Sensex, Nifty advance in early trade

Key indices opened higher taking cues from Asian peers. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 163.26 points or 0.43% at 38,572.74. The Nifty 50 index was up 60.85 points or 0.54% at 11,311.85.

The S&P BSE Mid-Cap index was up 0.59%. The S&P BSE Small-Cap index was up 0.59%. Both these indices underperformed the BSE Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 408 shares rose and 146 shares fell. A total of 30 shares were unchanged.

Stocks in news:

Mahindra and Mahindra fell 0.70%. Mahindra and Mahindra (M&M) said the operations of the company in March, 2020 have been impacted due to supply disruptions of certain critical components for production of BS-VI vehicles on account of outbreak of Coronavirus in China and fire at a plant of a major supplier which is estimated to result into reduction in production / sales volume of the company (Automotive Division) and Mahindra Vehicle Manufacturer, a wholly owned subsidiary of the company, by around 12,000 units in the month of March, 2020.

Reliance Industries rose 0.35%. Reliance Industries (RIL) informed that Reliance Retail Ventures (RRVL), a subsidiary of RIL, has acquired 7,86,191 equity shares representing 100% of the equity share capital of Shri Kannan Departmental Store (SKDS) for a consideration of Rs 152.5 crore.

Maruti Suzuki India gained 0.20%. Maruti Suzuki India partnered with HDB Financial Service, a leading NonBanking Financial Company, to provide customized and attractive car loans for customers. The tie up will facilitate loans for both new and used cars.

HDFC shed 0.17%. HDFC reduced its retail prime lending rate on housing loans by 5 basis points with effect from 9 March 2020. The change will benefit all existing HDFC retail home loan customers.

Allcargo Logistics added 2.26%. Allcargo Logistics said that the company has received SEBI approval on its open offer to acquire approximately 3.17 crore shares or 26% stake in Gati at Rs 75 a share. On full acceptance of the open offer it will take Allcargo's stake in Gati to 46.83%. The open offer is expected to be launched in March 2020 and closed by April 2020.

Global Markets:

Asian stocks were trading higher on Thursday after an emergency US spending bill to combat the impact of the coronavirus added to signs of support from policy makers around the world.

In US, stocks surged to close higher on Wednesday, as investors warmed to the Federal Reserve's surprise interest rate cut and support from other central banks, as well as former Vice President Joe Biden emerging as the frontrunner of the Democratic Party's presidential race.

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