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Market gains for ninth day as IMD predicts normal monsoon

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Key benchmark indices logged modest gains led by HDFC, and ITC. The barometer index, the Sensex, rose 89.63 points or 0.26% at 34,395.06, as per the provisional closing data. The index rose 20.35 points or 0.19% at 10,548.70, as per the provisional closing data. Domestic stocks logged gains for the ninth day in a row after the Meteorological Department (IMD) predicted a normal monsoon this season.

Stocks opened higher as sentiment was boosted after the Meteorological Department (IMD) forecasted normal monsoon this year. However, after an initial volatility, the key benchmark indices drifted higher and hit fresh intraday high in morning trade. Stocks trimmed gains in mid-morning trade. Key indices bounced from the day's low in afternoon trade. Volatility ruled the roost in mid-afternoon trade as the key benchmark indices once again regained strength after reversing intraday losses. Stocks held firm in late trade.

The Mid-Cap index provisionally rose 0.28%. The Small-Cap index provisionally rose 0.28%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,398 shares rose and 1,247 shares fell. A total of 158 shares were unchanged.

Metal and stocks saw mixed trend. (up 1.95%), (up 0.33%), (up 0.54%) and (up 0.07%) edged higher. (Sail) (down 0.71%), (down 0.42%), Vedanta (down 0.52%), NMDC (down 0.28%) and (down 0.9%) fell.

(TCS) fell 0.78%. TCS has opened its Insurance Hub for business operations in Cedar Rapids, This move, part of a multi-year relationship between TCS and Transamerica, will transform the administration of Transamerica's US insurance and annuity business lines, accelerate the enhancement of its digital capabilities and modernise its platform to service all lines of its business customers. The announcement was made during market hours today, 17 April 2018.

(HDFC) rose 1.03%. (HDFC AMC), a joint venture between HDFC and Standard Life Investments, reported a 31% jump in profit after tax at Rs 721.61 crore in the year ended March 2018 over the year ended March 2017. The asset management firm's total revenue rose 17.6% to Rs 1867.24 crore in the year ended March 2018 over the year ended March 2017. Total expenses were up 2.11% at Rs 804.73 crore. The announcement was made after market hours yesterday, 16 April 2018.

HDFC AMC last month filed a draft red herring prospectus with Sebi for a public offer of up to 2.54 crore shares.

Adani Ports and Special Economic Zone (APSEZ) fell 1.24%. APSEZ said it signed a long term agreement with (IOC) to provide (LNG) on a use or pay basis to the state-run refiner, at its upcoming LNG import terminal at Dhamra in Odisha. As per the contract, IOC has booked 3 million tonnes per annum (MTPA) regasification capacity spread over 20 years. IOC plans to supply the gas to its refineries in Paradip in Odisha and Haldia in The announcement was made after market hours yesterday, 16 April 2018.

The (IMD) predicted the south-west monsoon (June to September) to be at 97% of the long period average (LPA) with a margin of error of +/- 5%. Rainfall between 96% and 104% of LPA during the June-September monsoon period is considered normal. The forecast was made after market hours yesterday, 16 April 2018. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.

(IMD) issues operational forecast for the southwest monsoon seasonal rainfall for the country as a whole in two stages. The first stage forecast is issued in April and the second stage forecast is issued in June.

Overseas, European stocks edged up as attention shifted to the first-quarter earnings season and deal-making. Most Asian stocks fell as investors sought fresh leads after weeks of volatility sparked by trade frictions and geopolitical conflict.

China's rose 6.8% from a year earlier in the first quarter, holding steady from the 6.8% growth in the fourth quarter of last year, said today, 17 April 2018.

Meanwhile, industrial production grew just 6% in March, compared with 7.2% in the first two months of the year, and 6.8% overall for the quarter. In other data, January to March fixed asset investment growth slowed to 7.5% from a year ago, down from 7.9% in the first two months of the year.

US stocks closed sharply higher yesterday, 16 April 2018 with major indexes rallying in a broad advance as the first-quarter earnings season pointed to strong growth and geopolitical tensions showed signs of easing.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 17 2018. 15:46 IST