Firmness prevailed on the bourses in afternoon trade on sustained buying demand in index pivotals. At 13:12 IST, the barometer index, the S&P BSE Sensex, was up 331.67 points or 0.86% at 39,004.58. The Nifty 50 index was up 89.15 points or 0.77% at 11,713.05.
The Sensex was trading above 39,000 mark after crossing that level in morning trade. The Nifty was trading below 11,700 mark after crossing that level in morning trade. The sentiment was boosted by positive global cues backed by fresh hopes of a progress in China-US trade talks.
The indices opened higher and hit fresh intraday high in morning trade. Shares trimmed gains in mid-morning trade. Indices turned range bound in early afternoon trade.
Broader market was trading on a strong note. Among secondary barometers, the BSE Mid-Cap index was up 1.04%. The BSE Small-Cap index was up 1.16%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1702 shares rose and 692 shares fell. A total of 145 shares were unchanged.
Tata Motors (up 7.09%), Vedanta (up 4.49%), Tata Steel (up 4.06%), HCL Technologies (up 2.14%) and Maruti Suzuki India (up 2.06%) edged higher from the Sensex pack.
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IndusInd Bank (down 2.15%), ONGC (down 0.81%) and Hindustan Unilever (down 0.75%) edged lower from the Sensex pack.
NTPC rose 1.18%. NTPC said that based on achievement of approved norms; Pakri Barwadih Coal Mine of NTPC is declared on commercial operation with effect from 1 April 2019. The announcement was made during market hours today, 1 April 2019.
Infosys rose 1.55%. Infosys during market hours today announced that it has completed the formation of a joint venture with Hitachi, Ltd., Panasonic Corporation and Pasona Inc., strategically enhancing its presence in Japan. The joint venture, formed by complementary, iconic companies coming together, will accelerate business process transformation leveraging digital procurement platforms for the local and global needs of Japanese corporations.
On the economic front, India's fiscal deficit touched 134.2% of the full-year revised budgeted estimate at the end of February 2019, data showed Friday. In absolute terms, the fiscal deficit for April-February 2018-19 was Rs 8.51 lakh crore as against the revised estimate (RE) of Rs 6.34 trillion for the entire year, according to Controller General of Accounts (CGA) data.
The data revealed that revenue receipts of the central government was Rs 12.65 lakh crore or 73.2% of the revised budgetary estimate (BE) at February end. In the same period last fiscal, the revenue collection was 78.2% of the estimates. The government's tax revenue stood at Rs 10.94 lakh crore and non-tax revenue was Rs 1.71 lakh crore. Total expenditure incurred by the government during April-February 2018-19 was Rs 21.88 lakh crore (89.08% of RE).
Further, India's current account deficit (CAD) at $16.9 billion (2.5% of GDP) in Q3 of 2018-19 increased from $13.7 billion (2.1% of GDP) in Q3 of 2017-18, but moderated from $19.1 billion (2.9% of GDP) in the preceding quarter. The widening of the CAD on a year-on-year (y-o-y) basis was primarily on account of a higher trade deficit at $49.5 billion as compared with $44.0 billion a year ago, the Reserve Bank of India said on Friday.
Overseas, Asian shares were trading higher amid signs of progress in US-China trade talks.
Manufacturing activity in China expanded unexpectedly in March at its fastest pace in eight months, a private survey showed. The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) came in at 50.8 for March. A reading below 50 signals contraction, while a reading above that level indicates expansion.
US stocks rose on Friday, 29 March 2019, as optimism over progress on US-China trade talks appeared to overshadow concerns about a slowing economic expansion.
On the US-China trade front, high-level trade negotiations between the two economic powerhouses are set to resume in Washington this week following last week's talks in Beijing.
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