Key benchmark indices were trading higher in early trade on positive global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 224.13 points or 0.58% at 38,897.04. The Nifty 50 index was up 53.80 points or 0.46% at 11,677.70.
Among secondary barometers,the BSE Mid-Cap index was up 0.82%. The BSE Small-Cap index was up 0.71%.
The market breadth, indicating the overall health of the market, was strong. On BSE, 804 shares rose and 229 shares fell. A total of 52 shares were unchanged.
Overseas, Asian shares were trading higher amid signs of progress in US-China trade talks.
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.
Back home, Cipla was down 1.84%. The company informed that the US FDA conducted a product specific pre-approval (PAI) and Good Manufacturing Practices (GMP) inspection at its Kurkumbh plant from 11 March 2019 to 20 March 2019. The inspection covered 3 units at the plant. Post the conclusion of the inspection, the company received 8 GMP observations. The company also received 10 observations pertaining to the PAI for a novel technology product slated for approval beyond 2024. These observations are both product specific and GMP observations related to the manufacturing and quality processes. There are no data integrity (DI) observations. The company is committed to addressing these observations and will submit its response to the agency within the stipulated time. The announcement was made yesterday, 31 March 2019.
Dr Reddy's Laboratories was up 1.13%. The company said that furtherance to intimation dated 12 November 2018, wherein the company informed that Formulations Manufacturing facility in Duvvada, Vishakhapatnam was considered compliant by the Regulatory Authority of Germany (Regiemng von Oberbayem) and continued our EU-GMP certification with a specific exclusion of one new product. In this regard, the company informed now that the facility has been re-inspected by the authority and considered to be fully compliant. The announcement was made after market hours on Friday, 29 March 2019.
Havells India was up 1.01%. The company has now started commercial production of Air Conditioners at its Ghiloth plant. The announcement was made after market hours on Friday, 29 March 2019.
Welspun Corp was up 7.15%. The company announced value unlocking of approx. Rs. 940 crore through the divestment of its Plate and Coil Mill Division (PCMD) and its 43 MW Power Division. The announcement was made yesterday, 31 March 2019.
CreditAccess Grameen was up 1.71%. The company completed a Securitization of Rs 93.83 crore on 30 March 2019. With this transaction, the company has completed seven securitization and four Direct Assignment transactions totaling to Rs 1667.05 crore in FY19. The announcement was made yesterday, 31 March 2019.
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.
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