Market snubs Rajan's exit: Sensex, Nifty steady, banks fall

Moneycontrol Bureau11:55 am Coal auction: After conducting auctions of coal linkages for the sponge iron sector, CIL will go forward with the bidding for the cement sector by the end of this month.

Coal India (CIL) has been directed to conduct auction of coal-linkages for the non-regulated sector to ensure fuel supply to end users.

According to a source, the e-auction for the cement sector is scheduled to start from June 28.

"Notice inviting application (for the auction of linkages for cement sector) was published on June 11," the source said. This will the second sale of the dry fuel for non-regulated industries through bidding route.

11:45 am Udayan's views: With Reserve Bank chief Raghuram Rajan not willing to continue after September when his first term ends, some knee-jerk market reaction is expected, but nothing major, says CNBC-TV18’s Consulting Editor Udayan Mukherjee.

If Brexit gets out of the way and monsoons are good, the Nifty could return to 8300-8400 levels.

The key source of worry is global economy, says Mukherjee. India story is coming back into place with improvement in earnings and other indicators. If market has to rally, if global market permits, Bank Nifty will lead, he adds.

11:30 am Market outlook: Raamdeo Agrawal of Motilal Oswal Financial Services  does not think the Rexit event could dent the market. Agrawal says if one has to be in the stock market, one has to be optimistic come what may. According to him the current bull market is intact. Market basically moves on two things – earnings and earnings outlook. So far bank consolidation which had been in the pipeline is now taking shape through the SBI merger and one could see more mergers and acquisitions in that space going forward, says Agrawal. According to him the year 2018-19 is going to be very important for this government in terms of reforms, government expenditure, etc, taking shape.Don't miss: Brexit: Which Indian IT cos may gain or fall on EU referendum

The market is still making steady gains after knee-jerk reaction to Reserve Bank of India's governor Raghuram Rajan not continuing for second term. The Nifty is below 8200-mark, up 14 points or 0.2 percent at 8184.20. The Sensex is up 66.11 points or 0.2 percent at 26692.02.

Infosys, L&T, TCS, Hero MotoCorp and ONGC are top gainers while Axis Bank, Asain Paints, Lupin, ICICI Bank and Coal India are losers in the Sensex.

Oil prices extended gains today on the back of a weaker US dollar and easing fears of a UK exit from the European Union. The US dollar fell for the fourth day in a row today, trading lower against most major currencies, making the dollar-priced commodity cheaper for those using other currencies and pushing up demand.

US crude last week plunged nearly 10 percent in six days after hitting 11-month highs the previous week while European Brent had given up 9 percent.