Strong market breadth

Key equity indices extended early gains and hit fresh intraday high in morning trade, supported by positive global cues. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 121.32 points or 0.31% at 38,888.43. The Nifty 50 index was up 36 points or 0.31% at 11,679.45.

Among secondary barometers, the BSE Mid-Cap index was up 0.43%. The BSE Small-Cap index was up 0.84%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1259 shares rose and 687 shares fell. A total of 118 shares were unchanged.

Metal shares were in demand. Steel Authority of India (up 2.72%), Hindustan Zinc (up 1.71%), Tata Steel (up 1.44%), National Aluminium Company (up 1.26%), Vedanta (up 1.25%), Hindalco Industries (up 1.19%), Hindustan Copper (up 1.12%), Jindal Steel & Power (up 1.08%), JSW Steel (up 1.08%) and NMDC (up 0.53%), edged higher.

Most auto shares advanced. Tata Motors (up 4.08%), TVS Motor Company (up 2.21%), Hero MotoCorp (up 2.1%), Ashok Leyland (up 0.68%), Eicher Motors (up 0.66%), Maruti Suzuki India (up 0.48%), Bajaj Auto (up 0.39%) and Escorts (up 0.37%), edged higher. Mahindra & Mahindra was down 0.01%.

On the economic front, India's industrial production (base year 2011-12=100) growth moderated sharply to 20-month low of mere 0.1% in February 2019, compared with 1.4% growth recorded in January 2019. The industrial production growth for January 2019 has been revised downwards from 1.7% increase reported provisionally.

The all-India general CPI inflation rose to 2.86% in March 2019 (new base 2012=100), compared with 2.57% in February 2019. However, the core CPI inflation eased to 5.02% in March 2019 compared with 5.29% in February 2019.

Overseas, Asian shares were trading higher. Investors cheered Chinese data on Friday showing exports rebounded in March to a five-month high while new bank loans jumped by far more than expected.

US stocks closed higher Friday after a series of strong bank earnings boosted confidence in the US economy.

On the data front, US import prices rose sharply in March for the second straight month. The import price index climbed 0.6% last month after a revised 1% gain in February. Further, the University of Michigan said its consumer sentiment index fell to 96.9 in April.

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