Market opens on a firm note

Domestic stocks opened on a firm note on positive Asian stocks. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 283.50 points or 0.79% at 36,137.06. The Nifty 50 index was up 84.70 points or 0.79% at 10,822.30. The Sensex regained the psychological 36,000 level in early trade.

On the macro front, the all-India general CPI inflation eased to 2.19% in December 2018 (new base 2012=100), compared with 2.33% in November 2018. The corresponding provisional inflation rate for rural area was 1.65% and urban area 2.91% in December 2018 as against 1.71% and 3.12% in November 2018. The core CPI inflation was flat at 5.73% in December 2018 compared with 5.70% in November 2018. The data was announced after market hours yesterday, 14 January 2019.

The S&P BSE Mid-Cap index was up 0.58%. The S&P BSE Small-Cap index was up 0.59%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 998 shares rose and 328 shares fell. A total of 50 shares were unchanged.

Overseas, Asian stocks were trading higher as markets recovered from the impact of weak economic data in Europe and China that sparked concerns about slowing global growth.

US stocks closed lower Monday as weaker-than-expected China trade data sparked fresh fears of a global economic slowdown. Corporate results were also in the spotlight as fourth-quarter earnings season got under way.

In Europe, Brexit concerns will rise to the forefront this week as UK lawmakers get ready to vote on Prime Minister Theresa May's separation deal with the European Union Tuesday. UK opposition leader Jeremy Corbyn said Sunday the Labor Party would push for a general election if Parliament rejects May's deal, and that he might force a vote of no-confidence soon.

Back home, Wipro rose 1.48% after the company announced that its board will consider bonus issue of shares in its meeting on 17-18 January 2019. The decision of the board of directors will be informed to the stock exchanges on the evening of 18 January 2019. The company is also slated to announce its third-quarter earnings on 18 January 2019. The announcement was made after market hours yesterday, 14 January 2019.

ICICI Bank rose 0.43% after the bank announced that its board appointed B. Sriram and Rama Bijapurkar as additional (independent) directors of the bank with effect from 14 January 2019 for a period of 5 years, subject to the approval of shareholders. The announcement was made after market hours yesterday, 14 January 2019.

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