Stocks extended gains in morning trade after an initial upmove. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 147.60 points or 0.37% at 39,861.80. The Nifty 50 index was up 48.20 points or 0.4% at 11,971
Domestic stocks drifted higher in early trade on buying demand in index pivotals.
On the macro front, India's economic growth rate slowed to five-year low of 5.8% in January-March 2018-19, due to slackness in agriculture and manufacturing sectors, official data stated. The Central Statistics Office also revealed that GDP growth during the 2018-19 fiscal stood at 6.8%, lower than 7.2% in the previous financial year. The data was released after market hours on Friday, 31 May 2019.
The S&P BSE Mid-Cap index was up 0.35%. The S&P BSE Small-Cap index was down 0.08%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 888 shares rose and 1087 shares fell. A total of 108 shares were unchanged.
Hero MotoCorp (up 4.57%), Bajaj Auto (up 2.86%), Asian Paints (up 2.73%), Maruti Suzuki India (up 1.35%) and Hindustan Unilever (up 1.06%) edged higher from the Sensex pack.
ONGC (down 1.6%), M&M (down 1.39%), ITC (down 0.68%), State Bank of India (down 0.61%) and L&T (down 0.42%) edged lower from the Sensex pack.
NTPC rose 0.45%. NTPC announced that Unit 1 of 800 MW of Gadarwara Super Thermal Power Station (2 x 800 MW) has been declared on commercial operation on 1 June 2019. With this, the commercial capacity of Gadarwara Super Thermal Power Station, NTPC and NTPC group has become 800 MW, 46525 MW and 54326 MW respectively. The announcement was made on Saturday, 1 June 2019.
MOIL fell 1.46% after the company said it revised prices of different grades of Manganese Ore and other products, effective from 1 June 2019. MOIL announced that the prices of ferro grade, SMGR (Mn30% & Mn25%), fines and chemical grades of ore have been decreased by about 7.5% on the existing prices prevailing since 1 April 2019. The announcement was made on Sunday, 2 June 2019.
Overseas, Asian stocks were trading lower on Monday amid increasing concerns over the state of global trade. A private gauge indicated that activity in China's factories held steady in May. The Caixin China manufacturing purchasing managers index in May remained unchanged from April at 50.2, Caixin Media Co. and research firm Markit said Monday.
US stocks closed sharply lower Friday, after President Donald Trump unexpectedly announced plans to impose tariffs on imports from Mexico in an attempt to pressure the country to stem the flow of migrants across the U.S. border.
Meanwhile, reports said China may be readying fresh retaliatory moves against the U.S. in that trade dispute, while data showed a contraction in Chinese manufacturing activity this month.
Late Thursday, Trump announced that the U.S. would impose a 5% tariff on all goods from Mexico until that country stops the flow of illegal immigrants into the country. He said the tariffs will rise to 10% on July 1 if the crisis persists, and by another 5% for every successive month, up to 25% by October 1.
In US economic data, the University of Michigan's final consumer sentiment index reading for May came in at 100 versus an initial 102.4, but remained up from 97.2 in April.
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