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AxisDirect-O-Nomics
Apr 05, 2018 | Source: Capital Market - Live News
Domestic stocks saw a gap-up opening tracking firm Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 375.33 points or 1.14% at 33,394.40. The Nifty 50 index was up 125.95 points or 1.24% at 10,254.35.
The S&P BSE Mid-Cap index was up 1.33%. The S&P BSE Small-Cap index was up 1.57%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,459 shares rose and 197 shares fell. A total of 41 shares were unchanged.
Overseas, Asian shares were trading higher as optimism grew that the US and China will step back from the brink of a trade war. Representatives from China and the US left the door open for a negotiated solution to avoid tariff proposals that wouldnt take effect for months. Markets in mainland China, Hong Kong and Taiwan were closed for holidays.
Chinas tariffs would place 25% duties on major US exports to China including airplanes, autos and soybeans, covering 106 categories of products and affecting $50 billion of goods. The announcement followed plans by the Trump administration to impose tariffs of 25% on Chinese products worth $50 billion, on top of levies introduced on steel and aluminum last month. Retaliatory Chinese levies on US pork and fruit came into effect early this week.
US stocks closed sharply higher yesterday, 4 April 2018 amid heavy intraday volatility as investors speculated the likelihood of, or the potential impact from, a trade war between the United States and China.
Back home, Tata Motors (up 2.42%), M&M (up 2.11%) and Tata Steel (up 2.03%) edged higher from the Sensex pack.
ICICI Bank rose 0.82%. With reference to news article titled, SFIO awaits ministry nod to investigate ICICI-Videocon case, ICICI Bank clarified after market hours yesterday, 4 April 2018, that it has not received any communication from the Serious Fraud Investigation Office (SFIO) in the above matter.
Traders and investors are awaiting the outcome of the Reserve Bank of Indias (RBI) monetary policy meeting. The RBIs two-day Monetary Policy Committee (MPC) meeting began yesterday, 4 April 2018 for the first bi-monthly monetary policy for 2018-2019. The resolution of the MPC will be announced at 14:30 IST today, 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 was at 5.75%, and the marginal standing facility (MSF) rate and the bank rate at 6.25%.
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AxisDirect-O-Nomics
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