The market firmed up and hit fresh intraday high in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 75.84 points or 0.21% at 36,711.94. The Nifty 50 index was up 9.05 points or 0.08% at 11,062.05.
Indices rose in early trade and advanced further to hit fresh intraday high in morning trade. Gains were supported by firmness in FMCG shares, while metal shares declined.
Among secondary barometers, the BSE Mid-Cap index was up 0.34%. The BSE Small-Cap index was up 0.22%.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1058 shares rose and 854 shares fell. A total of 106 shares were unchanged.
Metal shares declined. Vedanta (down 2.27%), Hindustan Copper (down 1.46%), Steel Authority of India (down 1.44%), National Aluminium Company (down 0.95%), JSW Steel (down 0.78%), Jindal Steel & Power (down 0.75%), Tata Steel (down 0.66%) and Hindalco Industries (down 0.49%), edged lower. Hindustan Zinc (up 0.24%) and NMDC (up 1.73%), edged higher.
FMCG shares advanced. Hindustan Unilever (up 1.12%), Colgate Palmolive (India) (up 1.1%), Godrej Consumer Products (up 1%), Dabur India (up 0.86%), Jyothy Laboratories (up 0.76%), GlaxoSmithKline Consumer Healthcare (up 0.67%), Britannia Industries (up 0.53%), Marico (up 0.40%), Bajaj Corp (up 0.25%) and Tata Global Beverages (up 0.18%), edged higher. Procter & Gamble Hygiene & Health Care (down 0.50%) and Nestle India (down 0.55%), edged lower.
Overseas, most Asian shares declined on Thursday, following a third consecutive day of losses on Wall Street as investors tracked US-China trade negotiations.
US stocks slid for a third consecutive session on Wednesday, as investors continue to wait for news of a trade deal between the US and China.
Payroll-service company ADP estimated that the US private sector added 183,000 jobs in February, according to FactSet.
US data released Wednesday showed the country's trade deficit soaring to a 10-year high of $59.8 billion in December. The US trade deficit soared to a 10-year high in 2018 of $621 billion, the Commerce Department said.
Meanwhile, the Organisation for Economic Co-operation and Development (OECD) in its latest interim economic outlook yesterday, 6 March 2019, said that the global economy is slowing and major risks persist, with growth weakening much more than expected in Europe. The OECD projects that the global economy will grow by 3.3% in 2019 and 3.4% in 2020. The outlook and projections cover all G20 economies. Downward revisions from the previous Economic Outlook in November 2018 are particularly significant for the euro area, notably Germany and Italy, as well as for the United Kingdom, Canada and Turkey.
Indian economic growth is seen improving to 7.2% in 2019 and 7.3% in 2020 after growing by 7% in 2018. However, the projections for 2019 and 2020 have been trimmed by 0.10% compared to the November estimate by the OECD. Business confidence and investment remain strong, and activity should benefit from easing financial conditions, lower oil prices, accommodative fiscal policy and recent structural reforms, OECD said in its report.
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