Market slightly higher in early trade

Local stocks were trading with small gains in early trade. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 26.12 points or 0.07% at 37,835.03. The Nifty 50 index was up 13.20 points or 0.12% at 11,367.45.

The S&P BSE Mid-Cap index was up 0.3%. The S&P BSE Small-Cap index was up 0.32%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 721 shares rose and 365 shares fell. A total of 52 shares were unchanged.

Overseas, most Asian stocks were trading higher. U.S. stocks closed mostly lower Monday after data showing weakness on the global economic front triggered heavy losses at the end of last week while investors continued to fret over the inversion of the yield curve. However, the Dow bucked the trend to rise as shares of Boeing Co. rallied after recent losses.

Meanwhile, the markets showed little reaction to the end of Special Counsel Robert Mueller's probe into Russian meddling in the 2016 presidential election.

Back home, Bharti Airtel rose 0.29%. Bharti Airtel announced new ISD call charges for Bangladesh and Nepal as part of its endeavour to simplify tariffs and add to customer convenience. The new ISD call charges, which are currently available to Airtel prepaid mobile users, are the most affordable in the industry and eliminate the need for buying additional ISD packs to make calls to Bangladesh and Nepal. Airtel mobile customers can now enjoy the most competitive ISO tariffs with their regular recharge packs and bundles. Calls to Bangladesh will now be charged at only Rs 2.99/minute (versus Rs. 12 per minute earlier) representing a reduction of 75%. Calls to Nepal will now be charged at Rs 7.99 per minute (versus Rs 13 earlier) representing a reduction of approximately 40%. The announcement was made after market hours yesterday, 25 March 2019.

Grasim Industries rose 0.59%. Grasim Industries said it has challenged the order of Deputy Commissioner of Income Tax (DCIT) dated 14 March 2019, raising demand of sum of Rs 5872.13 crore on account of dividend distribution tax (including interest) before the Bombay High Court. The company has submitted that the order passed by the DCIT is wholly unsustainable in law and the department has sought time to file reply. The company has received order dated 22 March 2019 from the Bombay High Court. The High Court, while granting time to the Department for filing reply, has granted stay against the recovery of demand. The announcement was made after market hours yesterday, 25 March 2019.

Newgen Software Technologies fell 0.63%. Newgen Software Technologies announced that its board approved to incorporate a wholly-owned subsidiary in Australia and to make initial investment upto 1.5 million Australian dollars in the proposed subsidiary by way of subscribing to its shares. The announcement was made after market hours yesterday, 25 March 2019.

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