Key barometers extended gains and hit fresh intraday high in early afternoon trade. At 12:21 IST, the barometer index, the S&P BSE Sensex, was up 172.21 points or 0.44% at 39,044.08. The Nifty 50 index was up 39.50 points or 0.34% at 11,708.65. The Sensex was trading above 39,000 mark. The Nifty regained 11,700 mark.

After opening with small gains, indices pared gains in morning trade. Benchmarks firmed up once again in mid-morning trade and hit fresh intraday high in early afternoon trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.41%. The BSE Small-Cap index was up 0.10%.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1170 shares rose and 1057 shares fell. A total of 134 shares were unchanged.

Lupin was up 1.08%. The company announced during trading hours today, 2 April 2019, that the receipt of the Establishment Inspection Report (EIR) for its Pithampur (Unit-3) facility. The inspection was conducted between October 8, 2018 to October 18, 2018. Lupin's Pithampur Unit-3 is involved in the manufacture of Metered Dose Inhalers (MDis), Dry Powder Inhalers (DPis) and Topical Formulations for the regulated markets.

With reference to the media report, "Aurobindo Pharma, Lupin recall drugs in US market", Lupin clarified during trading hours today, 2 April 2019, that product recalls are akin to sales returns, wherein the company voluntarily recalls its products from the market. The matter involving recall of 3,200 bottles of Testosterone Topical Solution, was classified as Class Ill recall by the USFDA, which is initiated in a situation in which use of, or exposure to, a product is not likely to cause adverse health consequences. Lupin added that product recalls are common across the globe.

Godrej Properties surged 8.76% after the company said it has sold over 2,900 homes with a booking value in excess of Rs 2100 crore in Q4 FY19. The announcement was made after market hours yesterday, 1 April 2019.

Godrej Properties announced that it has achieved its highest ever bookings numbers in Q4 FY19. The company sold over 2,900 homes with a total area of approximately 3.75 million sq. ft. and a booking value in excess of Rs 2100 crore during the quarter. This record performance was achieved through the launch of four new projects combined with very strong sales from existing inventory.

Power sector stocks advanced. Jaiprakash Power Ventures (up 3.76%), Adani Power (up 3.3%), JSW Energy (up 3.19%), Reliance Infrastructure (up 3.16%), NHPC (up 1.6%), Tata Power (up 1.08%), Torrent Power (up 0.65%), NTPC (up 0.37%) and Reliance Power (up 0.09%), edged higher. CESC (down 0.13%) and GMR Infrastructure (down 0.51%), edged lower.

State-run Coal India was up 0.49%. State-run Power Grid Corporation of India was up 1.69%.

India's Supreme Court reportedly dismissed a Reserve Bank of India (RBI) circular that gave firms 180 days for debt resolution, failing which the issue would be taken under the country's bankruptcy. Several companies, especially power firms, had sought intervention of the Supreme Court saying the time given by the central bank was not enough time to tackle the debt issue, reports added.

On the economic front, the Nikkei India Manufacturing Purchasing Managers' Index (PMI) eased to a six-month low of 52.60 in March compared with 54.30 in February. The latest figure highlighted a loss of growth momentum. Consumer goods was the brightest spot in March, followed by the intermediate and then investment goods categories. The data was announced during trading hours today, 2 April 2019.

The output of eight core industries, comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP), rose 2.1% in February 2019. The cumulative output has improved 4.3% in April to February 2018-19.

Overseas, Asian stocks were trading higher Tuesday following overnight gains on Wall Street. US stocks ended higher Monday, boosted by better-than-expected economic reports, momentarily allaying fears of flagging economic growth.

Investors were also hopeful for a resolution to the US-China trade conflict, with a Chinese delegation led by Vice Premier Liu He set to visit Washington later this week.

On Monday, the Institute for Supply Management's manufacturing index showed that activity in the sector accelerated, coming in at a stronger-than-expected 55.3 in March versus a two-year low of 54.2% a month earlier. A reading above 50 indicates an expansion in activity.

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