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Benchmarks remain higher with solid gains

Key barometer gauges continued their firm trade in afternoon session, following India Meteorological Department’s (IMD) monsoon forecast. The IMD has stated that India is likely to receive average monsoon rains this year. The statement raised expectations of higher farm and economic growth in the economy. Some comfort also came with a report that India’s exports rose to a five-month high of 11% in March on account of higher growth mainly in Pharma, chemicals and engineering sectors, marking the outbound shipments at $331 billion for FY18-19. Investors were also optimistic as the earnings season got off to a good start. Meanwhile, the government is targeting public procurement worth Rs 50,000 crore through the commerce ministry's online marketplace--Government e-Marketplace (GeM)--during the current financial year (2019-20).

On the global front, Asian markets were trading in green, as hopes of stabilisation in the Chinese economy helped investors shrug off Wall Street's underperformance that followed disappointing bank earnings. Back home, the BSE Sensex is currently trading at 39225.88, up by 320.04 points or 0.82% after trading in a range of 39038.81 and 39277.96. There were 26 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.24%, while Small cap index was up by 0.41%.

The top gaining sectoral indices on the BSE were Bankex up by 1.14%, Consumer Durables up by 1.12%, Capital Goods up by 1.00%, FMCG up by 0.82% and Energy up by 0.81%, while Realty was down by 0.37% was the lone losing index on BSE.

The top gainers on the Sensex were Indusind Bank up by 2.63%, ICICI Bank up by 2.50%, Asian Paints up by 1.93%, Larsen & Toubro up by 1.69% and TCS was up by 1.67%. On the flip side, Tata Motors down by 1.17%, Tata Motors - DVR down by 1.17%, Bharti Airtel down by 0.85%, Infosys down by 0.61% and Power Grid was down by 0.40% were the top losers.

Meanwhile, the government is targeting public procurement worth Rs 50,000 crore through the commerce ministry's online marketplace--Government e-Marketplace (GeM)--during the current financial year (2019-20). In FY19, GeM touched Rs 17,325 crore mark in terms of value of transactions as compared to Rs 5,885 crore in the previous financial year and Rs 422 crore in 2016-17.

The commerce ministry has indicated that 2018-19 witnessed a four-fold increase in total value of transactions on the portal and a two-fold increase in the number of sellers on GeM. It also highlighted that over 8.8 lakh products were made available on its platform through a network of over two lakh sellers and service providers. It added that training of over 1.3 lakh buyers and sellers has been conducted across 28 states and Union Territories to enable them operate the platform seamlessly.

GeM was launched in August, 2016 to facilitate online procurement of common-use goods and services required by both central and state governments, organisations and public sector units. A memorandum of understandings (MoUs) have been signed with 12 banks for payment integration to facilitate a cashless and paperless payment system on the platform. Public procurement of the Central and State governments runs into over Rs 2 lakh crore annually.

The CNX Nifty is currently trading at 11780.80, up by 90.45 points or 0.77% after trading in a range of 11731.55 and 11787.05. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were ICICI Bank up by 2.70%, Indusind Bank up by 2.63%, Titan up by 2.44%, Hindalco up by 2.02% and Asian Paints was up by 1.98%. On the flip side, Wipro down by 1.69%, Tata Motors down by 1.60%, Bharti Airtel down by 1.01%, Infosys down by 0.73% and Cipla was down by 0.52% were the top losers.

Asian markets were trading in green; Nikkei 225 surged 52.55 points or 0.24% to 22,221.66, Taiwan Weighted strengthened 52.25 points or 0.48% to 10,927.85, Jakarta Composite soared 20.06 points or 0.31% to 6,455.21, KOSPI rose 5.75 points or 0.26% to 2,248.63, Shanghai Composite gained 70.35 points or 2.21% to 3,248.14, Straits Times advanced 5.91 points or 0.18% to 3,331.77 and Hang Seng increased 246.67 points or 0.83% to 30,057.39.

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