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CAPITALSTARS MARKET WRAP UP & UPDATES – 13 APR 2018

Domestic stocks logged modest gains in a volatile trading session led by gains in index heavyweights Reliance Industries, HDFC and Infosys. The Nifty 50 index rose 21.95 points or 0.21% to settle at 10,480.60. Extending gains for the seventh straight trading session, the Sensex and the Nifty, both, settled at their highest level in over six weeks. Sentiment was boosted by upbeat domestic macro-economic data showing robust rise in factory output in February and decelerating retail inflation in March.

Most IT stocks rose ahead of Q4 results of Infosys. Private sector banks saw mixed trend. Public sector bank stocks rose. Most metal shares rose.

Private sector banks saw mixed trend. Kotak Mahindra Bank (up 1.69%), IndusInd Bank (up 0.7%), ICICI Bank (up 0.61%), Federal Bank (up 0.25%) edged higher. RBL Bank (down 0.07%), HDFC Bank (up 0.09%), Yes Bank (down 0.66%) and Axis Bank (down 1.17%) edged lower.

Ashok Leyland advanced 3.14%. The company won an order from the Ministry of Defense for supplying Ashok Leyland’s High Mobility 10×10 vehicles (HMV 10×10). The initial order is worth over Rs 100 crore. The announcement was made during market hours today.

Overseas, most European and Asian stocks rose after Donald Trump toned down his rhetoric on the timing of a missile attack on Syria. China’s trade balance swung to a deficit of $4.98 billion in March from a $33.7 billion surplus in the previous month. Exports declined 2.7% in March from a year earlier, following a 44.5% surge in February. Imports in March expanded 14.4% from a year earlier, compared with a 6.8% increase in February.

US stocks closed sharply higher on Thursday, as geopolitical concerns appeared to fade after President Donald Trump tweeted that a military strike on Syria may not be imminent. Escalating tensions over the Middle Eastern country were seen as a major contributor to weakness in Wednesday’s session.

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