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Market drifts higher in early trade

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Key benchmark indices edged higher in early trade on positive Asian stocks. At 9:27 IST, the barometer index, the S&P Sensex, was up 38.72 points or 0.13% at 29,557.46. The 50 index was up 9.35 points or 0.1% at 9,136.20.

The Mid-Cap index was down 0.23%, underperforming the The Small-Cap index was up 0.17%, outperforming the

The market breadth, indicating the overall health of the market, was positive. On the BSE, 873 shares rose and 599 shares fell. A total of 72 shares were unchanged.

Overseas, Asian shares edged higher on the prospects of a less-hawkish Federal Reserve policy trajectory. The main US stock indexes closed marginally lower yesterday, 20 March 2017 for the third straight day of losses, as investors were reluctant to make big bets without major economic or corporate news.

Expectations that the US Federal Reserve will have to step up rate hikes to counter inflationary pressure from President Donald Trump's stimulus are also waning after the Fed dropped no hints of an acceleration in credit tightening last week.

Back home, ITC (up 1.74%), L&T (up 1.16%) and Coal India (up 0.89%) edged higher from the pack.

HCL Technologies rose 0.31% to Rs 865.95 after the company announced that its board approved buyback of up to 3.50 crore fully paid-up equity shares of the company at Rs 1,000 per share for an aggregate amount not exceeding Rs 3500 crore. The buyback is proposed to be made from the shareholders of the company on a proportionate basis, through the tender offer route. The announcement was made after market hours yesterday, 20 March 2017.

Separately, HCL Technologies said that it has been chosen as the strategic IT services provider to the Volvo Ocean Race. HCL will be responsible for developing and delivering IT solutions for the 2017-18 edition of the race around the world. The Volvo Ocean Race held every three years witnesses the coming together of the best sailors across the world. The announcement was made after market hours yesterday, 20 March 2017.

Aurobindo Pharma shed 0.31%. The company announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture Guaifenesin and Dextromethorphan Hydrobromide extended-release tablets, 600/30 mg and 1200/60mg (OTC). Aurobindo's Guaifenesin and Dextromethorphan Hydrobromide extended-release tablets are the AB rated generic equivalent of Reckitt Benckiser's Mucinex DM tablets. The product will be launched in Q1 FY2018. The announcement was made after market hours yesterday, 20 March 2017.

Guaifenesin and Dextromethorphan Hydrobromide extended-release tablets helps loosen mucus and phlegm, and thin out bronchial secretions, making coughs more productive. The approved product has an estimated market size of $235 million for the twelve months ended December 2016, according to IRI database.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 21 2017. 09:22 IST