Market drifts higher in early trade

Local stocks opened on a firm note on positive Asian stocks. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 153.97 points or 0.4% at 38,711.01. The Nifty 50 index was up 50 points or 0.43% at 11,548.90.

The S&P BSE Mid-Cap index was up 0.34%. The S&P BSE Small-Cap index was up 0.38%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 623 shares rose and 263 shares fell. A total of 38 shares were unchanged.

Overseas, Asian stocks were trading higher after Federal Reserve Chair Jerome Powell reinforced prospects of a US interest rate cut later this month.

US stocks rose on Wednesday with the Nasdaq Composite index closing at a record high after Federal Reserve chairman Jerome Powell indicated interest rates cuts may be imminent in the face of some weakening economic data.

In testimony to a congressional committee, Powell noted that while the U.S. jobs market remains robust and consumer spending appears set to rebound, business investment has slowed considerably, along with housing investment and manufacturing output.

Back home, Aurobindo Pharma rose 1.1%. Aurobindo Pharma announced the launch of Cinacalcet Hydrochloride Tablets (30mg, 60mg and 90mg) at risk in the US market in accordance with the terms of settlement agreement with Amgen Inc. Aurobindo's Cinacalcet Hydrochloride tablets 30mg, 60mg and 90mg is a generic version of Amgen Inc's Sensipar tablets. Cinacalcet Hydrochloride tablets had an annual sale of approximately US$1,449 million for the twelve months ended May 2019 as per IQVIA. The announcement was made after market hours yesterday, 10 July 2019.

Piramal Enterprises gained 1.83%. Piramal Enterprises board of directors approved the issue of secured, rated, unlisted, redeemable non-convertible debentures on private placement basis. The size of the issue is Rs 1500 crore. The announcement was made after market hours yesterday, 10 July 2019.

TVS Motor Company slipped 0.02%. TVS Motor Company yesterday, 10 July 2019 launched 100cc economy motorcycle TVS Sport in Sri Lanka. The mileage-efficient motorcycle boasts of new generation graphics and style. The announcement was made after market hours yesterday, 10 July 2019.

GTPL Hathway surged 20%. GTPL Hathway's consolidated net profit rose 120.27% to Rs 29.45 crore on 49.72% rise in total income to Rs 454.46 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 10 July 2019.

Himachal Futuristic Communications surged 7.18%. Himachal Futuristic Communications' consolidated net profit rose 139.77% to Rs 110.39 crore on 23.36% rise in total income to Rs 1349.04 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 10 July 2019.

Punjab Chemicals and Crop Protection fell 1.92%. Punjab Chemicals and Crop Protection said that there was a fire accident at one section of agro chemical division, Derabassi, district Mohali on 10 July 2019. The fire was brought under control with the help of Fire Brigades. Further, the assets of the company are adequately covered under insurance. The company is taking adequate steps to ensure re-functioning of the plant at the earliest. The announcement was made after market hours yesterday, 10 July 2019.

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