Key domestic indices sharply came off day's high in final trading hour and ended modestly higher. Sentiment was boosted by positive global cues backed by fresh hopes of a progress in China-US trade talks. The barometer index, the S&P BSE Sensex, rose 164.27 points or 0.42% to 38,837.18, as per the provisional closing data. The Nifty 50 index rose 31.70 points or 0.27% to 11,655.60, as per the provisional closing data. The Sensex ended below 39,000 mark and the Nifty ended below 11,700 mark after crossing those levels in intraday.
The indices opened higher and hit fresh intraday high in morning trade. Shares trimmed gains in mid-morning trade. Indices turned range bound in early afternoon trade. Benchmarks firmed up once again in afternoon trade and hit fresh intraday high in mid-afternoon trade. Indices sharply pared gains in late trade as profit booking emerged at higher levels.
Broader market ended higher. Among secondary barometers, the BSE Mid-Cap index rose 0.38%. The BSE Small-Cap index rose 0.73%.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1702 shares rose and 926 shares fell. A total of 147 shares were unchanged.
Mahindra & Mahindra (M&M) fell 1.27%. The company announced during trading hours today, 1 April 2019, that its total vehicle sales rose 1% to 62,952 units in March 2019 over March 2018. Meanwhile, M&M's total tractor sales fell 31% to 19,688 units in March 2019 over March 2018.
NTPC fell 0.18%. NTPC said that based on achievement of approved norms; Pakri Barwadih Coal Mine of NTPC is declared on commercial operation with effect from 1 April 2019. The announcement was made during market hours today, 1 April 2019.
Infosys rose 1.68%. Infosys during market hours today announced that it has completed the formation of a joint venture with Hitachi, Ltd., Panasonic Corporation and Pasona Inc., strategically enhancing its presence in Japan. The joint venture, formed by complementary, iconic companies coming together, will accelerate business process transformation leveraging digital procurement platforms for the local and global needs of Japanese corporations.
Engineering and construction major Larsen & Toubro rose 2.02%. The company said it has won a large order from Kuwait Oil Company (KOC). The new export gas strategic pipeline and its associated facilities will run a span of approximately 145 km. The new strategic gas export pipeline contract has been awarded through international competitive bidding on a Lump Sum Turn Key (LSTK) basis. L&T is currently executing a new 48" Crude Transit Line (CTL) from North Kuwait to Central Mixing Manifold (CMM) located near Ahmadi (Kuwait). The announcement was made during trading hours today, 1 April 2019.
Car major Maruti Suzuki India rose 2.60%. The company said its total vehicle sales fell 1.6% to 1.58 lakh units in March 2019 over March 2018. The announcement was made during trading hours today, 1 April 2019.
Tata Motors rose 7.29%. Jaguar Land Rover (JLR) Automotive on Friday, 29 March 2019, issued a statement in connection with S&P's decision this week to downgrade the company to 'B+' with credit watch negative. The company is disappointed by S&P's decision to downgrade Jaguar Land Rover now. The company reaffirms that it expects improved financial results in the fourth quarter period to March 31 , 2019, compared to the first nine months of the financial year, with significant positive cashflow in the fourth quarter. Jaguar Land Rover is continuing to execute its product plans and Project Charge turnaround strategy to deliver 2.5 billion of cashflow improvements by March 2020.
On the economic front, India's fiscal deficit touched 134.2% of the full-year revised budgeted estimate at the end of February 2019, data showed Friday. In absolute terms, the fiscal deficit for April-February 2018-19 was Rs 8.51 lakh crore as against the revised estimate (RE) of Rs 6.34 trillion for the entire year, according to Controller General of Accounts (CGA) data.
The data revealed that revenue receipts of the central government was Rs 12.65 lakh crore or 73.2% of the revised budgetary estimate (BE) at February end. In the same period last fiscal, the revenue collection was 78.2% of the estimates. The government's tax revenue stood at Rs 10.94 lakh crore and non-tax revenue was Rs 1.71 lakh crore. Total expenditure incurred by the government during April-February 2018-19 was Rs 21.88 lakh crore (89.08% of RE).
Further, India's current account deficit (CAD) at $16.9 billion (2.5% of GDP) in Q3 of 2018-19 increased from $13.7 billion (2.1% of GDP) in Q3 of 2017-18, but moderated from $19.1 billion (2.9% of GDP) in the preceding quarter. The widening of the CAD on a year-on-year (y-o-y) basis was primarily on account of a higher trade deficit at $49.5 billion as compared with $44.0 billion a year ago, the Reserve Bank of India said on Friday.
Overseas, shares in Europe and Asia jumped on Monday amid signs of progress in US-China trade talks and strong Chinese economic data.
Manufacturing activity in China expanded unexpectedly in March at its fastest pace in eight months, a private survey showed. The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) came in at 50.8 for March. A reading below 50 signals contraction, while a reading above that level indicates expansion.
US stocks rose on Friday, 29 March 2019, as optimism over progress on US-China trade talks appeared to overshadow concerns about a slowing economic expansion.
On the US-China trade front, high-level trade negotiations between the two economic powerhouses are set to resume in Washington this week following last week's talks in Beijing.
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