Stocks continue trading higher

Shares continued to hover in positive terrain in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 115.17 points or 0.30% at 39,146.72. The Nifty 50 index was up 22.10 points or 0.19% at 11,770.25.

Broader market reversed early trend. Among secondary barometers, the BSE Mid-Cap index was up 0.22%. The BSE Small-Cap index was up 0.36%.

The market breadth, indicating the overall health of the market, was positive. On BSE, 976 shares rose and 833 shares fell. A total of 103 shares were unchanged.

Bajaj Auto was up 0.67%. The company reported 2% rise in total sales to 4.23 lakh units in April 2019 over April 2018. The announcement was made during trading hours today, 2 May 2019.

IT shares were mixed. Persistent Systems (down 1.74%), HCL Technologies (down 1.46%), Infosys (down 1.23%), TCS (down 1.08%), Wipro (down 0.47%) and MindTree (down 0.09%), edged lower. Hexaware Technologies (up 0.04%), Tech Mahindra (up 0.04%), Oracle Financial Services Software (up 0.16%) and MphasiS (up 1.44%), edged higher.

Pharmaceutical shares were mixed. Glenmark Pharmaceuticals (down 1.07%), Cipla (down 1%), Cadila Healthcare (down 0.91%), Divi's Laboratories (down 0.71%), Alkem Laboratories (down 0.58%), Aurobindo Pharma (down 0.35%) and Wockhardt (down 0.3%), edged lower. Strides Shasun (up 0.33%), Piramal Enterprises (up 0.36%), Sun Pharmaceutical Industries (up 0.46%), Dr Reddy's Laboratories (up 0.6%), GlaxoSmithKline Pharmaceuticals (up 0.66%) and IPCA Laboratories (up 2.14%), edged higher.

Lupin was up 0.92%. Natco Pharma was down 0.69%. Lupin in alliance with Natco Pharma (Natco) announced that it has received approval for Bosentan Tablets, 62.5 mg and 125 mg, from the United States Food and Drug Administration (FDA) to market a generic version of Actelion Pharmaceuticals Limited's Tracleer Tablets, 62.5 mg and 125 mg. The announcement was made after market hours on Tuesday, 30 April 2019. Stock markets remained closed on 1 May 2019 for a local holiday.

On the economic front, the Nikkei India Manufacturing Purchasing Managers' Index (PMI) declined from 52.6 in March to 51.8 in April.

Meanwhile, the total gross GST revenue collected in the month of April 2019 is Rs 1,13,865 crore. The revenue in April 2018 was Rs 1,03,459 crore and the revenue during April 2019 is a growth of 10.05% over the revenue in the same month last year. The revenue in April 2019 is 16.05% higher than the monthly average of GST revenue in FY 2018-19 (Rs 98,114 crore). The total number of GSTR 3B Returns filed for the month of March up to 30th April 2019 is 72.13 lakh.

Overseas, Asian shares were mixed on Thursday with two major centres - Japan and China - shut for holidays. Trading in Japan will resume next Tuesday while China will be back in action on Monday.

US stocks fell on Wednesday after Federal Reserve Chairman Jerome Powell acknowledged a slowdown in business and household spending, but described low inflation as "transitory" and denied there was a "strong case" to expect an interest-rate cut in the near term.

The US Federal Reserve on Wednesday kept its benchmark interest rate in a range of 2.25% to 2.5%. Senior officials sounded more upbeat about the economy after a slow start in early 2019 and pointed to a recent decline in inflation as reasons to stand pat.

On the US-China trade front, a trade deal between the two economic powerhouses could reportedly be announced by next Friday.

Among the US economic data, payroll firm ADP released its estimate of private-sector job growth in April, showing the US economy added 275,000 new jobs. Markit's manufacturing purchasing managers index for April came in at 52.6, a slight uptick from the near two-year low seen last month. The more closely watched Institute for Supply Management manufacturing index came in at 52.8%, below the March reading of 55.3%. The Commerce Department said construction spending fell by 0.9% in March, compared with February.

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