Market provisionally ends a tad higher

Key indices ended a tad higher in a volatile session of trade. The barometer index, the S&P BSE Sensex, rose 2.96 points or 0.01% at 36,321.29, as per the provisional closing data. The Nifty 50 index rose 3.50 points or 0.03% at 10,890.30, as per the provisional closing data.

The S&P BSE Mid-Cap index fell 0.02%. The S&P BSE Small-Cap index rose 0.14%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1219 shares rose and 1362 shares fell. A total of 144 shares were unchanged.

M&M rose 0.05%. Automobili Pininfarina GmbH ('APF'), a wholly owned subsidiary of Mahindra Automotive Mauritius ('MAML') which in turn is a wholly owned subsidiary of M&M, has acquired 100% of the membership interests in Harkey Acquisition, L.L.C., USA on 15 January 2019. Going forward Harkey would be re-christened as Automobili Pininfarina Americas Inc., subject to necessary approvals. Pursuant to this, Harkey has become a wholly owned subsidiary of APF and in turn of MAML and of the company with effect from 15 January 2019. The announcement was made during market hours today, 16 January 2019.

Zee Entertainment Enterprises fell 0.84%. On a consolidated basis, Zee Entertainment Enterprises' net profit rose 50.56% to Rs 562.76 crore on 17.88% increase in net sales to Rs 2,166.77 crore in Q3 December 2018 over Q3 December 2018. Revenue growth was driven by the strong performance of broadcast business. EBITDA (earnings before interest, tax, depreciation and amortization) for the quarter grew by 26.9% to Rs 754.30 crore and EBITDA margin stood at 34.8%. The result was announced after market hours yesterday, 15 January 2019.

Dr Reddy's Laboratories rose 1.08%. Dr Reddy's Laboratories informed that the US Food and Drug Administration (USFDA) completed audit of the company's formulations Srikakulam plant (SEZ) Unit I, Andhra Pradesh on 15 January 2019. The company has been issued a Form 483 with 4 observations, which the firm is addressing. The announcement was made after market hours yesterday, 15 January 2019.

On the macro front, trade deficit narrowed in December 2018, government data released after market hours yesterday, 15 January 2019 showed. India's merchandise exports rose 0.3% to US$ 27.93 billion in December 2018 over a year ago. Meanwhile, merchandise imports declined 2.4% to US$ 41.01 billion, leading to 7.9% dip in the trade deficit to 10-month low of US$ 13.08 billion in December 2018 from US$ 14.20 billion in December 2017.

Merchandise exports in rupees increased 10.5% to Rs 197536 crore, while imports moved up 7.4% to Rs 290033 crore in December 2018 over December 2017. The trade deficit declined to Rs 92497 crore in December 2018 compared with Rs 95594 crore in December 2017.

Overseas, European stocks were higher Wednesday, with market participants assessing their options after British lawmakers voted against Prime Minister Theresa May's Brexit deal by a crushing margin.

Market focus is now largely attuned to political uncertainty in the UK, with investors turning their attention to a confidence vote on May's government on Wednesday evening. Prime Minister Theresa May's plan to leave the European Union by a March 29 deadline was rejected overwhelmingly by the parliament, triggering more uncertainty as the country struggles to engineer an orderly exit from the trade bloc. In a crushing defeat, 432 members voted against May's proposal while 202 voted in favor.

Most Asian stock markets rose supported by positive sentiment to China signaling more stimulus measures to come, including larger tax cuts, amid concerns of a slowdown in the world's second-largest economy.

US stocks snapped a two-session skid Tuesday, as a robust tech rally offset lackluster results from major US banks, including Dow-component JPMorgan Chase & Co.

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