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Indices drift higher in early trade

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Volatility struck bourses in early trade as the key indices regained positive zone soon after opening lower. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 29.17 points or 0.07% at 39,160.21. The Nifty 50 index was up 12.50 points or 0.11% at 11,675.10.

The S&P BSE Mid-Cap index was up 0.15%. The S&P BSE Small-Cap index was up 0.16%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 620 shares rose and 463 shares fell. A total of 62 shares were unchanged.

Overseas, most Asian stocks were trading lower on Wednesday following overnight developments on the US-China trade front.

U.S. stocks closed lower on Tuesday after President Donald Trump said an agreement with China on trade tariffs had a long way to go adding that America could place tariffs on an additional $325 billion worth of Chinese goods. Trump made his comments during a cabinet meeting at the White House.

Federal Reserve chair Jerome Powell, while speaking in Paris at the Bank of France, said the economic outlook hasn't improved since the last Federal Open Markets Committee meeting in June, likely setting the stage for an interest rate cut.

Back home, Wipro rose 0.63% ahead of its Q1 result today, 17 July 2019.

Yes Bank gained 0.69% ahead of its Q1 result today, 17 July 2019.

DCB Bank dropped 12.26%. DCB Bank's net profit rose 16.63% to Rs 81.06 crore on 20.43% rise in total income to Rs 944.46 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 16 July 2019.

Multi Commodity Exchange of India advanced 3.46%. The company's consolidated net profit surged 496.18% to Rs 43.70 crore on 29.87% rise in total income to Rs 110.95 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 16 July 2019.

KNR Constructions rose 3.17%. KNR Constructions said that the company has received a work order for Rs 847.34 crore from Navayuga Engineering Company, Hyderabad on back to back basis for the balance work of 'Palamuru Rangareddy Lift Irrigation Scheme - Package 10 for the formation of Venkatadri Reservoir bund. The announcement was announced was made after market hours yesterday, 16 July 2019.

Jay Bharat Maruti lost 3.03% after the company's consolidated net profit dropped 41.59% to Rs 7.85 crore on 12.45% fall in total income to Rs 443.21 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 16 July 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: Wed, July 17 2019. 09:28 IST
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