The Nifty50 index hit new record high and Sensex gained over 200 points on Tuesday following positive trade data and IMD monsoon forecast. Stock-specific action will be in focus as investors will look out for the March-quarter earnings of individual stocks. Positive sentiment in the Asian stocks also lifted the domestic indices.

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The Nifty hit a new high of 11,775.80, surpassing its previous high of 11,761 hit on April 5.

India's trade deficit narrowed to $10.89 billion as compared to $13.51 billion in the corresponding period last year, according to official data released on Monday. Exports grew significantly by 11 percent to $32.55 billion in March on account of higher growth in various sectors.

India is likely to receive near-normal monsoon rains in 2019, the country’s official weather forecaster said on Monday, easing concerns over farm output and economic growth in Asia’s third-biggest economy where half the farmland lacks irrigation.

At 9:55 AM, the BSE Sensex was trading at 39,206, up 300 points, while the broader NSE Nifty50 was ruling at 11,771, adding 81 points. Nifty Midcap was flat, and Nifty Smallcap index gained 0.3 percent.

"Market sentiments will remain positive post the amid polls and expectations of better earnings as companies are expected to report improving topline and bottom-line numbers. Foreign investors invested nearly Rs. 34,000 Crores in Indian equity markets as Central Banks of Developed Markets turned cautious and delayed rate hike decisions on the back of global growth concerns," Motilal Oswal Financial Services said in a report.

Vedanta, Coal India, ICICI Bank, Bharti Infratel, and IOC gained the most on Nifty, while Infosys, Tata Steel, Tata Motors, HUL, and HDFC Bank fell the most on the index.

All sectoral indices were trading in green with Nifty Metal gaining the most followed by banking indices and Nifty Pharma.

Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed by mid-morning. The index had risen to its highest level since July 2018 the previous day after strong export and banking data from China last week eased investors’ concerns about the health of the world’s second-largest economy.

Expectations that Chinese and US trade negotiators would strike a deal soon also lifted market confidence. The Shanghai Composite Index lost 0.1 percent. South Korea’s KOSPI fell 0.1 percent, Australian stocks added 0.5 percent. Japan’s Nikkei edged up 0.2 percent.

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First Published:Apr 16, 2019 9:39 AM IST