Trading for the day began on a quiet note as stocks were trading with small gains in early trade. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 20.52 points or 0.06% at 33,391.15. The Nifty 50 index was up 4.50 points or 0.04% at 10,249.50. Asian stocks saw mixed trend.
The S&P BSE Mid-Cap index was up 0.47%. The S&P BSE Small-Cap index was up 0.71%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,229 shares rose and 365 shares fell. A total of 61 shares were unchanged.
Overseas, Asian stocks were trading mixed as investors took a cautious stance following the latest developments in US-China trade tensions. US stocks closed higher yesterday, 3 April 2018 as investors digested a sharp move lower in the previous session and gauged the likelihood of both trade risk and further weakness in technology names.
The US unveiled 25% levies on a range of Chinese imports from high-tech industries like medicine, aviation and semiconductor machinery to intermediate goods like machinery and chemicals.
Back home, Tata Motors (up 4.27%), Hero MotoCorp (up 0.83%) and RIL (up 0.67%) edged higher from the Sensex pack.
Axis Bank (down 1%), Coal India (down 0.88%) and Bharti Airtel (down 0.86%) edged lower from the Sensex pack.
Akzo Nobel India gained 4.98% after the company said that its board will meet on 6 April 2018, to consider a proposal to buyback equity shares. The announcement was made after market hours yesterday, 3 April 2018.
AU Small Finance Bank rose 0.64% after the company said it entered into agreement with Future Generali India Life Insurance Company to act as corporate agent for life insurance business. This tie up shall be mutually beneficial for bank and Future Generali India Life Insurance Company in terms of business, market penetration and reach. The announcement was made after market hours yesterday, 3 April 2018.
Traders and investors are awaiting the outcome of the Reserve Bank of India's (RBI) monetary policy meeting. The RBI's Monetary Policy Committee (MPC) meets today, 4 April 2018 and tomorrow, 5 April 2018 for the first bi-monthly monetary policy for 2018-2019. The resolution of the MPC will be announced at 14:30 IST tomorrow, 5 April 2018.
In its last meeting on 7 February 2018, RBI decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6%. Consequently, the reverse repo rate under the LAF remains at 5.75%, and the marginal standing facility (MSF) rate and the bank rate at 6.25%.
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