Market drifts higher in early trade

Key indices are trading higher in early trade as buying resumed in index pivotals after a four-day decline. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 262.95 points or 0.69% at 38,369.82. The Nifty 50 index was up 72.85 points or 0.64% at 11,386.85.

Investors are awaiting the outcome of the Reserve Bank of India's (RBI) fourth bi-monthly monetary policy review meeting today, 4 October 2019.

The S&P BSE Mid-Cap index was up 0.43%. The S&P BSE Small-Cap index was up 0.35%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 668 shares rose and 316 shares fell. A total of 48 shares were unchanged.

Among stocks, Dhampur Sugar Mills gained 2.26%. The company has launched country liquor at its distillery unit at Dhampur. The announcement was made after market hours yesterday, 3 October 2019.

UCO Bank jumped 7.65%. UCO Bank said that the Board of Directors of the bank approved the proposal for the issue of equity shares on preferential basis to Government of India against capital infusion of Rs 2130 crore. The announcement was made after market hours yesterday, 3 October 2019.

The New India Assurance Company rose 1.35%. The company has signed the Deed of Accession for entering into the Inter Creditor Agreements for the company's exposure to the debt instruments of Reliance Home Finance and Dewan Housing Finance. The announcement was made after market hours yesterday, 3 October 2019.

The Indian Hotels Company (IHCL) rose 1.84%. Anheuser Busch InBev (AB InBev) signed an agreement with IHCL to launch a premium chain of microbreweries within its marquee hotels across key locations in India. This collaboration is worth Rs 150 crore with plans to open 15 microbreweries over the next five years. The announcement was made after market hours yesterday, 3 October 2019.

Manpasand Beverages lost 4.87%. The company said it has received resignation letter from the Statutory Auditor M/s Batliboi & Purohit on 3 October 2019, with immediate effect. The announcement was made after market hours yesterday, 3 October 2019.

Overseas, Asian stocks were trading mixed on Friday as investors turned cautious ahead of a key US job report that could help determine whether the Federal Reserve cuts interest rates further.

Investors await U.S. nonfarm payrolls data for September, expected to be released later on Friday.

US stocks rose on Thursday after data showing US services-sector activity at a three-year low fuelled expectations that the Federal Reserve would cut interest rates to stem a wider economic downturn.

The Institute for Supply Management's index of the health U.S. services sector came in 52.6%, in September, down from 56.4% in August.

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