Sensex, Nifty trade in range

Key benchmarks were trading in a narrow range with modest gains in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was up 265.79 points or 0.69% at 38,938.70. The Nifty 50 index was up 69.35 points or 0.60% at 11,693.25.

The Sensex was trading below 39,000 mark after crossing that level in morning trade. The Nifty was trading below 11,700 mark after crossing that level in morning trade. The sentiment was boosted by positive global cues backed by fresh hopes of a progress in China-US trade talks.

The indices opened higher and hit fresh intraday high in morning trade. Shares trimmed gains in mid-morning trade. Indices turned range bound in early afternoon trade.

Broader market was trading on a strong note. Among secondary barometers, the BSE Mid-Cap index was up 0.91%. The BSE Small-Cap index was up 1.25%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1672 shares rose and 635 shares fell. A total of 142 shares were unchanged.

Cement shares advanced. UltraTech Cement (up 2.40%), Ambuja Cements (up 1.34%) and ACC (up 0.96%), edged higher.

Grasim Industries was up 0.47%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Most power generation stocks rose. Torrent Power (up 2.39%), Tata Power (up 2.24%), Adani Power (up 2.18%), NHPC (up 1.62%), NTPC (up 1.03%), Reliance Infrastructure (up 0.95%), JSW Energy (up 0.83%), CESC (up 0.54%) and Jaiprakash Power Ventures (up 0.54%), edged higher. GMR Infrastructure (down 0.51%) and Reliance Power (down 2.29%), edged lower.

State-run Power Grid Corporation of India was up 0.28%. State-run Coal India was down 0.23%.

On the economic front, India's fiscal deficit touched 134.2% of the full-year revised budgeted estimate at the end of February 2019, data showed Friday. In absolute terms, the fiscal deficit for April-February 2018-19 was Rs 8.51 lakh crore as against the revised estimate (RE) of Rs 6.34 trillion for the entire year, according to Controller General of Accounts (CGA) data.

The data revealed that revenue receipts of the central government was Rs 12.65 lakh crore or 73.2% of the revised budgetary estimate (BE) at February end. In the same period last fiscal, the revenue collection was 78.2% of the estimates. The government's tax revenue stood at Rs 10.94 lakh crore and non-tax revenue was Rs 1.71 lakh crore. Total expenditure incurred by the government during April-February 2018-19 was Rs 21.88 lakh crore (89.08% of RE).

Further, India's current account deficit (CAD) at $16.9 billion (2.5% of GDP) in Q3 of 2018-19 increased from $13.7 billion (2.1% of GDP) in Q3 of 2017-18, but moderated from $19.1 billion (2.9% of GDP) in the preceding quarter. The widening of the CAD on a year-on-year (y-o-y) basis was primarily on account of a higher trade deficit at $49.5 billion as compared with $44.0 billion a year ago, the Reserve Bank of India said on Friday.

Overseas, Asian shares were trading higher amid signs of progress in US-China trade talks.

Manufacturing activity in China expanded unexpectedly in March at its fastest pace in eight months, a private survey showed. The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) came in at 50.8 for March. A reading below 50 signals contraction, while a reading above that level indicates expansion.

US stocks rose on Friday, 29 March 2019, as optimism over progress on US-China trade talks appeared to overshadow concerns about a slowing economic expansion.

On the US-China trade front, high-level trade negotiations between the two economic powerhouses are set to resume in Washington this week following last week's talks in Beijing.

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