Market opens higher on selective buying

Key indices opened higher on select buying in index stocks. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 133.08 points or 0.33% at 40,545.65. The Nifty 50 index was up 36.35 points or 0.31% at 11,946.50.

The S&P BSE Mid-Cap index was up 0.44%. The S&P BSE Small-Cap index was up 0.17%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 462 shares rose and 133 shares fell. A total of 26 shares were unchanged.

Among stocks, shares of Maruti Suzuki India were up 0.40%. Maruti Suzuki India said it has joined hands with Federal Bank to provide dealer finance and customised auto retail financing solutions to customers. In August 2019, Maruti Suzuki India had inducted Federal Bank as an approved partner for dealer inventory funding. The latest tie-up for retail financing to customers will further offer comprehensive loan access facilities to Maruti Suzuki India dealers as well as customers.

UltraTech Cement rose 0.03%. UltraTech Cement said the company has approved the allotment of 2,500 listed, Unsecured Non-Convertible Debentures of Rs 10,00,000 each aggregating to Rs 250 crore on private placement basis. The NCDs with 3 year tenure will carry interest of 6.72% and will be listed on the NSE.

Cipla was up 1.32%. Cipla said Avenue Therapeutics Inc., USA, a company focused on the development of intravenous tramadol for the US submitted a New Drug Application (NDA) to the US FDA for IV tramadol for the management of moderate to moderately severe pain in adults in a medically supervised health care setting. Avenue Therapeutics, Inc. Is an associate company of Cipla.

Cadila Healthcare rose 0.44%. Cadila Healthcare said it has launched affordable oral anti-diabetic tablet Vinglyn. The drug belongs to the class of oral anti-diabetic agents, known as DPP4 inhibitors, which have shown promise in achieving glycaemic control without deterioration in beta cell function and are one of the recent advancements in diabetes care and management. Vinglyn and Vinglyn M will be marketed by Zydus Healthcare Ltd.

IDFC First Bank was up 0.93%. IDFC First Bank said India Ratings & Research Private Limited has assigned 'IND AA+/ Negative' Rating/ Outlook in respect of Bank's 'Basel Ill - Tier 2 Bonds' of Rs 2000 crore (Size of Issue) and have affirmed existing ratings (IND AA+/ Negative) in respect of Bank's other senior debt instruments (Infra Bonds & NCDs).

Vodafone Idea was up 2.54%. Vodafone Idea denied reports about negotiations are taking place with Brookfields or Edelweiss to sell some assets. The fact that the company intends to monetize its optic fibre business and data centre was disclosed in the quarterly report sent to the Stock Exchanges on 14 November 2019.

Overseas, Asian markets were trading mixed on Thursday after the Federal Reserve signalled rate settings were likely to remain accommodative but the imminent UK election and a deadline for Sino-US trade talks kept investors cautious.

In US, stocks closed slightly higher on Wednesday as investors digested a cautious message from the Federal Reserve, while continuing to monitor progress on China-US trade talks.

The Federal Reserve on Wednesday announced it was holding interest rates steady but added that it expected to make no changes in either direction throughout 2020.

Meanwhile, US market is hoping for a delay on an increase in 15 December tariffs on some $160 billion of consumer goods from China.

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