Key benchmarks end higher

The Sensex and the Nifty settled higher backed by gains in IT shares and select bank shares. The barometer index, the S&P BSE Sensex, rose 103.03 points or 0.29% to 35,319.35, as per the provisional closing data. The Nifty 50 index rose 23.90 points or 0.22% to 10,741.70, as per the provisional closing data.

The market opened lower, but firmed up as the session progressed. The Sensex rose 188.51 points, or 0.54% at the day's high of 35,404.83 in afternoon trade. The index fell 82.12 points, or 0.23% at the day's low of 35,134.20 in early trade. The Nifty rose 48.45 points, or 0.45% at the day's high of 10,766.25 in afternoon trade. The index fell 27.95 points, or 0.26% at the day's low of 10,689.85 in early trade.

The broader market, however, witnessed selling pressure. The BSE Mid-Cap index fell 0.63%. The BSE Small-Cap index fell 0.13%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,502 shares fell and 1,179 shares rose. A total of 130 shares were unchanged.

Asian Paints (up 1.83%), TCS (up 1.45%), Yes Bank (up 1.34%) and Axis Bank (up 1.29%), were the top gainers in the Sensex pack.

Sun Pharmaceutical Industries (down 1%), NTPC (down 0.79%), Mahindra & Mahindra (down 0.75%), Bajaj Auto (down 0.73%), Maruti Suzuki India (down 0.72%) and Wipro (down 0.68%), were the major losers in the Sensex pack.

Tata Motors rose 2.83% after the company said that sales of its subsidiary Jaguar Land Rover rose 11.9% to 45,180 units in April 2018 over April 2017. The announcement was made during trading hours today, 9 May 2018.

Sales were primarily driven by the introduction of new models including the Range Rover Velar, Land Rover Discovery and the Jaguar E-PACE. Jaguar sales rose 8% to 13,289 units. Land Rover sales rose 13.6% to 31,891 units. Retail sales for April were up significantly year-on-year in China (28.9%), the UK (25.9%), Overseas markets (21.3%} and North America (2.5%) but down in Europe (-10.2%), with continuing uncertainty over diesel in the UK and Europe. Jaguar Land Rover is the UK's largest automotive manufacturer, built around two iconic British car brands: Land Rover, the world's leading manufacturer of premium allwheel-drive vehicles; and Jaguar, one of the world's premier luxury sports saloon and sports car marques.

Overseas, European shares were trading higher, supported by strength in oil stocks after US President Donald Trump pulled the United States out of Iran's nuclear agreement, boosting crude prices. Asian shares saw mixed trend.

US stocks came off their lows on Tuesday to end a choppy session little changed, after Trump announced the US was abandoning the 2015 Iran nuclear deal, which was forged by former President Barack Obama three years ago. The president also said he planned to ramp up penalties against Tehran, including the highest level of economic sanctions.

In US, an index of small-business optimism from the National Federation of Independent Businesses ticked up 0.1 point to 104.8 in April. Separately, a report on US job openings, known as the Job Openings and Labor Turnover Survey, or JOLTS, showed a record 6.6 million job openings in March.

Meanwhile, US Fed Chairman Jerome Powell reportedly said early Tuesday at an event in Switzerland that emerging-market economies should be able to manage as advanced economies move toward tighter monetary policy.

Crude oil prices surged as Trump walking away from an international nuclear deal with Iran could curb the OPEC-member's crude exports in an already tight market. In the global commodities markets, Brent crude oil futures for July 2018 settlement was up $1.98 at $76.83 a barrel.

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