Market nudges higher in early trade

Key indices are trading higher in early trade as buying resumed after two-day fall. At 9:27 IST, the barometer index, the S&P BSE Sensex, was up 163.69 points or 0.42% at 38,831.02. The Nifty 50 index was up 52.15 points or 0.45% at 11,526.60.

The S&P BSE Mid-Cap index was up 0.46%. The S&P BSE Small-Cap index was up 0.21%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 699 shares rose and 362 shares fell. A total of 49 shares were unchanged.

Among stocks, NBCC (India) gained 4.44%. NBCC (India) has signed a Memorandum of Understanding (MoU) with Ministry of Youth Affairs & Sports (MYAS), Department of Sports, Government of India to Provide Project Management Consultancy for development of National Sports University at Imphal, Manipur. The approximate cost of project would be Rs. 400 crore. The announcement was made after market hours yesterday, 30 September 2019.

Punjab National Bank rose 1.21%. Punjab National Bank said it has received amount of capital infusion of Rs 3000 crore towards contribution of Central Government in the preferential allotment of equity shares (Special securities/Bonds) of the bank, as government's investment. The announcement was made after market hours yesterday, 30 September 2019.

Bank of Baroda rose 1.4%. Government of India has conveyed its decision to infuse capital of Rs 7000 crore in Bank of Baroda. The Capital infusion will be by way of preferential allotment of equity shares (Special Securities / Bonds) of the bank during the FY2019-20 as Government's investment in Bank. The announcement was made after market hours yesterday, 30 September 2019.

Cadila Healthcare rose 1.09%. Cadila Healthcare entered into an asset purchase agreement to sell its right, title and interest in ZYPITAMAGTM (Pitavastatin), along with applicable registrations and intangible assets relating to ZYPITAMAG for USA and Canada markets to Medicure Inc., a cardiovascular pharmaceutical company. The announcement was made after market hours yesterday, 30 September 2019.

National Peroxide lost 3.07%. National Peroxide said that the company's plant located at Kalyan, Maharashtra, has been temporarily shutdown from 30 September 2019 for carrying out expansion of production capacity from 95,000 MT per annum (50%w/w) to 150,000 MT per annum (50%w/w) for an approximate period of 90 days. The announcement was made after market hours yesterday, 30 September 2019.

On the macro front, government data released after market hours yesterday, 30 September 2019 showed the index of Eight Core Industries carrying 40.27% weight of items included in the Index of Industrial Production (IIP) has declined by 0.5% in August 2019 as compared to the index of August 2018.

Overseas, Asian stocks were trading mixed on Tuesday on hopes that China and the United States could work towards reaching a deal on trade. Chinese markets will be shut for a week from Tuesday to mark 70 years since the founding of the People's Republic of China.

US stocks rose on Monday, helped by gains in Apple, Microsoft and Merck & Co, as investors set aside worries about the US-China trade war.

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