Key benchmark indices logged modest gains in volatile session of trade led by index heavyweights ICICI Bank and Reliance Industries. The barometer index, the S&P BSE Sensex, rose 115.27 points or 0.35% at 33,370.63, as per the provisional closing data. The Nifty 50 index rose 33.20 points or 0.33% at 10,245, as per the provisional closing data. Telecom stocks rose. After trading in a small range in quiet trade, stocks staged a comeback in late trade.
A bout of volatility was seen in early trade as domestic stocks turned positive soon after a subdued start triggered by negative Asian stocks. Key benchmark indices once again sink in negative zone in morning trade. Stocks extended fall and hit fresh intraday low in mid-morning trade after latest data showed that India's manufacturing growth has slowed to five-month low in March. Indices, however, turned range bound in afternoon trade. Key benchmark indices alternately swung between positive and negative zone in mid-afternoon trade.
The S&P BSE Mid-Cap index provisionally rose 0.92%. The S&P BSE Small-Cap index provisionally rose 1.35%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,849 shares rose and 794 shares fell. A total of 144 shares were unchanged.
ICICI Bank (up 2.94%), M&M (up 2.92%) and Yes Bank (up 2.11%) edged higher from the Sensex pack.
Telecom stocks rose. Bharti Airtel (up 1.76%), MTNL (up 2.07%) and Tata Teleservices (Maharashtra) (up 1.24%) gained. Idea Cellular (down 0.39%) fell.
Shares of Bharti Infratel rose 0.09%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
IndusInd Bank rose 1.32% after the bank announced a pilot with WhatsApp enterprise solution in India to communicate with its customers. The private sector lender became one of the first banks to participate in the WhatsApp pilot. The announcement was made during market hours today, 3 April 2018.
The integration with WhatsApp will allow IndusInd Bank to start appearing as a verified account when it communicates with its customers. The initial test phase will allow the bank to communicate important transaction alerts to the customers on WhatsApp. It also allows two-way communication with replies to customer messages and provides basic banking services like checking balance, mini statement, checking reward points as well as updation of Aadhaar through WhatsApp. The messaging on WhatsApp is being rolled out to customers in phases; however, customers can save the official WhatsApp number of the bank and initiate conversation.
Centrum Capital rose 4.15% after the company said it signed agreement to sell its money exchange business to EBIX Inc for approximately Rs 1200 crore. The announcement was made during trading hours today, 3 April 2018.
The Centrum Group, a leading domestic integrated financial services Group, announced that it has signed an agreement to divest its full stake in Centrum Direct (CDL), its money exchange business to EBIX Inc, an Atlanta-based leading international supplier of OnDemand software and E-commerce services. The sale value is approximately Rs 1200 crore. The entire CDL team and assets will be transferred to EBIX Inc and will become a part of EbixCash, an end-to-end financial exchange.
On the macro front, data released today, 3 April 2018 showed that manufacturing conditions improved for the eighth consecutive in March, but at the weakest pace since October. The Nikkei India Manufacturing Purchasing Managers' Index (PMI) fell to a five-month low of 51 in March from 52.1 in February.
The output of eight core infrastructure sector, constituting 40.27% of the weight of items included in the Index of Industrial Production, increased 5.3% in February 2018 over February 2017. Its cumulative output moved up 4.3% in April to February 2017-18. The data was announced after market hours yesterday, 2 April 2018.
Overseas, European stocks declined and most Asian stocks settled lower as a sell-off in once much-favored US technology shares deepened and volatility soared. US stocks fell sharply yesterday, 2 April 2018 driven by both uncertainty surrounding trade policy and weakness in the large-capitalization technology and internet sectors.
The IHS Markit manufacturing purchasing managers index hit a three-year high of 55.6 in March, up from 55.3. The ISM manufacturing report for the same month came in at 59.3, compared with a previous monthly reading of 60.8. A reading of 50 or above indicates improving conditions.
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