Oil & gas stocks gain

Key benchmark indices cut losses in early afternoon trade, with the Sensex regaining positive zone. At 12:26 IST, the barometer index, the S&P BSE Sensex, was up 7.05 points or 0.02% at 33,603.85. The Nifty 50 index was down 7.45 points or 0.07% at 10,317.70. Oil & gas stocks gained. Most realty stocks rose.

Key benchmark indices drifted lower in early trade amid initial volatility. Stocks hovered in negative zone in morning trade. Indices continued to trade with small losses in mid-morning trade.

The S&P BSE Mid-Cap index was up 0.21%. The S&P BSE Small-Cap index was up 0.38%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,436 shares rose and 988 shares fell. A total of 103 shares were unchanged.

Oil & gas stocks gained. Among shares of oil exploration and production (E&P) companies, Reliance Industries (up 0.67%), ONGC (up 0.03%) and Oil India (up 0.34%) edged higher.

Among PSU OMCs, HPCL (up 1.12%), BPCL (up 2.01%) and Indian Oil Corporation (up 0.43%) gained.

Most realty stocks rose. Indiabulls Real Estate (up 1.27%), D B Realty (up 1.55%), Godrej Properties (up 0.29%), Prestige Estates Projects (up 3.16%) and Oberoi Realty (up 1.12%) rose. DLF (down 1.5%), Housing Development and Infrastructure (down 0.84%) and Unitech (down 3.05%) fell.

Sobha jumped 8.63% after the company reported impressive sales growth in Q4 March 2018. Sobha said its operational performance for the fourth quarter and for the financial year 2017-2018 has been the best ever in value terms, with growth across regions and product categories. The announcement was made after market hours yesterday, 5 April 2018.

For the fourth quarter, the company has achieved new sales volume of 1.02 million square feet, total valued at Rs 812 crore at an average price realisation of Rs 7,993 per square feet (Sobha share of sales value at Rs 656 crore, at an average price realization of Rs 6,457 per square feet). Sales volume and values are up by 40% and 31% respectively as compared to corresponding quarter of last year and are up by 9% and 7.5% as compared to preceding quarter.

The company registered new sales volume of 3.63 million square feet, total valued at Rs 2861 crore at an average price realisation of Rs 7,892 per square feet at the close of financial year 2017-2018 (Sobha share of sales value at Rs 2422 crore, at an average price realization of Rs 6,680 per square feet, Sobha said.

Ballarpur Industries rose 6.69% after the company said it will sell entire assets of its Malaysian unit, Sabah Forest Industries. The announcement was made after market hours yesterday, 5 April 2018.

Ballarpur Industries announced that a sale and purchase agreement has been entered into between Sabah Forest Industries Sdn. Bhd. and Pelangi Prestasi Sdn. Bhd. (the buyer) on 4 April 2018 for the sale of entire assets (including procurement of fresh timber licenses from the State Government of Sabah) of Sabah Forest Industries Sdn. Bhd. (a step down subsidiary of Ballarpur Industries), for consideration of RM 1.2 billion (approximately $310 million). The buyer has deposited 10% of the consideration in cash.

Overseas, Asian stocks were trading mixed as traders digested the latest developments in the US-China trade spat and eyed all-important monthly US jobs data later in the day for clues on US monetary policy. Mainland China markets are shut for a holiday.

Trading in US index futures indicated that the Dow could slide 218 points at the opening bell today, 6 April 2018. In an announcement that came after US stock trading closed yesterday, 5 April 2018 President Donald Trump instructed the US trade representative to consider slapping an extra $100 billion in tariffs on Chinese goods. The latest move is a continuation of a growing trade dispute between the two countries. Trump previously announced $50 billion in proposed tariffs on goods imported from China, which responded by announcing about $50 billion in proposed tariffs on US goods.

US stocks closed higher yesterday, 5 April 2018 with major indexes posting their first three-day rally in several weeks as investors dialed back fears that a trade spat between the US and China will turn into a full-blown trade war.

Meanwhile, the US trade deficit rose 1.6% in February and remained near a 10-year high. The US trade deficit rose to $57.6 billion in February from $56.7 billion in the prior month, data released yesterday, 5 April 2018 showed.

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