Stocks extended gains and hit fresh intraday high in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 157.87 points or 0.48% at 33,126.55. The Nifty 50 index was up 52.45 points or 0.52% at 10,166.15. The Sensex was trading above the psychological 33,000 mark after gyrating above and below that level in intraday trade. Telecom stocks gained. The market sentiment was boosted by positive Asian stocks.
Trading for the first day of the week, month and financial year 2019 began on a buoyant note as domestic stocks edged higher in early trade on positive Asian stocks. A bout of volatility was seen in morning trade as the key benchmark indices regained strength soon after trimming early gains. Trading resumed after a long weekend. The stock market had remained shut on Thursday, 29 March 2018 for Mahavir Jayanti and also on Friday, 30 March 2018 on the eve of Good Friday.
The S&P BSE Mid-Cap index was up 0.58%. The S&P BSE Small-Cap index was up 1.58%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,751 shares rose and 506 shares fell. A total of 84 shares were unchanged.
Overseas, most Asian shares were trading higher, shrugging off fears that US President Donald Trump's tariff programs could set off a trade war. Stock markets in Australia, New Zealand and Hong Kong remain closed for the Easter holiday. A Bank of Japan survey showed the first softening of business sentiment among Japan's big manufacturers in two years, with the materials sector most directly affected by US trade tariffs showing the sharpest declines.
China's manufacturing activity expanded at its weakest pace in four months in March, a private survey showed today, 2 April 2018. The Caixin/Markit Manufacturing Purchasing Managers' index (PMI) dropped to 51 in March from 51.6 in February. The weaker reading follows official data released Saturday, 31 March 2018 showing a rebound to 51.5 from February's holiday-affected 50.3.
Meanwhile, China imposed tariffs on a range of US goods, to retaliate against the Trump administration's penalties on imports of Chinese steel and aluminum. The Chinese Finance Ministry said on Sunday, 1 April 2018 that the previously announced tariffs on the imports of American goods would take effect from today, 2 April 2018. Penalties range from 25% on American pork and eight other kinds of goods to 15% on fruit and 120 types of commodities, the ministry said.
US stocks rose on Thursday, 29 March 2018 with tech shares leading the way, as equity markets ended a tumultuous quarter on a high note. The US and European markets were closed on Friday, 30 March 2018 for the Good Friday holiday.
Back home, telecom stocks gained. Idea Cellular (up 1.65%), MTNL (up 1.33%), Tata Teleservices (Maharashtra) (up 0.73%) and Reliance Communications (up 3.22%) advanced. Bharti Airtel (down 1.2%) declined.
Shares of Bharti Infratel rose 2.13%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Shares of Sandhar Technologies were trading at Rs 345.10, a premium of 3.94% over the initial public offer price of Rs 332. The stock debuted at Rs 345, a premium of 3.92% to the initial public offer (IPO) price. So far the stock hit a high of Rs 351.45 and low of Rs 338.05. On BSE, so far 7.51 lakh shares were traded on the counter. Sandhar Technologies is a component supplier primarily catering to automotive original equipment manufacturers (OEMs).
Navkar Corporation surged 7.56% after the company said that the National Company Law Tribunal, Mumbai Bench, has sanctioned the scheme of amalgamation of Navkar Terminals into Navkar Corporation. The announcement was made after market hours on Wednesday, 28 March 2018. The stock market remained closed on Thursday, 29 March and Friday, 30 March 2018 for holidays.
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