Key benchmark indices extended gains and hit fresh intraday high in afternoon trade on steady buying in index pivotals. At 13:28 the barometer index, the S&P BSE Sensex, was up 192.36 points or 0.55% at 35,107.74. The Nifty 50 index was up 60.05 points or 0.57% at 10,678.30. The Sensex was currently trading above the psychologically important 35,000 level after moving above that level in early trade. Capital goods stocks edged higher. Realty stocks gained.
Among secondary barometers, the BSE Mid-Cap index was up 0.25%, underperforming the Sensex. The BSE Small-Cap index was up 0.57%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,361 shares rose and 1,162 shares fell. A total of 134 shares were unchanged.
Capital goods stocks edged higher. BEML (up 3.32%), Bharat Electronics (up 1.08%), ABB India (up 0.23%), Bharat Heavy Electricals (Bhel) (up 0.06%), Punj Lloyd (up 0.6%) and Siemens (up 1.42%) gained. Thermax (down 0.27%) fell.
L&T was up 0.57%. The company said that its subsidiary company, L&T Infrastructure Development Projects (L&TIDPL) has transferred its stake in its five subsidiary companies - Krishnagiri Thopur Toll Road Limited (KTTL), L&T BPP Tollway (BPP), Devihalli Hassan Tollway (DHTL), Krishnagiri Walajahphet Tollway (KWTL) and Western Andhra Tollways (WATL) to Indinfravit Trust through the infrastructure investment trust (InvIT) route on 4 May 2018. The announcement was made after market hours on Friday, 4 May 2018.
Realty stocks gained. Godrej Properties (up 5.08%), DLF (up 1.92%), Indiabulls Real Estate (up 1.07%), Housing Development and Infrastructure (up 0.32%), D B Realty (up 0.16%), Unitech (up 0.54%), Sobha (up 1.24%), Prestige Estates Projects (up 1.32%) and Oberoi Realty (up 1.22%) rose.
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Avenue Supermarts fell 2.57%. The company's net profit surged 72.86% to Rs 167.10 crore on 22.57% rise in total income to Rs 3824.87 crore in Q4 March 2018 over Q4 March 2017. Avenue Supermarts' earnings before interest, taxation, depreciation and amortization (EBITDA) rose 41.8% to Rs 294 crore in Q4 March 2018 over Q4 March 2017. EBITDA margin rose to 7.7% in Q4 March 2018 from 6.7% in Q4 March 2017. The company declared its Q4 result on Saturday, 5 May 2018.
Neville Noronha, CEO & Managing Director, Avenue Supermarts said that deflation in staples, tax rates not being comparable, store addition not in line with expectation and base effect of demonetization has made March 2018 revenue a little tepid. Grooming talent and store addition shall continue to remain two main challenges as well as focus areas for the company.
Overseas, European shares were supported in early trade by some good earning updates and gains in Nestle after the Swiss-based food giant agreed a tie-up with Starbucks. Over the weekend, the French government urged Air France managers and unions to resolve the stand-off. Asian shares were mixed despite the strong closing on Wall Street as investors digested last week's trade talks and US jobs numbers.
US stocks logged sharp gains on Friday, 4 May 2018, as technology stocks rallied, overshadowing uncertainty over tense trade talks between the US and China and a weaker-than-expected rise in April nonfarm payrolls.
The US created 164,000 new jobs in April. Separately, the unemployment rate fell to 3.9% from 4.1%, the first time the jobless rate has dropped below 4% since the end of 2000.
Meanwhile, China and the US ended the second day of trade talks on Friday. Both sides recognise there are still big differences on some issues and that they need to continue to step up their work to make progress. The two sides exchanged views on expanding US exports to China, trade in services, bilateral investment, protection of intellectual property rights, resolution of tariffs and non-tariff measures.
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