Stocks trimmed gains in mid-morning trade. At 11:23 IST, the barometer index, the S&P BSE Sensex, was up 40.65 points or 0.12% at 34,346.08. The Nifty 50 index was up 8.05 points or 0.08% at 10,536.40. Metal and mining stocks after China reported better-than-expected GDP growth in first quarter. Sentiment was boosted after the India Meteorological Department (IMD) forecasted normal monsoon this year.
Stocks opened higher as sentiment was boosted after the India Meteorological Department (IMD) forecasted normal monsoon this year. However, after an initial volatility, the key benchmark indices drifted higher and hit fresh intraday high in morning trade.
The S&P BSE Mid-Cap index was up 0.28%. The S&P BSE Small-Cap index was up 0.38%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,343 shares rose and 927 shares fell. A total of 114 shares were unchanged.
Metal and mining stocks after China reported better-than-expected GDP growth in first quarter. China is the world's largest consumer of steel, copper and aluminum.
Tata Steel (up 1.26%), National Aluminium Company (up 1.82%), Hindustan Zinc (up 0.54%), Hindalco Industries (up 2.11%), Vedanta (up 0.14%), NMDC (up 0.04%) and Hindustan Copper (up 0.62%) edged higher. JSW Steel (down 0.21%), Steel Authority of India (Sail) (down 0.39%) and Jindal Steel & Power (down 0.45%) fell.
Telecom stocks saw mixed trend. Idea Cellular (up 1.26%), MTNL (up 3.23%) and Reliance Communications (up 0.95%) rose. Bharti Airtel (down 0.04%) and Tata Teleservices (Maharashtra) (down 0.67%) fell.
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Shares of Bharti Infratel fell 1.16%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Sterlite Technologies rose 3.38% after the company said its board will meet on 25 April 2018 to consider raising funds through issue of securities. The announcement was made after market hours yesterday, 16 April 2018.
Sterlite Technologies said its board will meet on 25 April 2018 to consider approval of raising funds by issue of equity shares or any other securities convertible into equity shares or a combination of such securities by way of further public offer, rights issue, American depository receipts/global depository receipts/foreign currency convertible bonds, qualified institutions placement, preferential issue or any other method as may be permitted under applicable laws, subject to such regulatory/statutory approvals as may be required, including approval of the notice for the general meeting for obtaining the shareholders' approval in this regard.
The board will also consider offering or inviting subscription of non-convertible debentures on private placement basis.
India is set to get a normal monsoon this year, with average rainfall likely to be 97%, the India Meteorological Department (IMD) announced after market hours yesterday, 16 April 2018. Between 96% and 104% of the long-period average is considered a normal monsoon, and the margin of error is 5%.
Overseas, Asian stocks were trading mixed as investors parsed a mixed set of economic numbers out of China and sought fresh leads after weeks of volatility sparked by trade frictions and geopolitical conflict.
China's gross domestic product rose 6.8% from a year earlier in the first quarter, holding steady from the 6.8% growth in the fourth quarter of last year, China's National Bureau of Statistics said today, 17 April 2018.
Meanwhile, industrial production grew just 6% in March, compared with 7.2% in the first two months of the year, and 6.8% overall for the quarter. In other data, January to March fixed asset investment growth slowed to 7.5% from a year ago, down from 7.9% in the first two months of the year.
US stocks closed sharply higher yesterday, 16 April 2018 with major indexes rallying in a broad advance as the first-quarter earnings season pointed to strong growth and geopolitical tensions showed signs of easing.
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