Market drifts higher in early trade

Domestic stocks drifted higher in early trade on buying demand in index pivotals. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 142.98 points or 0.38% at 37,895.15. The Nifty 50 index was up 39.10 points or 0.34% at 11,380.80

The S&P BSE Mid-Cap index was up 0.43%. The S&P BSE Small-Cap index was up 0.4%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 912 shares rose and 420 shares fell. A total of 64 shares were unchanged.

Overseas, Asian shares were trading mixed on Thursday as investors awaited data from China for clues about the health of the world's second largest economy. U.S. stocks closed higher Wednesday, as investors parsed economic data that included stronger-than-expected durable goods orders and further signs that inflation remains subdued.

The Commerce Department report also showed core capital orders, a key measure of business investment, rising 0.8% in January after falling sharply the two months previous.

In Europe, the U.K. Parliament on Wednesday voted against a no-deal Brexit, a day after lawmakers rejected Prime Minister Theresa May's revised Brexit deal in a 242-391 vote. On Thursday, they will decide on whether to request an extension to the March 29 deadline to reach a trade agreement with the European Union.

Back home, Sun Pharmaceutical Industries rose 1.28%. Sun Pharmaceutical Industries said that its wholly owned subsidiary has increased its shareholding in PJSC Biosintez, Russia, by purchasing 33,958 shares (30221 ordinary shares and 3737 preferred shares) equivalent to 11.86% of PJSC Biosintez under mandatory tender offer. Post completion of this purchase of shares, the total holding of wholly owned subsidiary company increased from 85.10% to 96.96% in PJSC Biosintez. The announcement was made after market hours yesterday, 13 March 2019.

Wipro shed 0.78%. Azim Premji, chairman of Azim Premji Foundation, announced after market hours yesterday, 13 March 2019, that he has increased his commitment to philanthropy, by irrevocably renouncing more of his personal assets and earmarking them to the endowment, which supports the foundation's philanthropic activities. He has done this by additionally earmarking all economic benefits for philanthropic purposes, in approximately 34% of the shares in Wipro (current market value Rs 52,750 crore/$7.5 billion), held by certain entities controlled by him. This action is in addition to his earlier donations to philanthropy, which included Wipro's shares, as well as other assets owned by him. With this action, the total value of the philanthropic endowment corpus contributed by Premji is Rs 1,45,000 crore ($21 billion), which includes 67% of economic ownership of Wipro.

Star Cement jumped 7.09%. Star Cement has received Rs 115.18 crore towards its freight subsidy claims from the Central Government and a further amount of Rs 42.55 crore is expected to be received within a week's time. The announcement was made after market hours yesterday, 13 March 2019.

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