Market drifts higher in early trade

Local stocks nudged higher in early trade on positive Asian stocks. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 89.32 points or 0.25% at 36,410.61. The Nifty 50 index was up 23.20 points or 0.21% at 10,913.50.

The S&P BSE Mid-Cap index was up 0.26%. The S&P BSE Small-Cap index was up 0.2%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 725 shares rose and 504 shares fell. A total of 67 shares were unchanged.

Overseas, Asian shares were trading higher on Thursday as upbeat bank earnings bolstered Wall Street. In US, Wall Street's major indexes hit one-month highs on Wednesday as strong earnings from Bank of America Corp and Goldman Sachs Group Inc boosted investor sentiment. The Dow Jones Industrial Average rose 141.57 points, or 0.59%, to 24,207.16, the S&P 500 gained 5.8 points, or 0.22%, to 2,616.1 and the Nasdaq Composite added 10.86 points, or 0.15%, to 7,034.69.

Back home, Hindustan Unilever fell 0.33% ahead of its Q3 result today, 17 January 2018.

Reliance Industries rose 0.78% ahead of its Q3 result today, 17 January 2018.

Jet Airways (India) dropped 3.58%. Jet Airways (India) said that the company has been working on various cost cutting measures, debt reduction and funding options including infusion of capital, monetisation of assets including the company's stake in its loyalty program, in consultation with various key stakeholders. The announcement was made after market hours yesterday, 16 January 2019.

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