Market opens higher on positive Asian stocks

Key indices are trading higher in early trade on positive Asian stocks. At 9:23 IST, the barometer index, the S&P BSE Sensex, was up 29.96 points or 0.08% at 38,853.07. The Nifty 50 index was up 8.40 points or 0.07% at 11,591.30.

The S&P BSE Mid-Cap index was up 0.2%. The S&P BSE Small-Cap index was up 0.07%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 590 shares rose and 447 shares fell. A total of 50 shares were unchanged.

Overseas, Asian stocks were trading higher on expectations of a rate cut by US Federal Reserve later this month.

In US, the Dow and S&P 500 rose on Thursday to close at record highs as health insurers gained after the Trump administration scrapped a plan designed to rein in prescription drug prices, while financial shares climbed with bond yields.

Federal Reserve Chairman Jerome Powell testifying Wednesday before the House Financial Services Committee and Thursday in front of the Senate Banking Committee gave investors more hope that a rate cut is coming. The Fed has a two-day meeting on July 30-31.

Back home, IT major Infosys rose 0.55% ahead of its Q1 June 2019 result today, 12 July 2019.

Banking major IndusInd Bank rose 0.8% ahead of Q1 June 2019 result today, 12 July 2019.

Tata Consultancy Services (TCS) rose 0.28%. TCS announced the launch of Jile 3.0, a major release of its on-the-cloud Agile DevOps platform that helps companies of all sizes achieve enterprise agility. The announcement was made after market hours yesterday, 11 July 2019.

KPR Mill dropped 3.63%. KPR Mill said that it is unable to go ahead with its proposed buyback of 37.50 lakh shares citing the Union Budget's proposal to tax such transactions at 20%. The announcement was made after market hours yesterday, 11 July 2019.

Den Networks rose 0.4%. Den Networks reported consolidated net profit of Rs 11.23 crore in Q1 June 2019 compared with net loss of Rs 30.72 crore in Q1 June 2018. Total income rose 13.1% to Rs 365.29 crore. The announcement was made after market hours yesterday, 11 July 2019.

Himachal Futuristic Communications rose 1.71%. HTL, a subsidiary of the company has received a purchase order worth Rs 198.82 crore approx., from Bharat Electronics for supply of various types of optical fibre cables. The announcement was made after market hours yesterday, 11 July 2019.

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