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* The water level across India's 150 primary reservoirs was 41.705 bcm as of today, down 23% from a year ago and 6% from the average of the past 10 years, said the Central Water Commission. The current water level is 23% of the total live storage capacity of these reservoirs.Of 150 reservoirs, water level in 130 reservoirs was 40% and below, while that in 10 reservoirs was in a range of 41-50%. The condition is seen worse in western and southern regions. In the western region, which includes Gujarat and Maharashtra, the water level as of today is 24% of the live storage capacity compared with 28% a year ago. Of 49 reservoirs in both states, 44 have recorded water levels of 40% or below.Similarly, in the southern region of the country, the water level is 14% of the live storage capacity, compared with 24% in the year-ago period. The southern region consists of 42 reservoirs spread over five states. Of these, 38 have recorded water level at 40% or below as of today.Water level in the central region is 29.1% of the total storage capacity, compared to 37% a year ago. Of 26 reservoirs in the central region, the water level in 23 reservoirs is 40% or below, in two 41-50%, while in one it is in a range of 51-60%, the report showed.Conditions in the northern region have worsened due to the ongoing heatwave. Of the 10 reservoirs in this region, nine saw water storage at 40% or below, while one has storage from 51-60%. Water level in this region is 30% of live storage capacity, against 38% a year ago.On Wednesday, Delhi's Mungeshpur locality touched 52.3 degrees Celsius. On Tuesday, Churu in Rajasthan recorded the highest maximum temperature of 50 degrees Celsius, the India Meterological Department said. Heatwave conditions have been prevailing in Chandigarh, Delhi, and Rajasthan since May 17, it added. Further, the weather bureau said that heat wave to severe heat wave conditions are very likely in some parts of Punjab, Haryana, Delhi, and Rajasthan till Jun 1. The situation in the eastern region is comparatively better than the other regions, as it has one reservoir with 100% storage and four with water level raging from 71-99%. However, of 23 total reservoirs, water levels in 16 are seen 40% or below. The water level in the eastern parts of the country is 28% of the total live storage capacity against 25% in the corresponding period a year ago.Assam, Jharkhand, Uttarakhand, Bihar, Tripura, Nagaland, Gujarat, and Kerala have better storage in percentage terms compared with the same period last year. However, water storage has dropped on year in Himachal Pradesh, Punjab, West Bengal, Madhya Pradesh, Rajasthan, Maharashtra, Uttar Pradesh, Chhattisgarh, Telangana, Andhra Pradesh, Karnataka, and Tamil Nadu. Odisha has the same storage as last year.

* Conditions are becoming favourable for the onset of southwest monsoon over Kerala in the next 24 hours, the India Meteorological Department said on Wednesday. Conditions are also becoming favourable for the monsoon to advance into some more parts of northeastern states, Lakshadweep, the South Arabian Sea, southwest, central and northeast Bay of Bengal during the same period, it said. Due to a cyclonic circulation over northeast Assam and the neighbourhood, the weather bureau has forecast very heavy rainfall over Assam, Meghalaya, Arunachal Pradesh, sub-Himalayan West Bengal and Sikkim over the next five days, the weather bureau said. Heavy rainfall is very likely over Kerala and Mahe over the next five days, over Andaman and Nicobar Islands from Friday to Sunday and over Tamil Nadu and south interior Karnataka on Saturday and Sunday, due to the influence of strong westerly winds over the Kerala coast, the weather agency said. Due to the same weather pattern, very heavy rainfall is likely over Kerala, Mahe and Lakshadweep on Wednesday, the weather department said.  In a relief, heatwave to severe heatwave conditions are likely to abate over northwest and central India from Thursday, the agency said. Severe heatwave conditions are very likely over many parts of Punjab, Haryana, Chandigarh, Delhi, Rajasthan, Uttar Pradesh and Madhya Pradesh today, it said. Similar conditions are very likely over a few pockets of Bihar, Jharkhand and Odisha till Thursday.  Hot and humid weather is very likely to prevail over a few parts of Konkan and Goa on Thursday and Friday, the department said. Warm night conditions are very likely to prevail over a few parts of Uttar Pradesh, Bihar, Jharkhand, Odisha, Madhya Pradesh and Chhattisgarh till Thursday, it said.  The highest maximum temperature of the season was recorded at Churu in West Rajasthan at 50.5 degrees Celsius on Tuesday. Extremely heavy rainfall was observed over a few parts of Meghalaya on Tuesday.

* The Securities and Exchange Board of India has eased the eligibility criteria for commodity derivatives exchanges to introduce options on futures contracts in agricultural and agri-processed commodities. In a circular on Monday, SEBI cut to 1 bln rupees from 2 bln rupees the minimum average daily turnover during the previous 12 months for futures contracts of the corresponding commodity, which is a pre-condition for an exchange to launch options contracts on commodities. The relaxation will apply to options on futures contracts, and not to options on goods contracts. Options on goods contracts on a commodity are benchmarked to the spot price of the underlying commodity, whereas options on futures contracts are linked to the futures prices of the commodity. The settlement is delivery-based for options on goods contracts, while options on futures contracts are cash-settled. There is no minimum futures turnover criteria for the launch of options on goods contracts except that it has the same quality specifications, delivery centres, final settlement price methodology, and other specifications, as the corresponding futures contracts. There will be no change in the criteria for launch of options on commodities that are not agricultural or agri-processed. For these commodities, which encompass energy, bullion, metal, and other commodities, the corresponding futures contracts need to have a minimum average turnover of 10 bln rupees during the previous 12 months. SEBI's circular will come into effect from Saturday. The relaxation is likely to help the National Commodity and Derivatives Exchange, which has been keen on launching options on futures in a few spices and other agricultural commodities. Till recently, NCDEX provided options trading in a few commodities but these options contracts were on underlying goods. At the end of January, NCDEX announced it was discontinuing options on goods contracts in guar seed, guar gum, maize, dhaniya (coriander), jeera, and turmeric. The exchange had said it would not introduce new expiries related to the options on goods contracts on the six agricultural commodities. These six options on goods contracts were illiquid. The commodities on which NCDEX is considering introducing options on futures contracts are among the six agricultural commodities in which the options on goods contracts were discontinued.

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