Market breadth turns negative

The Sensex and the Nifty trimmed gains after hitting fresh intraday high in mid-afternoon trade. At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 413.17 points or 1.06% at 39,319.01. The Nifty 50 index was up 107.45 points or 0.92% at 11,797.80.

The Nifty was trading below 11,800 mark after crossing that mark in mid-afternoon trade. The Sensex and the Nifty, both, hit record highs in mid-afternoon trade. Met department's forecast of near-normal monsoon supported buying in domestic shares. Positive global cues also boosted sentiment.

Among secondary barometers, the BSE Mid-Cap index was up 0.14%. The BSE Small-Cap index was up 0.35%.

The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1235 shares rose and 1250 shares fell. A total of 141 shares were unchanged.

Jet Airways (India) was down 10.81% to Rs 233.50. According to media reports, the management of Jet Airways (India) has proposed to suspend all operations of the debt-laden airline at its board meeting.

Most capital goods shares fell. Reliance Defence and Engineering (down 6.16%), Punj Lloyd (down 4.23%), GE Power India (down 2.01%), GE T&D India (down 1.75%), Praj Industries (down 1.25%), Crompton Greaves (down 1.16%), Lakshmi Machine Works (down 0.68%), AIA Engineering (down 0.4%), BEML (down 0.22%), ABB India (down 0.17%) and Bharat Electronics (down 0.16%), edged lower. Bharat Heavy Electricals (up 0.19%), Thermax (up 0.29%), SKF India (up 0.31%), Havells India (up 0.57%), Siemens (up 0.6%), Suzlon Energy (up 1.77%) and Jindal Saw (up 4.33%), edged higher.

Engineering and construction major Larsen & Toubro (L&T) was up 1.99%.

Most realty shares declined. Parsvnath Developers (down 8.42%), Unitech (down 3.82%), Sunteck Realty (down 3.06%), Oberoi Realty (down 2.47%), Housing Development and Infrastructure (HDIL) (down 1.87%), Godrej Properties (down 1.56%), Indiabulls Real Estate (down 1.29%), Phoenix Mills (down 1.21%), D B Realty (down 0.28%) and DLF (down 0.19%), edged lower. Mahindra Lifespace Developers (up 0.11%), Anant Raj (up 0.15%), Omaxe (up 0.19%), Peninsula Land (up 0.34%), Prestige Estates Projects (up 0.76%) and Sobha (up 2.01%), edged higher.

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 Ni 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, European shares rose as data out of China added to hopes of stabilization in the world's second-largest economy. Asian shares advanced on Tuesday on expectations that Chinese and US trade negotiators would strike a deal soon.

Meanwhile, 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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