Positive market breadth

Key indices hovered in positive zone in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 43.97 points or 0.11% at 38,589.69. The Nifty 50 index was up 12.85 points or 0.11% at 11,582.85.

Local stocks edged higher in early trade on buying demand in index pivotals. Stocks trimmed gains in morning trade after an initial upmove.

The S&P BSE Mid-Cap index was up 0.75%. The S&P BSE Small-Cap index was up 0.50%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1259 shares rose and 909 shares fell. A total of 149 shares were unchanged.

Vedanta (up 3.59%), Tata Motors (up 2.34%), Tata Steel (up 2.17%), Maruti Suzuki India (up 1.85%) and Yes Bank (up 1.6%) edged higher from the Sensex pack.

IndusInd Bank (down 2.03%), Axis Bank (down 1.31%), Bajaj Auto (down 1.31%), ITC (down 0.97%) and HCL Technologies (down 0.94%) edged lower from the Sensex pack.

Shares of MSTC were trading at Rs 115.10, a discount of 4.17% over the initial public offer price of Rs 120. The stock debuted at Rs 111, a discount of 7.50% to the initial public offer (IPO) price. So far the stock hit a high of Rs 116.55 and low of Rs 110.05. MSTC is a Mini Ratna Public Sector Undertaking (PSU) company. Currently, the three main business verticals in the company are E-commerce, Trading, and Recycling.

HIL rose 0.06%. HIL announced that Parador (Shanghai) Flooring Trading Co., China, a joint venture of Parador GmbH, Germany (step down subsidiary of HIL International GmbH, Germany), has opened its first showroom in Shanghai with its state of art the digitally led distribution system for premium wooden products of Parador and has also participated and displayed Parador products range in 'Domotex', one of the largest wooden flooring exhibition. This will help the Parador to expand its business aggressively in China. The announcement was made after market hours yesterday, 28 March 2019.

Overseas, Asian shares are trading higher on Friday on revived hopes of progress in US-China trade talks. US stocks climbed on Thursday as Treasury yields rose off 15-month lows, with investors optimistic about the latest round of US-China trade talks.

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