Key benchmark indices extended gains in afternoon trade to hit fresh intraday highs as market sentiment remained strong after a long holiday weekend. At 13:22 IST, the barometer index, the S&P BSE Sensex, was up 196.84 points or 0.6% at 33,165.52. The Nifty 50 index advanced 65.15 points or 0.64% at 10,178.85. The Sensex was trading above the psychological 33,000 mark after gyrating above and below that level in intraday trade. IT stocks advanced. Realty stocks also gained.
Trading for the first day of the week, month and financial year 2019 began on a buoyant note as domestic stocks edged higher in early trade on positive Asian stocks. A bout of volatility was seen in morning trade as the key benchmark indices regained strength soon after trimming early gains. Indices extended gains to hit fresh intraday highs in afternoon trade. Trading resumed after a long weekend. The stock market had remained shut on Thursday, 29 March 2018 for Mahavir Jayanti and also on Friday, 30 March 2018 on the eve of Good Friday.
Among secondary indices, the S&P BSE Mid-Cap index advanced 0.86%. The S&P BSE Small-Cap index surged 1.82%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,917 shares advanced and 561 shares fell. A total of 134 shares were unchanged.
IT stocks advanced. Infosys (up 0.15%), Wipro (up 1.72%), TCS (up 1.43%) and Oracle Financial Services Software (up 1.99%) gained. Tech Mahindra (down 0.55%) edged lower.
Realty stocks also gained. Unitech (up 3.06%), Prestige Estates Projects (up 1.72%), HDIL (up 1.42%), Sobha (up 0.68%), Godrej Properties (up 0.43%) and Indiabulls Real Estate (up 0.22%) advanced. DLF (down 0.42%) edged lower.
Dr Reddy's Laboratories was up 2.28% at Rs 2,129.85 after the company announced the filing of New Drug Application (NDA) for its migraine candidate DFN-02 with the US Food and Drug Administration (USFDA). The announcement was made during market hours today, 2 April 2018.
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Among other news on the domestic front, as per decision of the GST Council, e-Way Bill system became mandatory from 1 April 2018 for all inter-state movement of goods.
Overseas, Asian shares edged lower amid fears that US President Donald Trump's tariff programs could set off a trade war. Stock markets in Australia, New Zealand and Hong Kong remain closed for the Easter holiday. A Bank of Japan survey showed the first softening of business sentiment among Japan's big manufacturers in two years, with the materials sector most directly affected by US trade tariffs showing the sharpest declines.
China's manufacturing activity expanded at its weakest pace in four months in March, a private survey showed today, 2 April 2018. The Caixin/Markit Manufacturing Purchasing Managers' index (PMI) dropped to 51 in March from 51.6 in February. The weaker reading follows official data released Saturday, 31 March 2018 showing a rebound to 51.5 from February's holiday-affected 50.3.
Meanwhile, China imposed tariffs on a range of US goods, to retaliate against the Trump administration's penalties on imports of Chinese steel and aluminum. The Chinese Finance Ministry said on Sunday, 1 April 2018 that the previously announced tariffs on the imports of American goods would take effect from today, 2 April 2018. Penalties range from 25% on American pork and eight other kinds of goods to 15% on fruit and 120 types of commodities, the ministry said.
US stocks rose on Thursday, 29 March 2018 with tech shares leading the way, as equity markets ended a tumultuous quarter on a high note. The US and European markets were closed on Friday, 30 March 2018 for the Good Friday holiday.
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