Key equity indices trimmed gains in mid-morning trade. At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 262.38 points or 0.68% at 38,935.29. The Nifty 50 index was up 65.50 points or 0.56% at 11,689.40. The Sensex was trading below 39,000 mark after crossing that level in morning trade. The Nifty was trading below 11,700 mark after crossing that level in morning trade. The sentiment was boosted by positive global cues backed by fresh hopes of a progress in China-US trade talks.
The indices opened higher and hit fresh intraday high in morning trade. Shares trimmed gains in mid-morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.94%. The BSE Small-Cap index was up 1.30%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1640 shares rose and 552 shares fell. A total of 552 shares were unchanged.
IT shares traded higher. Persistent Systems (up 2.14%), Wipro (up 1.77%), MphasiS (up 1.64%), HCL Technologies (up 1.58%), Hexaware Technologies (up 1.49%), Infosys (up 1.30%), TCS (up 1.26%), Tech Mahindra (up 1.13%), MindTree (up 0.83%) and Oracle Financial Services Software (up 0.61%), edged higher.
Pharmaceuticals shares were mixed. Wockhardt (up 5.56%), Strides Shasun (up 2.13%), Lupin (up 2.12%), Aurobindo Pharma (up 1.34%), Divi's Laboratories (up 1.22%), Alkem Laboratories (up 1.17%), Dr Reddy's Laboratories (up 0.90%), Glenmark Pharmaceuticals (up 0.69%) and Cadila Healthcare (up 0.10%), edged higher. Sun Pharmaceutical Industries (down 0.01%), GlaxoSmithKline Pharmaceuticals (down 0.06%), IPCA Laboratories (down 0.16%), Cipla (down 0.44%) and Piramal Enterprises (down 1.62%), edged lower.
Engineering and construction major Larsen & Toubro was up 1.84%. The company said it has won a large order from Kuwait Oil Company (KOC). The new export gas strategic pipeline and its associated facilities will run a span of approximately 145 km. The new strategic gas export pipeline contract has been awarded through international competitive bidding on a Lump Sum Turn Key (LSTK) basis. L&T is currently executing a new 48" Crude Transit Line (CTL) from North Kuwait to Central Mixing Manifold (CMM) located near Ahmadi (Kuwait). The announcement was made during trading hours today, 1 April 2019.
Car major Maruti Suzuki India was up 2.48%. The company said its total vehicle sales fell 1.6% to 1.58 lakh units in March 2019 over March 2018. The announcement was made during trading hours today, 1 April 2019.
Tata Motors was up 5.85%. Jaguar Land Rover (JLR) Automotive on Friday, 29 March 2019, issued a statement in connection with S&P's decision this week to downgrade the company to 'B+' with credit watch negative. The company is disappointed by S&P's decision to downgrade Jaguar Land Rover now. The company reaffirms that it expects improved financial results in the fourth quarter period to March 31 , 2019, compared to the first nine months of the financial year, with significant positive cashflow in the fourth quarter. Jaguar Land Rover is continuing to execute its product plans and Project Charge turnaround strategy to deliver 2.5 billion of cashflow improvements by March 2020.
On the economic front, India's fiscal deficit touched 134.2% of the full-year revised budgeted estimate at the end of February 2019, data showed Friday. In absolute terms, the fiscal deficit for April-February 2018-19 was Rs 8.51 lakh crore as against the revised estimate (RE) of Rs 6.34 trillion for the entire year, according to Controller General of Accounts (CGA) data.
The data revealed that revenue receipts of the central government was Rs 12.65 lakh crore or 73.2% of the revised budgetary estimate (BE) at February end. In the same period last fiscal, the revenue collection was 78.2% of the estimates. The government's tax revenue stood at Rs 10.94 lakh crore and non-tax revenue was Rs 1.71 lakh crore. Total expenditure incurred by the government during April-February 2018-19 was Rs 21.88 lakh crore (89.08% of RE).
Further, India's current account deficit (CAD) at $16.9 billion (2.5% of GDP) in Q3 of 2018-19 increased from $13.7 billion (2.1% of GDP) in Q3 of 2017-18, but moderated from $19.1 billion (2.9% of GDP) in the preceding quarter. The widening of the CAD on a year-on-year (y-o-y) basis was primarily on account of a higher trade deficit at $49.5 billion as compared with $44.0 billion a year ago, the Reserve Bank of India said on Friday.
Overseas, Asian shares were trading higher amid signs of progress in US-China trade talks.
Manufacturing activity in China expanded unexpectedly in March at its fastest pace in eight months, a private survey showed. The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) came in at 50.8 for March. A reading below 50 signals contraction, while a reading above that level indicates expansion.
US stocks rose on Friday, 29 March 2019, as optimism over progress on US-China trade talks appeared to overshadow concerns about a slowing economic expansion.
On the US-China trade front, high-level trade negotiations between the two economic powerhouses are set to resume in Washington this week following last week's talks in Beijing.
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