Stocks once again slipped in negative zone in afternoon trade amid volatility. At 13:16 IST, the barometer index, the S&P BSE Sensex, was down 24.52 points or 0.06% at 38,852.60. The Nifty 50 index was 5.20 points or 0.04% at 11,638.75.
Indices opened higher, but reversed trend in morning trade. After hitting a fresh intraday low, the indices trimmed losses in mid-morning trade. Indices bounced back amid high volatility in early afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was off 0.01%. The BSE Small-Cap index was down 0.19%.
The market breadth, indicating the overall health of the market, was negative. On BSE, 966 shares rose and 1269 shares fell. A total of 155 shares were unchanged.
Hero MotoCorp (up 2.3%), HDFC (up 2.05%), Sun Pharmaceutical Industries (up 1.33%), Asian Paints (up 1.28%) and Tata Motors (up 1.12%) were the major Sensex gainers.
HCL Technologies (down 1.86%), TCS (down 1.48%), Yes Bank (down 1.44%), Reliance Industries (down 1.02%) and ONGC (down 0.74%) were the major Sensex losers.
Godrej Properties was up 2.2%. The company announced that it has entered into a joint venture with a renowned developer to develop a 4.25 acres sea-facing property in the prime suburban micro-market of Bandra West, Mumbai. The project will offer approximately 1 lakh square meters (approximately 1.1 million square feet) of saleable area and will be developed as a luxury residential project. The announcement was made after market hours yesterday, 3 April 2019.
Meanwhile, the Reserve Bank of India (RBI) concluded its two-day Monetary Policy Committee (MPC) meeting today, 4 April 2019. On the basis of an assessment of the current and evolving macroeconomic situation, the MPC decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6% from 6.25% with immediate effect. Consequently, the reverse repo rate under the LAF stands adjusted to 5.75%, and the marginal standing facility (MSF) rate and the Bank Rate to 6.25%.
The MPC also decided to maintain the neutral monetary policy stance. These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.
On the economic front, the Nikkei India Services PMI eased in March 2019. At 52.0 in March, the seasonally adjusted Nikkei India Services Business Activity Index indicated expansion for the tenth straight month. Falling from 52.5 in February, however, the latest reading showed the slowest upturn since last September. A reading below 50 indicates contraction in activity, while a number above it signals expansion. The data was announced during trading hours today, 4 April 2019.
Overseas, most shares in Asia were trading higher on Thursday as hopes rise amid ongoing negotiations on the US-China trade front.
High-level trade negotiations between China and the US resumed on Wednesday in Washington. Hopes were high that both countries were closer to a deal, with US President Donald Trump planning to meet with Chinese Vice Premier Liu He on Thursday in Washington. White House economic advisor Larry Kudlow told the media Wednesday that China has acknowledged for the first time that the United States has legitimate gripes about IP theft, forced technology transfer and cyber hacking.
US stock closed higher Wednesday as investors reacted to upbeat comments on US-China trade talks, but weighed a shaky private-sector employment report. Payroll services firm ADP estimated that the US private sector added 129,000 jobs in March, the weakest reading in 18 months.
Among other data, Markit's March services purchasing managers index came in at 55.3. A reading of at least 50 indicates improving conditions, while those below that level denote contraction. Further, the Institute for Supply Management's services sector gauge fell to 56.1% in March, down from 59.7% in February.
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