Key benchmark indices extended gains and hit hit fresh intraday high in mid-afternoon trade. At 14:24 IST, the barometer index, the S&P BSE Sensex, was up 154.52 points or 0.4% at 38,855.05. The Nifty 50 index was up 42.95 points or 0.37% at 11,647.45.
Stocks hovered with minor losses in early trade. Indices trimmed gains in morning trade after reversing early losses. Key indices gyrated in positive and negative zone near flat line in mid-morning trade. Indices hit fresh intraday low in early afternoon trade. Key equity indices pared losses in afternoon trade.
The S&P BSE Mid-Cap index was down 0.04%. The S&P BSE Small-Cap index was down 0.1%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1053 shares rose and 1333 shares fell. A total of 163 shares were unchanged.
IndusInd Bank rose 0.73%. IndusInd Bank has priced the Notes at 3.875% fixed rate on 8 April 2019 under the Medium Term Notes Programme acting through its IBU having an issue size of US$ 400 million. The Notes carry a fixed coupon of 3.875% and shall be payable on a semiannual basis. The Notes are expected to be settled on 15 April 2019 and will mature on 15 April 2022 i.e., a period of three years from the date of allotment of the Notes. The announcement was made after market hours yesterday, 8 April 2019.
TCS rose 1.08%. Digitate, a software venture of TCS announced that Canada's food and pharmacy leader, Loblaw, has successfully deployed its cognitive automation software, ignio, as part of its lT transformation program. Loblaw embarked on an enterprise lT transformation journey to radically improve user and customer experience, and reduce the cost of operations. The announcement was made during market hours today, 9 April 2019.
Asian Paints was down 2.96%. Asian Paints announced that a fire broke out at its paint manufacturing facility in Visakhapatnam, Andhra Pradesh, in the afternoon yesterday, 8 April 2019. The fire has been brought under control. The company is in the process of assessing the extent of damage. The manufacturing operations of the plant have been affected. This will not have any impact on the business operations of the company. The announcement was made after trading hours yesterday, 8 April 2019.
JSW Steel fell 0.33% after the company said its crude steel production fell 3% to 4.17 million tonnes in Q4 March 2019 over Q4 March 2018. Production of flat rolled products rose 1% to 3.01 million tonnes while production of long rolled products fell 8% to 0.99 million tonnes in Q4 March 2019 over Q4 March 2018. The announcement was made during trading hours today, 9 April 2019.
Crude steel production rose 3% to 16.69 million tonnes in the year ended March 2019 over the year ended March 2018. Production of flat rolled products rose 3% to 11.74 million tonnes while production of long rolled products rose 9% to 3.87 million tonnes in the year ended March 2019 over the year ended March 2018.
Overseas, European stocks were trading lower Tuesday, as investors responded to a new tariff threat from the US. US Trade Representative Robert Lighthizer on Monday proposed a list of European Union products on which to slap tariffs as retaliation for European aircraft subsidies.
Market participants are watching the latest development surrounding Britain's attempt to extricate itself from the European Union. Brussels was set to decide on an extension to the so-called Brexit deadline, possibly setting a date at the end of the year or even in 2020.
Asian shares were trading higher as investors braced for key events later in the week, including the kick-off of the US earnings season and a crucial Brexit summit. Investors are also awaiting concrete progress on U.S.-China trade negotiations which will be symbolically concluded with a meeting between President Donald Trump and his Chinese counterpart Xi Jinping.
In US, the Dow ended the session lower while the S&P 500 and the Nasdaq settled higher on Monday, as investors braced for the first quarter earnings. U.S. factory orders fell 0.5% in February. The data show that growth in the manufacturing continues to expand but manufacturers are becoming more cautious.
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