Stocks continue trading with gains; sugar shares in demand

The Sensex and the Nifty continued trading higher in mid-afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 101.86 points or 0.26% at 38,786.58. The Nifty 50 index was up 42.85 points or 0.37% at 11,640.85. Gains were supported by positive global cues.

Indices opened higher and hit fresh intraday high in early trade. Shares pared gains in morning trade. Barometers turned range bound in early afternoon trade. Indices firmed up once again in afternoon trade.

Broader market outperform the Sensex. Among secondary barometers, the BSE Mid-Cap index was up 0.48%. The BSE Small-Cap index was up 0.63%.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1410 shares rose and 1023 shares fell. A total of 164 shares were unchanged.

Vodafone Idea was up 6.60% to Rs 16.15.

Sugar shares were in demand. Shree Renuka Sugar (up 13.55%), Simbhaoli Sugars (up 9.47%), Dhampur Sugar Mills (up 4.98%), Empee Sugars and Chemicals (up 4.96%), Sakthi Sugars (up 4.94%), Triveni Engineering & Industries (up 4.65%), Dwarikesh Sugar Industries (up 4.34%), Balrampur Chini Mills (up 4.17%), KCP Sugar & Industries Corporation (up 3.36%), Rana Sugars (up 3.12%), DCM Shriram Industries (up 2.64%), EID Parry (India) (up 1.23%) and Bajaj Hindusthan Sugar (up 0.21%), edged higher.

Most power generation stocks rose. GMR Infrastructure (up 6.67%), Adani Power (up 1.66%), CESC (up 1.48%), Jaiprakash Power Ventures (up 0.46%), NHPC (up 0.28%), Reliance Power (up 0.27%) and JSW Energy (up 0.23%), edged higher. Reliance Infrastructure (down 0.41%), NTPC (down 0.44%), Torrent Power (down 1.28%) and Tata Power (down 1.84%), edged lower.

State-run Coal India was up 2.03%. State-run Power Grid Corporation of India was up 0.02%.

On the economic front, Fitch Ratings reportedly kept India's sovereign rating unchanged at the lowest investment grade of 'BBB-' with a stable outlook. India's ratings balance a strong medium-term growth outlook and relative external resilience stemming from strong foreign reserve buffers, against high public debt, a weak financial sector and some lagging structural factors, reports added citing Fitch report.

Overseas, most shares in Europe and Asia rose on Friday as investors watched for more details about a potential trade deal between China and the US. The stock markets in China and Hong Kong are closed on Friday for a holiday. Traders will likely keep a close watch on upcoming US non-farm payrolls due later today.

Data released on Thursday showed that German factory orders fell at their sharpest rate in two years.

Chinese Vice Premier Liu He said a new consensus has been reached between China and the US on the text of a trade agreement that they are negotiating, according to official state news website Xinhua.

US stocks closed mostly higher Thursday, as investors continued to monitor trade talks between the US and China.

On the data front, new applications for unemployment benefits fell to 202,000 in the week ended March 30, the lowest level since 1969, the government said.

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