Share markets in India have extended early gains and are presently trading on a strong note. Benchmark indices climbed higher today, taking positive cues from Asian markets.

The BSE Sensex is trading up by 353 points while the NSE Nifty is trading up by 105 points. The BSE Mid Cap index and the BSE Small Cap index are trading up by 1%.

All sectoral indices are trading in green with stocks in the metal sector and automobile sector witnessing most of the buying interest.

Gold Prices are currently trading down by 0.2% at Rs 45,985.

The rupee is trading at 75.70 against the US$.

As the Coronavirus pandemic continues to haunt the global financial markets, the rupee has been hit badly.

Moving on, market participants are tracking Hexaware Technologies share price as the company is scheduled to announce its March quarter results (Q4FY20) later today.

In news from the chemical sector, IOL Chemicals & Pharma has been recognized as a Three Star export house by the Ministry of Commerce & Industry, Government of India and accordingly a Three Star Export House recognition certificate has been issued to the company.

The certificate shall be valid for a period of five years. This will facilitate the company to expand its product portfolio in the foreign market.

IOL Chemicals & Pharma share price is presently trading up by 5%.

Moving on to news from the mutual funds space, the markets regulator has clarified that the grandfathering of the unlisted non-convertible debentures (NCDs) is applicable across the mutual fund (MF) industry.

The regulator has also extended the timelines for reducing exposure to unlisted NCDs in phased manner to September 30, 2020, and December 31, 2020.

By September, MFs can bring down exposure to 15%, and 10% by December 31.

In March, the mutual fund industry had requested extension in light of the coronavirus pandemic.

In other news, as per a leading financial daily, the six wound-up debt schemes of Franklin Templeton Mutual Fund (MF) have concentrated exposures to certain companies belonging to sectors such as non-banking financial companies (NBFCs), asset reconstruction companies (ARC) and renewables.

The company's debt papers held by Franklin are graded by domestic rating agency Crisil, which is yet to revise its ratings on these papers.

Franklin Low Duration Fund had 10.8% of its assets exposed to JM Financial Asset Reconstruction company (ARC).

Another NBFC, which accounts for a larger share of Franklin's wound-up schemes is Piramal Enterprises, along with its subsidiary Piramal Capital & Housing Finance.

The article also states that about Rs 80.8 billion of the exposures of the six wound-up schemes are set to mature within the next 12 months.

Note that, earlier this week on Monday, the Reserve Bank of India (RBI) had announced a Rs 500-billion special liquidity facility for mutual funds to calm investor sentiment in the aftermath of Franklin Templeton Mutual Fund winding up six debt funds.

Data released by the central bank showed that lenders borrowed Rs 20 billion from RBI on 27 April.

Franklin Templeton Mutual Fund on 23 April said it was shutting down six of its yield-oriented managed credit funds with total assets under management of Rs 258.6 billion, owing to severe illiquidity and redemption pressures induced by the covid-19 pandemic.

New High for Mutual Fund AUM