Market ended with strong gains, mirroring strength in other global stocks amid signs that US-China trade relations could be improving. The barometer index, the S&P BSE Sensex, rose 403.65 points or 1.14% to 35,756.26, as per the provisional closing data. The Nifty 50 index rose 131.10 points or 1.24% to 10,735.45, as per the provisional closing data. The Nifty crossed 10,700 mark in late trade.
The market opened higher and hit fresh intraday high in morning trade. Indices came off day's high in mid-morning trade and they further pared gains in early afternoon trade. After firming up once again in afternoon trade, indices failed to cross the day's high level and they pared gains in mid-afternoon trade. Fresh buying catapulted shares to fresh intraday high in late trade.
Among secondary barometers, the BSE Mid-Cap index rose 0.91%. The BSE Small-Cap index rose 0.84%.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1490 shares rose and 1113 shares fell. A total of 163 shares were unchanged.
Among index heavyweights, Reliance Industries (up 1.56%), HDFC (up 1.01%) and HDFC Bank (up 1%), edged higher.
Tata Steel (up 4.61%), ONGC (up 3.35%), NTPC (up 3.22%), Yes Bank (up 2.47%) and Infosys (up 2.03%), were the major Sensex gainers.
Hero MotoCorp (down 0.56%), IndusInd Bank (down 0.4%), Hindustan Unilever (down 0.32%), Mahindra & Mahindra (down 0.18%) and Bajaj Auto (down 0.07%), were the major Sensex losers.
Vedanta rose 4.77%. The company termed reports of alleged discussions between Vedanta and JSW Steel for a possible last-minute joint bid for Essar Steel as speculative and baseless. The company confirms categorically that it is not in the process of submitting any revised bid for Essar Steel under the IBC process as mentioned in the articles, Vedanta said. The announcement was made after market hours yesterday, 19 February 2019.
Overseas, shares in Europe and Asia were trading higher Wednesday, amid rising hopes the world's two largest economies could soon secure a trade deal to end a protracted dispute.
Japan's trade deficit expanded in January. The value of Japan's January exports fell by a faster-than-expected 8.4% from a year ago to 5.574 trillion yen, a two-year-low, according to data released by the country's finance ministry on Wednesday. The country logged its fourth straight monthly trade deficit, which grew by almost 50% to Y1.415 trillion. However, Japan's trade surplus with US increased 5.1% on year to Y367.4 billion in January. Japan's overall imports also fell by 0.6%, the ministry said.
Investors awaited the release later on Wednesday of minutes from the US Federal Reserve's January policy-setting meeting, where policymakers took a dovish turn, effectively signaling no further rate hikes.
US stock indices held steady above the break-even line after opening lower on Tuesday. US President Donald Trump reportedly said Tuesday that trade talks with China are going well, adding the current March deadline is not a "magical date." Both countries have until then to come up with a deal. Otherwise, additional US tariffs on Chinese products could take effect. Trump indicated last week, however, he would be willing to push back the deadline.
Representatives from the US and China are meeting in Washington this week to resume trade negotiations, with high level discussions set to happen later in the week, the White House said Monday. US is reportedly seeking to secure a pledge from China that it will not devalue its yuan currency as part of a trade deal.
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