Markets continue trading higher on positive macro data; Tata Steel up 3%

Idea Cellular fell over 4% after it reported a net loss of Rs 327.70 crore for the March quarter

Benchmark indices continued trading higher post positive macro data released by the govt on Friday. WPI for the month of April eased to a four-month low of 3.85% after the government revised the base year for the indices in the new series has shifted to 2011-12, against the earlier 2004-05. The March IIP also rose to 2.7% against 1.9% in Feb.

But the gains remained capped after a cyber attack jolted the world as it infected thousands of computers in nearly 150 countries. A missile test by North Korea on Sunday also kept traders on edge.
 
The indices registered yet another record high of 9450.65 last week but failed to keep the momentum going witnessing a profit booking-based decline on Friday.

 

At 10:45 am, S&P BSE Sensex was trading 137 points higher at 30,325 while the broader Nifty50 was ruling at 9,444, up 43 points. Both indices also ended at new closing highs yesterday.
 
Among broader markets, BSE Midcap index gained 0.5% whie the BSE smallcap was up 0.4% in early morning trade.
 
Vedanta, Colgate-Palmolive, JK Tyre, Bata India and Kajaria Ceramics are some of the companies that are scheduled to report their March-quarter earnings on Monday.

Buzzing Stocks
 
Tata Steel, Dr Reddy's ICICI Bank and GAIL gained the most on BSE Sensex while Infosys, Adani Ports, Wipro and TCS lost the most on the index.

Idea Cellular fell 4% after it reported a net loss of Rs 327.70 crore for the March quarter. The telecom operator had reported a loss of Rs 384 crore for December quarter and a profit of 451.70 crore for the corresponding quarter last year. 

UCO Bank fell over 5 % after it reported a loss of Rs 588.19 crore during the March quarter as provisions for bad assets fell. Net loss stood at Rs 1,715.15 crore in the same period last year. 

Macro data improves
 
Calculated in accordance with the new series, while the IIP rose 2.7% in March, against 1.9% in February, the WPI inflation rate declined to a four-month low of 3.85% in April, against 5.29% in the previous month.

 
The consumer price index (CPI), which had moved to the new series earlier, declined to a record 2.99% in April, against 3.81% in the previous month.
 
Global Markets
 
Asian stocks got off to a shaky start on Monday as a ransomware attack that locked up more than 200,000 computers in over 150 countries and a missile test by North Korea on Sunday kept investors on edge.
 
Safe-haven assets including the yen, gold and US Treasuries held their gains from Friday after weaker-than-expected economic data from the US dented risk appetite.
 
MSCI's broadest index of Asia-Pacific shares outside Japan was little changed. Japan's Nikkei retreated 0.3% on a stronger yen. Australian shares fell 0.2%, while South Korea's KOSPI was little changed.

 
On Friday, the Wall Street ended mixed with Dow Jones falling 0.11% and S&P500 0.15% while the Nasdaq Composite index rose 0.09% in the trade.