Stocks pared gains in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 73.76 points or 0.22% at 33,444.39. The Nifty 50 index was up 14.20 points or 0.14% at 10,259.20. Metal and mining stocks gained. Telecom stocks advanced. Shares of ICICI Securities were trading weak on its debut.
Trading for the day began on a quiet note as stocks traded with small gains in early trade. Stocks picked up steam in morning trade to hit fresh intraday high.
The S&P BSE Mid-Cap index was up 0.53%. The S&P BSE Small-Cap index was up 0.62%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were over two gainers against every loser on BSE. 1,705 shares rose and 647 shares fell. A total of 103 shares were unchanged.
Overseas, Asian stocks were trading mixed as investors took a cautious stance following the latest developments in US-China trade tensions. US stocks closed higher yesterday, 3 April 2018 as investors digested a sharp move lower in the previous session and gauged the likelihood of both trade risk and further weakness in technology names.
The US unveiled 25% levies on a range of Chinese imports from high-tech industries like medicine, aviation and semiconductor machinery to intermediate goods like machinery and chemicals.
Back home, Tata Motors (up 5.21%), M&M (up 1.69%) and Yes Bank (up 1.39%) edged higher from the Sensex pack.
IndusInd Bank shed 0.07%. In relation announcement on 14 March 2017 of IndusInd Bank having entered into an agreement with Infrastructure Leasing and Financial Services (IL&FS), the promoter shareholder of IL&FS Securities Services (ISSL) to acquire 100% of ISSL (proposed acquisition), the Reserve Bank of India has granted approval for the proposed acquisition. The announcement was made during market hours today, 4 April 2018.
Metal and mining stocks gained. National Aluminium Company (up 4.26%), Vedanta (up 1.72%), JSW Steel (up 1.54%), Steel Authority of India (Sail) (up 0.73%), Jindal Steel & Power (up 1.18%), Hindalco Industries (up 0.65%), NMDC (up 0.67%) and Hindustan Copper (up 0.59%) edged higher. Hindustan Zinc (down 0.63%) fell.
Tata Steel rose 0.91%. The board of directors at the meeting held yesterday, 3 April 2018 decided to defer the matter on issuance of unsecured debt securities on private placement basis. The announcement was made after market hours yesterday, 3 April 2018.
Telecom stocks advanced. Tata Teleservices (Maharashtra) (up 3.5%), Reliance Communications (up 1.77%), Bharti Airtel (up 0.05%) and MTNL (up 1.77%) rose. Idea Cellular (down 0.97%) fell.
Shares of Bharti Infratel shed 0.13%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Shares of ICICI Securities were trading at Rs 456.95 on BSE, a discount of 12.12% over the initial public offer price of Rs 520. The stock debuted at Rs 431.10, a discount of 17.10% to the initial public offer (IPO) price. So far the stock hit a high of Rs 462.70 and low of Rs 431.10. On BSE, so far 8.15 lakh shares were traded on the counter. ICICI Securities is a wholly owned subsidiary of ICICI Bank, India's largest financial conglomerate, offering a wide range of financial services including brokerage, financial product distribution and investment banking.
Traders and investors are awaiting the outcome of the Reserve Bank of India's (RBI) monetary policy meeting. The RBI's Monetary Policy Committee (MPC) meets today, 4 April 2018 and tomorrow, 5 April 2018 for the first bi-monthly monetary policy for 2018-2019. The resolution of the MPC will be announced at 14:30 IST tomorrow, 5 April 2018. As per reports, the central bank is likely to keep interest rates unchanged in the first monetary policy review of the current fiscal year, amid a gradual recovery in growth and easing inflation.
In its last meeting on 7 February 2018, RBI decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6%. Consequently, the reverse repo rate under the LAF remains at 5.75%, and the marginal standing facility (MSF) rate and the bank rate at 6.25%.
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