Market nudges higher in early trade

Stocks drifted higher in early trade on buying demand in index pivotals. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 199.08 points or 0.56% at 35,656.24. The Nifty 50 index was up 34.40 points or 0.32% at 10,716.60.

The S&P BSE Mid-Cap index was up 0.28%. The S&P BSE Small-Cap index was up 0.06%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 724 shares rose and 462 shares fell. A total of 57 shares were unchanged.

Overseas, most Asian stocks were trading higher even as investors remained cautious of tensions between the US and China after a pan-Pacific summit ended without consensus on trade issues. On the data front, Japan's monthly balance of trade tumbled to a deficit of 449 billion yen ($3.95 billion) in October amid elevated trade tensions and ramped up pressure to cut its trade surplus with the US, data from the country's finance ministry showed Monday.

US stocks closed mostly higher on Friday, 16 November 2018 after comments from President Donald Trump once again sparked hopes that a trade dispute with China could be resolved in the near term. But the Nasdaq bucked the trend to finish lower as a decline in chip maker shares, led by Nvidia Corp., dented sentiment in the technology sector.

Industrial production rose just 0.1% in October, the Federal Reserve reported Friday. Compared to 12 months earlier, industrial production rose 4.1%.

In Europe, investors were closely watching developments in the UK, with Prime Minister Theresa May defiantly pledging her commitment to seeing Britain's exit from the European Union, despite several top-level resignations and growing doubts about her leadership.

Back home, Dr Reddy's Laboratories rose 1.66% after the company announced that the audit of its formulations Srikakulum plant (SEZ) Unit II, Andhra Pradesh by the US Food and Drug Administration (USFDA), completed on 16 November 2018 with zero observations. The announcement was made after market hours on Friday, 16 November 2018.

Infosys rose 1.05% after the company announced that it has completed the formation of a joint venture with Temasek, the global investment company headquartered in Singapore. Through this joint venture, Infosys will be a partner to Temasek in its digital transformation journey and further strengthen its footprint in South East Asia. The announcement was made after market hours on Friday, 16 November 2018.

The joint venture will provide Temasek and its other clients with solutions in advanced technologies including cloud, data and analytics, cybersecurity, digital experiences and AI. Additionally, employees of this joint venture will be able to access Infosys' world class education and training capabilities, to advance their technological skills.

Power Grid Corporation of India rose 0.32% after the company's board approved increasing shareholding limit of foreign portfolio investors (FPIs) from 30% to 35% of paid up equity share capital of the company. The current FPIs/FIIs holding in Power Grid is about 24%. The announcement was made after market hours on Friday, 16 November 2018.

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