Market drifts higher in early trade

Local stocks nudged higher in early trade on positive Asian stocks. At 9:17 IST, the barometer index, the S&P BSE Sensex, was up 273.66 points or 0.74% at 37,327.76. The Nifty 50 index was up 84.60 points or 0.76% at 11,252.65.

The S&P BSE Mid-Cap index was up 0.79%. The S&P BSE Small-Cap index was up 0.84%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 956 shares rose and 167 shares fell. A total of 37 shares were unchanged.

Overseas, Asian stocks were trading higher on the back of a strong performance in U.S. markets overnight. U.S. stocks snapped a five-day losing streak to close higher Monday as technology shares rallied, offsetting some of the gloom from Boeing Co.'s woes after the second deadly crash in about six months involving the company's 737 Max 8 aircraft.

In US data, U.S. retail sales unexpectedly rose in January. Retail sales rose 0.2%. Data for December was revised down to show retail sales dropping 1.6% instead of tumbling 1.2% as previously reported.

In Europe, British Prime Minister Theresa May managed to secure last minute support from the EU for her Brexit deal before it goes to a crucial vote on Tuesday.

Back home, HDFC Life Insurance Company lost 4.21% to Rs 373.40. HDFC Life Insurance Company said one of its promoters, Standard Life, will sell up to 4.92% stake in the life insurance firm through offer for sale (OFS). The Standard Life (Mauritius Holdings) 2006, one of the promoters of the insurer, will sell stake through OFS on 12 March 2019 and the floor price for the sale will be Rs 357.50 per share, HDFC Life said in a regulatory filing. Standard Life proposes to sell up to 7 crore shares, representing 3.47% equity, with an option to additionally sell up to 2.95 crore shares, representing 1.46% of the total issued and paid-up capital, it said. Currently, Standard Life holds 29.22% stake in the life insurance company while mortgage firm HDFC has a 51.48% stake. The announcement was made after market hours yesterday, 11 March 2019.

Jet Airways (India) gained 2.4%. Jet Airways (India) announced that the part repayment of the external commercial borrowing availed by the company, for working capital purposes, falling due on 11 March 2019, has been delayed owing to temporary liquidity constraints. The company has engaged with the lender in relation to the same. The announcement was made after market hours yesterday, 11 March 2019.

Welspun Corp jumped 6.32%. Welspun Corp said it received additional pipe orders of 212 KMT on global basis. Out of these additional orders, 151 KMT will be serviced from India. The company's current order book stands at 1,667 KMTs valued at Rs 14,500 crore, after considering execution up to February 2019. The announcement was made after market hours yesterday, 11 March 2019.

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