Strong market breadth

Key benchmark indices extended gains and hit fresh intraday high in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex, was up 367.36 points or 0.99% at 37,421.46. The Nifty 50 index was up 105.40 points or 0.94% at 11,273.45.

Local stocks nudged higher in early trade on positive Asian stocks.

The S&P BSE Mid-Cap index was up 1.07%. The S&P BSE Small-Cap index was up 1.37%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1514 shares rose and 410 shares fell. A total of 90 shares were unchanged.

L&T (up 3.05%), Power Grid Corporation of India (up 3.03%), ICICI Bank (up 2.77%), Asian Paints (up 1.77%) and Vedanta (up 1.75%) edged higher from the Sensex pack.

Bajaj Auto (down 0.48%), Hero MotoCorp (down 0.36%) and ONGC (down 0.25%) edged lower from the Sensex pack.

Piramal Enterprises rose 1.52%. Piramal Enterprises announced the launch of Mitigo (morphine sulfate injection, USP - preservative-free) in 10 mg/mL and 25 mg/mL concentrations in the US market. Mitigo is used for patients with intractable chronic pain. The announcement was made after market hours yesterday, 11 March 2019.

KEI Industries advanced 4.33%. KEI Industries announced that second phase of planned capex for medium voltage (MV) cables in Rajasthan is now operational. The announcement was made after market hours yesterday, 11 March 2019.

On the macro front, industrial production data for January 2019 will be unveiled today, 12 March 2019. India's industrial production growth accelerated to 2.4% year-on-year in December 2018 from 0.3% in the previous month.

The inflation rate for February 2019, will also be announced today, 12 March 2019. Annual consumer inflation declined to 2.05% in January 2019 from a downwardly revised 2.11% in December.

Overseas, Asian stocks were trading higher on the back of a strong performance in U.S. markets overnight. U.S. stocks snapped a five-day losing streak to close higher Monday as technology shares rallied, offsetting some of the gloom from Boeing Co.'s woes after the second deadly crash in about six months involving the company's 737 Max 8 aircraft.

In US data, U.S. retail sales unexpectedly rose in January. Retail sales rose 0.2%. Data for December was revised down to show retail sales dropping 1.6% instead of tumbling 1.2% as previously reported.

In Europe, British Prime Minister Theresa May managed to secure last minute support from the EU for her Brexit deal before it goes to a crucial vote on Tuesday.

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