Positive market breadth

Stocks hovered in positive zone in morning trade. At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 84.40 points or 0.22% at 38,649.28. The Nifty 50 index was up 30.25 points or 0.26% at 11,606.20.

Key indices edged higher in early trade on positive Asian stocks.

The S&P BSE Mid-Cap index was off 0.05%. The S&P BSE Small-Cap index was up 0.23%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 955 shares rose and 797 shares fell. A total of 100 shares were unchanged.

ONGC (up 2.68%), HCL Technologies (up 1.85%), Asian Paints (up 1.57%), Yes Bank (up 1.44%) and IndusInd Bank (up 1.42%) edged higher from the Sensex pack.

Tata Motors (down 5.12%), Maruti Suzuki India (down 1.88%), Vedanta (down 1.8%), Tata Steel (down 1.61%) and Hero MotoCorp (down 1.05%) edged lower from the Sensex pack.

Tata Power Company shed 0.07%. Tata Power Company announced that its wholly-subsidiary Tata Power Renewable Energy (TPREL) has signed a binding agreement to sell its 32 MW operating wind assets located in Satara District, Maharashtra. The power from these assets is currently tied up with Tata Power Company - Distribution (TPC-D) under a long-term power purchase agreement. The parties are currently executing conditions precedent defined under the agreement. Upon completion of the conditions precedent, the assets and liabilities pertaining to the said project would be transferred to the buyer. The announcement was made after market hours yesterday, 23 April 2019.

NBCC (India) lost 3.79%. NBCC (India) said it has signed agreements with Government of Republic of Mauritius on 11 April 2019 for project management consultancy for construction of Mauritius Police Academy (MPA), Forensic Science Laboratory (FSL) and National Library & National Achieves (NA&NL) at Mauritius. NBCC secured order of Lot -1 MPA, Lot-2 FSL, Lot-3 NA&NL through competitive bids invited by Government of Mauritius. Exim Bank of India is funding these projects under GoI Line of Credit. The approximate cost of the projects is $44 million with PMC fees of $1,807,256 for all the three lots. The announcement was made after market hours yesterday, 23 April 2019.

Overseas, Asian stocks were trading higher on Wednesday after upbeat earnings helped the Nasdaq and S&P 500 indexes reach record closing highs on Wall Street overnight, while oil retreated from its near six-month highs.

In US, the S&P 500 index and the Nasdaq registered record closing highs after a broadbased rally on Tuesday, as a clutch of better-than-expected earnings reports eased concerns about a slowdown. The Dow Jones Industrial Average rose 145.34 points, or 0.55%, to 26,656.39, the S&P 500 gained 25.71 points, or 0.88%, to 2,933.68 and the Nasdaq Composite added 105.56 points, or 1.32%, to 8,120.82.

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