Auto up by 3.06%, Consumer Discretionary up by 1.70%, Realty up by 1.70%, Telecom up by 1.24% and Industrials was up by 1.19%, while Energy down by 0.35% and Oil & Gas was down by 0.21% were the only losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 4.79%, Asian Paints up by 2.67%, Bharti Airtel up by 2.23%, Mahindra & Mahindra up by 2.14% and ICICI Bank was up by 1.78%. On the flip side, Power Grid down by 1.59%, Titan Co down by 0.90%, NTPC down by 0.69%, Reliance Industries down by 0.44% and ITC was down by 0.25% were the top losers.

Meanwhile, minutes of the latest Monetary Policy Committee (MPC) meeting has said that all the six members of the MPC, including the RBI Governor, expressed concern over continued high inflation and stressed that the Reserve Bank of India's (RBI) endeavour would be to bring down price rise within the target range. The RBI's rate-setting panel, which met during June 6-8, raised the key interest rate by 50 basis points -- the second hike within five weeks. In early May, the policy repo rate was hiked by 40 basis points.

As per the minutes, RBI Governor Shaktikanta Das said while high inflation continues to be the major concern, revival of economic activity remains steady and is gaining traction. He said the time is appropriate to go for a further increase in the policy rate to effectively deal with inflation and inflation expectations. He said ‘Accordingly, I vote for a 50 bps increase in the repo rate which would be in line with the evolving inflation-growth dynamics and will help in mitigating the second round effects of adverse supply shocks.’ He added that the rate hike will reinforce the RBI's commitment to price stability -- its primary mandate and a pre-requisite for sustainable growth over the medium term.

Further, MPC member and RBI Deputy Governor Michael Debabrata Patra has said that the global inflation crisis is just the face of one of the most severe food and energy crises in recent history that now threatens the most vulnerable across the globe. With inflation majorly being driven by supply constraints amid the ongoing Russia-Ukraine war, he said to gain time for supply to respond, the blunt instrument of monetary policy has to be deployed, and there is no other recourse at this juncture. He also said if inflation is allowed to go out of hand, it could corrode the foundations of the recovery that is gaining traction, and deter investment decisions.

The CNX Nifty is currently trading at 15533.80, up by 120.50 points or 0.78% after trading in a range of 15411.55 and 15628.45. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were Hero MotoCorp up by 4.93%, Maruti Suzuki up by 4.85%, Eicher Motors up by 4.77%, Tata Motors up by 2.96% and Asian Paints was up by 2.74%. On the flip side, Power Grid down by 1.73%, Coal India down by 1.51%, Titan Co down by 0.94%, NTPC down by 0.69% and ONGC was down by 0.63% were the top losers.

Asian markets were trading mixed; Nikkei 225 surged 21.70 points or 0.08% to 26,171.25, Straits Times advanced 19.10 points or 0.62% to 3,112.41, Hang Seng increased 299.70 points or 1.43% to 21,308.04 and Shanghai Composite was up by 43.41 points or 1.33% to 3,310.61.

On the other hand, KOSPI fell 28.49 points or 1.22% to 2,314.32, Jakarta Composite lost 24.67 points or 0.35% to 6,959.64 and Taiwan Weighted was down by 171.31 points or 1.12% to 15,176.44.

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