A bout of volatility was witnessed as key benchmark indices bounced back from the day's low and were trading near flat line in afternoon trade. At 13:23 IST, the barometer index, the S&P BSE Sensex, was up 5.89 points or 0.02% at 34,311.32. The Nifty 50 index was down 5.95 points or 0.06% at 10,522.40.
Stocks opened higher as sentiment was boosted after the India 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.
The S&P BSE Mid-Cap index was up 0.06%. The S&P BSE Small-Cap index was up 0.18%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,251 shares rose and 1,228 shares fell. A total of 139 shares were unchanged.
Power sector shares were mixed. GMR Infrastructure (down 1.72%), Adani Power (down 1.55%), Torrent Power (down 0.81%), Tata Power (down 0.74%), CESC (down 0.38%), Reliance Infrastructure (down 0.15%) and Reliance Power (down 0.13%), edged lower. Jaiprakash Power Ventures (up 0.45%), NTPC (up 2.04%) and JSW Energy (up 2.30%), edged higher.
State-run Coal India was up 1.02%. State-run Power Grid Corporation of India was up 2.71%.
Capital goods shares were mixed. Jindal Saw (down 2.11%), Praj Industries (down 1.27%), Punj Lloyd (down 1.08%), BEML (down 0.97%), Lakshmi Machine Works (down 0.77%), Bharat Heavy Electricals (down 0.73%), Bharat Electronics (down 0.43%), AIA Engineering (down 0.38%), Reliance Defence and Engineering (down 0.17%), Siemens (down 0.08%) and Havells India (down 0.03%), edged lower. GE T&D India (up 0.01%), Suzlon Energy (up 0.17%), SKF India (up 0.35%), Thermax (up 0.43%), ABB India (up 0.49%), Crompton Greaves (up 0.62%) and GE Power India (up 0.83%), edged higher.
Engineering and construction major Larsen & Toubro (L&T) was down 0.68% to Rs 1,358.
The Indian Meteorological Department (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.
India Meteorological Department (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 markets were trading higher, tracking modest overnight gains after data showed China's economy grew slightly more than anticipated in the first quarter.
Most Asian stocks fell as investors sought fresh leads after weeks of volatility sparked by trade frictions and geopolitical conflict.
China's gross domestic product 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, China's National Bureau of Statistics 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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