Domestic stocks ended with modest gains on steady buying demand in index pivotals. Local stocks edged higher in early trade. Stocks trimmed gains in morning trade after an initial upmove. Key indices hovered in positive zone in mid-morning trade. Key indices hovered in positive zone in afternoon trade. Stocks extended gains in mid-afternoon trade as European stocks rose in early trade. Indices hovered with modest gains in late trade.
The barometer index, the S&P BSE Sensex, rose 127.19 points or 0.33% at 38,672.91. The index hit high of 38,748.54 and low of 38,546.68 in intraday trade.
The Nifty 50 index rose 53.90 points or 0.47% at 11,623.90. The index hit high of 11,630.35 and low of 11,570.15 in intraday trade.
The S&P BSE Mid-Cap index rose 0.99%. The S&P BSE Small-Cap index rose 0.73%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1459 shares rose and 1179 shares fell. A total of 165 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Metal index (up 2.33%), the S&P BSE Healthcare index (up 1.37%) and the S&P BSE Auto index (up 1.22%), outperformed the Sensex. The S&P BSE FMCG index (down 0.14%), the S&P BSE Bankex (down 0.04%) and the S&P BSE Utilities index (down 0.04%), underperformed the Sensex.
Vedanta (up 3.2%), Tata Steel (up 2.73%), M&M (up 2.27%), Tata Motors (up 2.17%) and ONGC (up 1.66%) edged higher from the Sensex pack.
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IndusInd Bank (down 2.08%), ITC (down 1.1%), Bajaj Auto (down 0.89%), Axis Bank (down 0.79%) and NTPC (down 0.37%) edged lower from the Sensex pack.
Wipro rose 0.06%. Wipro and Indian Institute of Technology, Kharagpur (IIT Kharagpur) signed a memorandum of understanding (MOU) to collaborate on high-impact, industry-focused applied research in the areas of 5G and artificial intelligence (AI). Research outcomes from this partnership will be leveraged by Wipro to develop solutions for its customers, across industry verticals. IIT Kharagpur will benefit from the commercialization of the joint research insights and Wipro's real-world industry expertise. The announcement was made after market hours yesterday, 28 March 2019.
Larsen & Toubro shed 0.05%. Larsen & Toubro has during trading hours today, 29 March 2019, announced a new strategic initiative, L&TNxt, to define the future of the organization from a fresh perspective. It has been identified as a select initiative in L&T's five-year strategic plan.
Lupin gained 1.99%. Lupin announced the launch of Fluocinonide Ointment USP, 0.05%, having received an approval from the United States Food and Drug Administration (USFDA) earlier. Lupin's Fluocinonide Ointment USP, 0.05%, is the generic version of County Line Pharmaceuticals LLC's Lidex Ointment 0.05%. It is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid responsive dermatoses. Fluocinonide Ointment USP, 0.05% (RLD: Lidex) had annual sales of approximately $15 million in the U.S (IQVIA MAT January 2019). The announcement was made after market hours yesterday, 28 March 2019.
Shares of MSTC settled at Rs 114.20 on BSE, a discount of 4.83% over the initial public offer (IPO) price of Rs 120. The stock debuted at Rs 111, a discount of 7.50% to the IPO price. The stock hit a high of Rs 116.55 and low of Rs 110.05. On BSE, 75,000 shares traded on the counter.
MSTC is a Mini Ratna Public Sector Undertaking (PSU) company. From an earlier business as a pure trading company, the company has grown into a large diversified, multi-product services and trading company. Currently, the three main business verticals in the company are E-commerce, Trading, and Recycling.
Tata Power Company rose 3.36%. Tata Power Company signed the power purchase agreement (PPA) with Brihanmumbai Electric Supply and Transport Undertaking, for 676.69 MW of power supplied from its Trombay Thermal and hydro plants, for a period of five years from 1 April 2019 to 31 March 2024. Further, a PPA was also signed by distribution business of Tata Power with its generation arm for 700 MW to be supplied from its Trombay Thermal and hydro plants, for a period of five years from 1 April 2019 to 31 March 2024. The announcement was made after market hours yesterday, 28 March 2019.
WABCO India jumped 4.71%. WABCO India said that its US-based ultimate parent company, WABCO Holdings Inc., announced that it has entered into a definitive merger agreement with ZF Friedrichshafen AG ("ZF"), a privately held global leader in driveline and chassis technologies. Under the agreement, ZF will acquire all outstanding shares of WABCO Holdings Inc., for $136.50 per share in an all-cash transaction for an equity value of over $7 billion. The transaction is expected to close in early 2020. The announcement was made after market hours yesterday, 28 March 2019.
On the economic front, the government will announce data on infrastructure output for February after market hours today, 29 March 2019.
Overseas, European and Asian shares edged higher on Friday helped by upbeat signs on U.S.-China trade talks. US stocks closed higher Thursday following reports that the U.S. and China have made progress toward a trade deal even as investors weighed data showing U.S. economic growth slowed in the fourth quarter.
In Europe, UK Prime Minister Theresa May will put her Brexit divorce deal to a vote in Parliament on Friday. May on Wednesday said she would be willing to step down if her plan to usher Britain out of the European Union was approved by Parliament.
U.S. negotiators, led by Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, attended a working dinner Thursday night with Chinese Vice Premier Liu He, who is expected to travel to Washington next week. At a speech in Washington on Thursday, White House economic adviser Larry Kudlow said the U.S. administration was prepared to continue trade negotiations with China for weeks or even months.
In economic data, U.S. economic growth had slowed sharply in the last three months of 2018 to an annual rate of 2.2%, due to weakness in consumer spending, business investment, government spending and housing.
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