Market nudges higher on positive Asian stocks

Local stocks are trading higher in early trade on positive Asian stocks. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 121 points or 0.32% at 37,807.37. The Nifty 50 index was up 38.30 points or 0.34% at 11,227.50.

The S&P BSE Mid-Cap index was up 0.02%. The S&P BSE Small-Cap index was down 0.07%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 505 shares rose and 410 shares fell. A total of 35 shares were unchanged.

Overseas, most Asian stocks were trading higher as investors await developments from U.S.-China trade talks this week in Shanghai. The Bank of Japan announced Tuesday that it will leave its monetary policy unchanged, as expected, and maintained its guidance of extremely low rates at least through spring 2020, while noting it would not hesitate to take easing action if necessary.

US stocks finished mixed Monday, with declines in financials and communication-discretionary sectors preventing the S&P 500 and Nasdaq from scoring fresh record closes.

Investors are watching for signs of progress toward a trade deal, but expectations for a breakthrough are low. Face-to-face trade talks between China and U.S. officials are reportedly set to resume Tuesday in Shanghai, marking the first such meeting on tariffs since President Donald Trump and China's President Xi Jinping met on the sidelines of the Group of 20 gathering in Osaka, Japan, in June.

The US Fed will gather on July 30-31 for policy meeting and the U.S. central bank is widely anticipated to cut benchmark rates by at least 25 basis points to combat headwinds from the China-U.S. trade dispute and signs of slowing economic growth outside of the U.S.

Back home, Dr. Reddy's Laboratories rose 1.11% after consolidated net profit rose 42.09% to Rs 676.50 crore on 13.42% increase in total income to Rs 4304.60 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 29 July 2019.

Bharat Electronics gained 2.69% after net profit increased 13.91% to Rs 204.73 crore on 0.76% rise in total income to Rs 2126.96 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 29 July 2019.

DLF slipped 0.28%. The company's consolidated net profit rose 140.04% to Rs 414.72 crore on 10.85% rise in total income to Rs 1837.46 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 29 July 2019.

Cochin Shipyard rose 1.23% after consolidated net profit rose 12.07% to Rs 118.97 crore on 12.05% rise in total income to Rs 802.75 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 29 July 2019.

Reliance Nippon Life Asset Management dropped 1.47%. The company's consolidated net profit increased 12.91% to Rs 125.40 crore on 15.09% decline in total income to Rs 360.41 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 29 July 2019.

Sun Pharma Advanced Research Company fell 1.41%. The company reported net loss of Rs 94.19 crore in Q1 June 2019 as compared to net loss of Rs 64.48 crore in Q1 June 2018. Total income rose 16.35% to Rs 20.99 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 29 July 2019.

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