Market drifts higher in early trade

Domestic stocks nudged higher in early trade on positive Asian stocks. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 126.68 points or 0.35% at 36,675.09. The Nifty 50 index was up 27.90 points or 0.25% at 11,051.10.

The S&P BSE Mid-Cap index was down 0.03%. The S&P BSE Small-Cap index was down 0.13%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 662 shares rose and 635 shares fell. A total of 43 shares were unchanged.

Overseas, Asian stocks rose as China refrained from detailing retaliation plans against threatened US tariff increases. US stocks rallied yesterday, 12 July 2018 as trade tensions appeared to ease after China held off from immediately retaliating against the latest US salvo.

Back home, Infosys rose 1.14% ahead of its Q1 June 2018 result today, 13 July 2018.

HCL Technologies fell 1.51% to Rs 990.10 after the company said its board approved buyback of up to 3.64 crore shares (2.61% stake) worth Rs 4000 crore at Rs 1,100 each. The announcement was made after market hours yesterday, 12 July 2018.

Varroc Engineering rose 0.35% after the company said that the board of its wholly owned step-down subsidiary, Varroc Lighting Systems INC. USA, approved the proposed setting up of new facilities at Chennai (India) and Poland for manufacturing exterior lighting components. The announcement was made after market hours yesterday, 12 July 2018.

Allahabad Bank lost 1.19%. Allahabad Bank said it proposes to sell its non-core assets including divestments of its stake in joint ventures, associates, selling some of the immovable properties owned by the bank. The announcement was made after market hours yesterday, 12 July 2018.

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