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Indices drift higher in early trade

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Key indices nudged higher in early trade on buying demand in index pivotals. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 40.12 points or 0.1% at 39,094.80. The Nifty 50 index was up 5.95 points or 0.05% at 11,732.10.

Trading could be volatile as traders roll over positions in the F&O segment from the near month April 2019 series to May 2019 series. The April 2019 F&O contracts expire today, 25 April 2019.

The S&P BSE Mid-Cap index was up 0.17%. The S&P BSE Small-Cap index was up 0.14%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 573 shares rose and 330 shares fell. A total of 48 shares were unchanged.

Overseas, Asian shares were trading lower on Thursday as a surprise deterioration in German business morale rekindled fears of slowing global growth. US stocks slipped on Wednesday after ending the previous session with a record as investors waited for more earnings reports.

Back home, State Bank of India (SBI) rose 0.19%. SBI announced that the executive committee of the central board in its meeting held on 24th April 2019 has approved long term fund raising in single/multiple tranches upto $2.5 billion, through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2019-2020. The announcement was made after market hours yesterday, 24 April 2019.

IPCA Laboratories rose 1.55%. IPCA Laboratories announced that it has entered into a share purchase agreement (SPA) to acquire 100% paid-up share capital of Ramdev Chemical for cash at Rs 108.50 crore. Ramdev Chemical is engaged in the business of manufacturing and marketing of advanced drug intermediates, fine chemicals, custom synthesis molecules and active pharmaceutical ingredients. The announcement was made after market hours yesterday, 24 April 2019.

Bank of Maharashtra gained 1.07%. Bank of Maharashtra announced that its board will meet on 29 April 2019 to consider the proposal of raising of capital through FPO/rights issue/QIP/preferential issue or any other mode or combination thereof and/or through issue of bonds or such other securities as may be permitted under applicable laws etc., subject to the necessary approvals. The announcement was made after market hours yesterday, 24 April 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 25 2019. 09:25 IST