Key benchmark indices are trading with modest gains in morning trade. At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 168.34 points or 0.46% at 36,425.03. The Nifty 50 index was up 45.40 points or 0.42% at 10,876.35. Investors are awaiting the interim budget to be announced today, 1 February 2019.
Trading for the day began on a positive note as the key benchmark indices drifted higher in early trade.
The interim budget will be the last one presented by the current NDA government led by Prime Minister Modi, before the 2019 general elections in April. The government is expected to make a host of populist announcements in the budget. It is widely expected that the interim budget may contain tax sops and a certain package for the farm sector. The Budget session of Parliament began yesterday. The session will conclude on 13th of next month.
The S&P BSE Mid-Cap index was up 0.66%. The S&P BSE Small-Cap index was up 0.58%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1114 shares rose and 744 shares fell. A total of 94 shares were unchanged.
Maruti Suzuki India (up 3.68%), Bhari Airtel (up 2.07%), HCL Technologies (up 2.05%) and M&M (up 1.65%) edged higher from the Sensex pack.
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Vedanta (down 16.56%), Power Grid Corporation of India (down 1.09%), Sun Pharmaceutical Industries (down 0.99%), ICICI Bank (down 0.82%) and ONGC (down 0.81%) edged lower from the Sensex pack.
Yes Bank shed 0.21%. Yes Bank announced after market hours yesterday, 31 January 2019, that Reserve Bank of India (RBI) has approved the appointment of Mr. Ajai Kumar as interim MD & CEO of the bank from 1 February 2019 for one month or till Mr. Ravneet Gill assumes office as MD & CEO, whichever is earlier.
MOIL fell 0.77%. MOIL announced after market hours yesterday, 31 January 2019, that it has decreased the prices of Ferro Grade and Chemical grade by about 5% on the existing prices prevailing since 1 January 2019 and continued the prevailing prices of the Silico Manganese Grade (SMGR 25% & SMGR 30%) and Fines. The company will continue the prevailing discount of 10% on the price effective from 1 February 2019 and also continue the existing bulk quantity discount ranging from 5% to 20% on the select grades of non-moving low grade manganese ore. Ferro Manganese/ Ferro Manganese Slag and some identified grades of Manganese Ore will continue to be sold on e-auction basis as well as through Metal Mandi (M3) of MSTC.
Overseas, Asian stocks were trading higher as the latest round of US-China trade talks ended on a positive note, with President Donald Trump saying he was optimistic that the two nations could reach the biggest deal ever made. Trump said on Thursday he will meet with Chinese President Xi Jinping soon to try to seal a comprehensive trade deal. However, no specific plans for the meeting were announced.
A private survey released on Friday suggested that manufacturing in China slowed in January. China's Caixin Manufacturing PMI was 48.3 in January, down from 49.7 in December.
South Korean exports shrank for the second straight month in January weighed by weaker prices for memory chips and petrochemicals. Exports fell 5.8% from a year earlier to $46.35 billion in January, a steeper decline than the prior month's revised 1.3% drop, according to preliminary data from the trade ministry on Friday. Imports also fell 1.7% from a year earlier to $45.02 billion after a revised 1.2% gain in the month before, producing a much narrower trade surplus of $1.34 billion.
US stocks closed mostly higher Thursday led by technology shares after some solid corporate reports. On the data front, the Chicago purchasing managers index for January came in at 56.7, down from 65.4 in December. New home sales in November rose to a seasonally adjusted annual rate of 657,000, up from 562,000 in October.
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