Market drifts higher in early trade

Key benchmark indices nudged higher in early trade amid mild volatility. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 34.71 points or 0.1% at 33,809.37. The Nifty 50 index was up 1.75 points or 0.02% at 10,380.15.

The S&P BSE Mid-Cap index was down 0.19%. The S&P BSE Small-Cap index was down 0.08%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 678 shares fell and 607 shares rose. A total of 58 shares were unchanged.

Overseas, Asian stocks were trading lower as Treasury yields climbed back toward recent four-year highs. Chinese markets will reopen on Thursday, 22 February 2018. US markets remained closed yesterday, 19 February 2018 in observance of Presidents Day.

Back home, Tata Steel (up 1.8%), TCS (up 1.37%) and Bharti Airtel (up 1.17%) were the top gainers from the Sensex pack.

Mahindra & Mahindra (M&M) rose 0.38% after the company announced that it would make an additional investment at its Chakan plant in Maharashtra. As part of its expansion plans, the company will invest over Rs 500 crore in its electric vehicle (EV) project under the new EV policy of the Government of Maharashtra. The announcement was made after market hours yesterday, 19 February 2018.

The investment for EV and EV components is in addition to its ongoing expansion plan in Chakan which includes an initial investment of Rs 6500 crore. This additional investment of Rs 500 crore will be utilized towards product development and capacity enhancement for EVs and related components.

Sun Pharmaceutical Industries (Sun Pharma) fell 0.4%. Sun Pharma said that one of its wholly owned subsidiaries has increased its shareholding in Ranbaxy Malaysia Sdn Bhd, Malaysia, by way of further purchase of 3.86 lakh shares (equivalent to 4.84%) of Ranbaxy Malaysia Sdn Bhd. The announcement was made after market hours yesterday, 19 February 2018.

Post completion of this purchase of shares, the total holding of Sun Pharma alongwith its wholly owned subsidiary will increase from 85.9% to 90.74% in Ranbaxy Malaysia Sbn Bhd.

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