A bout of volatility was seen in morning trade as the key benchmark indices regained strength soon after trimming early gains. At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 100.10 points or 0.3% at 33,068.78. The Nifty 50 index was up 36.15 points or 0.36% at 10,149.85. The Sensex regained the psychological 33,000 mark in volatile trade after hitting an intraday low below that level in morning trade. Capital goods 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. 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 0.43%. The S&P BSE Small-Cap index was up 1.29%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,602 shares rose and 462 shares fell. A total of 78 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.
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, ICICI Bank (down 5.71%), Axis Bank (down 1.93%) and Bharti Airtel (down 1.4%) edged lower from the Sensex pack.
Capital goods stocks gained. L&T (up 1.42%), ABB India (up 0.88%), Bharat Heavy Electricals (Bhel) (up 0.61%), BEML (up 1.08%), Bharat Electronics (up 1.9%) and Punj Lloyd (up 2.64%) rose. Siemens (down 0.08%) and Thermax (down 0.51%) fell.
Cement stocks rose. Ambuja Cements (up 0.69%), ACC (up 0.72%) and Shree Cement (up 0.11%) rose. UltraTech Cement (down 0.21%) fell.
Grasim Industries was off 0.17%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
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