Market drifts higher in early trade

Local stocks nudged higher in early trade on buying demand in index pivotals. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 180.17 points or 0.47% at 38,825.35. The Nifty 50 index was up 42.50 points or 0.37% at 11,636.95.

The S&P BSE Mid-Cap index was up 0.36%. The S&P BSE Small-Cap index was up 0.32%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 652 shares rose and 289 shares fell. A total of 40 shares were unchanged.

Overseas, Asian shares were trading lower on Tuesday with concerns China may slow the pace of policy easing.

US stocks ended a low-volume trading session little changed on Monday, with the biggest gains in the energy sector as investors otherwise stayed on the sidelines ahead of quarterly earnings.

Back home, Biocon rose 1.43%. Biocon said that its board of directors will consider and recommend a proposal for dividend and issue of bonus shares at the scheduled meeting on 25 April 2019. The announcement was made after market hours yesterday, 22 April 2019.

Mcleod Russel India rose 0.48%. The company has executed an agreement for sale of specified assets of Addabarie Tea Estate, Mahakali Tea Estate and Dirai Tea Estate of the company, with Luxmi Tea Company on 22 April 2019, subject to approval of appropriate authorities. Earlier, the company had entered into a non-binding term sheet with Saffron Enclave for sale of specified assets of the aforesaid three estates, which has expired on 31 March 2019. The announcement was made after market hours yesterday, 22 April 2019.

Hindustan Copper rose 2.28%. The company announced that its board will meet on 25 April 2019, to consider and recommend seeking members approval for raising funds through issue of equity shares through qualified institutional placement method in supersession of earlier resolution. The announcement was made after market hours yesterday, 22 April 2019.

On the political front, as many as 116 Lok Sabha constituencies are undergoing polls today, 23 April 2019, across 14 states and Union Territories in Phase 3 of the 2019 general election. The 2019 general election, which is scheduled to be held in seven phases, kicked off on 11 April 2019 and will conclude on 19 May 2019. The counting of votes will be conducted on 23 May, and on the same day the results will be declared.

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