Market trades with small gains

Key benchmark indices were trading with small gains in early trade. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 14.83 points or 0.04% at 33,641.80. The Nifty 50 index was up 12.45 points or 0.12% at 10,344.05.

Among secondary barometers,the BSE Mid-Cap index was up 0.21%. The BSE Small-Cap index was up 0.43%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than three gainers against every loser on BSE. 917 shares rose and 301 shares fell. A total of 49 shares were unchanged.

Overseas, Asian stocks were trading higher. China has tightened restrictions on exports to North Korea of items with potential dual use in weapons of mass destruction and conventional arms. The ban on exports of potential dual-use items, including software, machinery and chemicals, is in line with UN Security Council resolution number 2375. That resolution was passed in September.

US stocks closed sharply lower on Friday, 6 April 2018, led by a selloff in industrials and financials, as investors continued to fret over an escalating China-US trade fight.

The selling pressure followed Federal Reserve Chairman Jerome Powell's speech in which he backed a patient approach to raising interest rates. The Fed chairman said going slow on rate hikes has also reduced the risk of an unforeseen blow to the economy that might have pushed the economy into recession.

Investors also digested a weaker-than-expected jobs report that showed that wage growth remains tepid. The US economy added just 103,000 new jobs in March. The unemployment rate was unchanged at 4.1%.

Back home, NMDC was up 0.93%. The company has fixed prices of lump ore at Rs 3000 per ton and fines at Rs 2660 per ton with effect from 4 April 2018. The announcement was made after market hours on Friday, 6 April 2018.

Inox Wind was up 1.86%. The company said that it won 100 MW in the SECI-4 auction maintaining its successful track record in central government auctions. The bid was won at a fixed price of Rs 2.51/unit for 25 years. The announcement was made after market hours on Friday, 6 April 2018.

Visaka Industries was up 1.78%. The company said that on 5 April 2018, it inaugurated its first manufacturing unit of 'ATUM' (a new age eco-friendly, energy efficient & energy generating roof) an integrated solar roofing system (a hybrid product) in Miryalguda, Telangana, with a production capacity of 30 MW per annum. Trial production has commenced and commercial production is expected to commence from May 2018. The announcement was made after market hours on Friday, 6 April 2018.

Nitesh Estates was up 3.81%. The company said that it settled the dispute in respect of the lease rights of land situated at Chennai . Under the Settlement as decreed through the arbitral award, the company will receive Rs 15 crore, as per the terms of the award. The announcement was made after market hours on Friday, 6 April 2018.

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