Key benchmark indices were trading near day's high in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 207.36 points or 0.52% at 40,039.33. The Nifty 50 index was up 67.35 points or 0.56% at 12,013.25. The Sensex and the Nifty held above their psychological levels.
The Indian rupee gained in the early trade on Friday. It is trading at 69.755 per dollar versus Thursday's close 69.875.
Crude oil prices dropped on Friday after US President Donald Trump said he would impose tariffs on imports from Mexico, stoking fears about global economic growth. Brent for July 2019 settlement was down 87 cents at $66 a barrel. The contract fell $2.58 a barrel or 3.71% to settle at $66.87 a barrel during the previous trading session.
The BSE Mid-Cap index was up 0.64%. The BSE Small-Cap index was up 0.17%.
The market breadth was tilted in favour of buyers. On BSE, 1050 shares rose and 877 shares fell. A total of 112 shares were unchanged.
Most metal shares declined. Hindalco Industries (down 1.4%), Hindustan Copper (down 1.21%), Vedanta (down 1.07%), Jindal Steel & Power (down 0.82%), Hindustan Zinc (down 0.7%), NMDC (down 0.39%), Steel Authority of India (down 0.2%) and Tata Steel (down 0.12%), edged lower. JSW Steel was up 0.04%.
National Aluminium Company was up 0.30%. The company's net profit fell 9.13% to Rs 233.59 crore on 2.15% fall in total income to Rs 2863.89 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 30 May 2019.
FMCG shares were in demand. Godrej Consumer Products (up 3%), Marico (up 2.61%), Britannia Industries (up 1.83%), Nestle India (up 0.99%), Dabur India (up 0.95%), Tata Global Beverages (up 0.53%), Hindustan Unilever (up 0.40%), Jyothy Laboratories (up 0.38%), Colgate Palmolive (India) (up 0.30%), GlaxoSmithKline Consumer Healthcare (up 0.16%) and Procter & Gamble Hygiene & Health Care (up 0.03%), edged higher. Bajaj Corp was down 0.60%.
India's Q4 gross domestic product (GDP) growth data will release after 17:30 IST today, 31 May 2019.
On the political front, Narendra Modi took oath as the country's Prime Minister for a second term on Thursday. His cabinet ministers include, Raj Nath Singh, Amit Shah, Nitin Jairam Gadkari, D. V. Sadananda Gowda, Nirmala Sitharaman, Ramvilas Paswan, Narendra Singh Tomar, Ravi Shankar Prasad, Harsimrat Kaur Badal, Thaawar Chand Gehlot, Subrahmanyam Jaishankar, Ramesh Pokhriyal 'Nishank', Arjun Munda, Smriti Zubin Irani, Harsh Vardhan, Prakash Javadekar, Piyush Goyal, Dharmendra Pradhan, Mukhtar Abbas Naqvi, Pralhad Joshi, Mahendra Nath Pandey, Arvind Ganpat Sawant, Giriraj Singh and Gajendra Singh Shekhawat.
In foreign market, Asian shares were mixed Friday, as the ongoing trade fight between the US and China also continues to weigh on markets, following a recent escalation in rhetoric.
China's official manufacturing Purchasing Managers' Index (PMI) for May came in at 49.4. PMI readings above 50 indicate expansion, while those below that signal contraction.
Trading in US index futures indicated that the Dow Jones Industrial Average could fall 180.50 points at the opening bell today, 31 May 2019. The move came after US President Donald Trump announced that fresh tariffs would be slapped on all Mexican goods starting from 10 June.
US stocks ended higher on Thursday, but gains were capped as worries over the global economy and trade lingered. In economic news, the second read on first-quarter US GDP showed the economy expanded by 3.1% on an annualized basis.
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