Market drifts higher in volatile early trade

A bout of volatility was seen in early trade as stocks regained positive zone soon after erasing intraday gains. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 57.58 points or 0.16% at 36,882.68. The Nifty 50 index was up 9.20 points or 0.08% at 11,143.50.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 104.34 crore yesterday, 24 July 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 513.78 crore yesterday, 24 July 2018, as per provisional data.

The S&P BSE Mid-Cap index was up 0.46%. The S&P BSE Small-Cap index was up 0.49%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1098 shares rose and 545 shares fell. A total of 77 shares were unchanged.

Overseas, most Asian stocks were trading lower. US equity benchmarks finished Tuesday mostly higher, led by technology and health-care companies.

Back home, among stocks, Hero MotoCorp rose 1.52% ahead of its April-June 2018 earnings today, 25 July 2018.

L&T rose 0.41% ahead of its April-June 2018 earnings today, 25 July 2018.

Ambuja Cements advanced 0.52% ahead of its April-June 2018 earnings today, 25 July 2018.

Asian Paints fell 1.64%. On a consolidated basis, Asian Paints' net profit rose 29.63% to Rs 571.31 crore on 15.07% increase in net sales to Rs 4390.27 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 24 July 2018.

HDFC rose 0.85%. HDFC announced after market hours yesterday, 24 July 2018, that in the proposed meeting on 30 July 2018, the company's board will consider raising up to $1.5 billion via external commercial borrowing (ECB). The company had earlier announced that its board will meet on 30 July 2018, to consider Q1 June 2018 results, and approve issuance of secured redeemable non-convertible debentures aggregating to Rs 35000 crore on a private placement basis, subject to approval of shareholders of the corporation.

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