Market opens on a flat note

Key indices were trading near flat line in early trade. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 3.12 points or 0.01% at 38,588.47. The Nifty 50 index was up 2.30 points or 0.02% at 11,586.60.

The S&P BSE Mid-Cap index was up 0.03%. The S&P BSE Small-Cap index was up 0.24%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 769 shares rose and 500 shares fell. A total of 72 shares were unchanged.

Overseas, Asian stocks were trading lower after a dovish turn by the European Central Bank and milder than expected US inflation.

In US, technology stocks led Wall Street slightly higher on Wednesday, as US inflation data proved to be benign and the minutes from the Federal Reserve's March meeting were unsurprising.

The Federal Reserve is likely to leave interest rates unchanged this year given risks to the US economy from a global slowdown and uncertainty over trade policies and financial conditions, according to the minutes from its March 19-20 policy meeting.

Back home, Wipro rose 0.73%. Wipro announced that its board will consider a proposal for buyback of equity shares at its meeting scheduled on 16 April 2019. The announcement was made after market hours yesterday, 10 April 2019.

Tata Consultancy Services (TCS) rose 0.23%. TCS announced that it has partnered with Google Cloud to build industry-specific cloud solutions that will help organizations accelerate their digital transformation and leverage data-driven insights that power superior customer experiences. The announcement was made after market hours yesterday, 10 April 2019.

Bharti Airtel gained 1.82%. Bharti Airtel said it has fixed 24 April 2019 as the record date for the purpose of determining the shareholders eligible to apply for the equity shares in the rights issue. The announcement was made after market hours yesterday, 10 April 2019.

On the political front, voting for the first phase of the 2019 Lok Sabha elections is being held today. Voting will take place in 91 Lok Sabha seats in 20 states and Union territories. Lok Sabha elections will be held in seven phases from 11 April 2019 to 19 May 2019 and counting will take place on 23 May 2019. However, elections for the Jammu and Kashmir Assembly, will not be held along with the Lok Sabha polls due to security reasons.

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