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Benchmarks hold firm at higher levels
(16-Apr-2019  , 11:15 Hours IST)

Key equity indices were trading near day's high in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was up 338.56 points or 0.87% at 39,244.40. The Nifty 50 index was up 90.30 points or 0.77% at 11,780.65.

The Sensex and the Nifty hit record highs in mid-morning trade. Met department's forecast of near-normal monsoon supported buying in domestic shares. Positive cues from other Asian shares also boosted sentiment.

Among secondary barometers, the BSE Mid-Cap index was up 0.27%. The BSE Small-Cap index was up 0.40%.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1187 shares rose and 925 shares fell. A total of 117 shares were unchanged.

Shares of Polycab India were trading at Rs 655 on BSE, a premium of 21.75% over the initial public offer (IPO) price of Rs 538. Shares of Polycab India debuted at Rs 633 on BSE, a premium of 17.65% to the IPO price of Rs 538. So far the stock hit a high of Rs 660 and low of Rs 633. On BSE, so far 13.86 lakh shares were traded on the counter.

Private sector banks were in demand. ICICI Bank (up 2.70%), IndusInd Bank (up 2.18%), City Union Bank (up 2.03%), Axis Bank (up 0.95%), RBL Bank (up 0.86%), Yes Bank (up 0.55%), Kotak Mahindra Bank (up 0.49%), HDFC Bank (up 0.40%) and Federal Bank (up 0.31%), edged higher.

Public sector banks were mixed. Bank of Maharashtra (up 6.96%), United Bank of India (up 1.07%), Andhra Bank (up 1.04%), IDBI Bank (up 0.8%), State Bank of India (up 0.73%), Canara Bank (up 0.36%), Corporation Bank (up 0.36%), UCO Bank (up 0.26%), Bank of India (up 0.15%), Bank of Baroda (up 0.12%) and Union Bank of India (up 0.11%), edged higher. Syndicate Bank (down 0.24%), Central Bank of India (down 0.29%), Punjab & Sind Bank (down 0.32%), Punjab National Bank (down 0.8%), Indian Bank (down 1.21%) and Allahabad Bank (down 2.33%), edged lower.

Tata Metaliks rose 1.75% after net profit rose 17.75% to Rs 64.35 crore on 8.67% rise in net sales to Rs 593.80 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 15 April 2019.

Suven Life Sciences rose 0.56% after the company's board of directors approved enhancement of investment limits in wholly owned subsidiary in USA. The announcement was made after market hours yesterday, 15 April 2019.

Suven Life Sciences said that the company's board of directors has approved the enhancement of investment limits in wholly owned subsidiary in USA Suven Neurosciences, Inc. from $25 million upto $50 million to undertake clinical trials on the molecules in the pipeline.

Meanwhile, India Meteorological Department (IMD) has issued its first stage operational forecast for the southwest monsoon season (June to September) rainfall for the country as a whole in 2019 of its two stages forecast. The first stage forecast is issued in April and the second stage forecast is issued in June.

The Southwest monsoon seasonal (June to September) rainfall over the country as a whole is likely to be near normal. Quantitatively, the monsoon seasonal (June to September) rainfall is likely to be 96% of the Long Period Average (LPA) with a model error of ± 5%. The LPA of the season rainfall over the country as a whole for the period 1951-2000 is 89 cm.

Weak El Niño conditions are likely to prevail during the monsoon season with reduced intensity in the later part of the season. IMD will issue the second stage Monsoon-2019 Forecast during the first week of June 2019.

On the economic front, India's overall exports (merchandise and services combined) in April-March 2018-19 are estimated to be $535.45 billion, exhibiting a positive growth of 7.97% over the same period last year.

India's merchandise exports increased 11% to $32.55 billion in March 2019 over a year ago. Meanwhile, merchandise imports rose 1.4% to $43.44 billion. The trade deficit for March 2019 narrowed to $10.89 billion as against the deficit of $13.51 billion in March 2018.

As per the data released by the Reserve Bank of India, India's services exports increased 5.6% to $16.58 billion in February 2019 over February 2018. Meanwhile, India's services imports declined 3.3% to $9.81 billion in February 2019. India's services trade surplus jumped 21.7% to $6.78 billion in February 2019 from $5.57 billion in February 2018.

Overseas, Asian shares advanced on Tuesday. US-Japan trade talks kicked off and the Bank of Japan chief commented on the risks of increasing trade protectionism for the global economic growth outlook. US President Donald Trump has made it clear he is unhappy with Japan's $69 billion trade surplus with the United States and wants a two-way agreement to address it, the media reported.

Meanwhile, US stocks closed lower Monday, as results from Goldman and Citigroup failed to thrill investors.

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