After opening the day on a positive note, stock markets in India have continued their momentum. Sectoral indices are trading on a positive note with stocks in the energy sector and realty sector witnessing maximum buying interest.

The BSE Sensex is trading up 278 points (up 0.8%) and the NSE Nifty is trading up 95 points (up 0.9%). The BSE Mid Cap index is trading up by 1.3%, while the BSE Small Cap index is trading up by 1.4%.

The rupee is trading at 68.55 to the US$.

In news from the macroeconomic space, the International Monetary Fund (IMF) said today that to sustain the high growth rate India has achieved, the country should carry out banking sector reforms; continue with fiscal consolidation; simplify and streamline GST, and renew impetus on reforms.

IMF Communications Director, Gerry Rice, also said that the IMF expects the recovery to continue in FY19 and growth is projected at 7.4% in FY19 and 7.8% in FY20.

In the news from the banking sector, IDBI Bank share price is witnessing buying interest today on reports that the insurance regulator may clear the bank’s deal with LIC today.

As per a leading financial daily, the board members of Insurance Regulatory and Development Authority of India (IRDAI) are likely to meet today, wherein they may clear the deal between IDBI Bank and Life Insurance Corporation of India (LIC). The development comes as the approval from IRDA is mandatory for insurers to invest over 15% in listed companies. As of March 2018, LIC held 10.8% in IDBI Bank.

The board is likely to grant an exemption to LIC for taking over 15% stake in the bank and then LIC may be allowed to buy additional 30% stake, taking its shareholding in the bank to over 40%.

At the time of writing, IDBI Bank share price was trading up by 8.5% on the BSE.

In news from the IPO space, the initial public offering (IPO) of auto component maker Varroc Engineering was subscribed around 3.6 times on the final day of the issue on Thursday.