Indices trim gains

Stocks trimmed gains in morning trade after an initial upmove. At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 73.37 points or 0.19% at 38,619.09. The Nifty 50 index was up 21.25 points or 0.18% at 11,591.25.

Key indices edged higher in early trade on buying demand in index pivotals.

The S&P BSE Mid-Cap index was up 0.79%. The S&P BSE Small-Cap index was up 0.48%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1188 shares rose and 692 shares fell. A total of 139 shares were unchanged.

 

Overseas, Asian shares are trading higher on Friday on revived hopes of progress in US-China trade talks. US stocks climbed on Thursday as Treasury yields rose off 15-month lows, with investors optimistic about the latest round of US-China trade talks.

Back home, Vedanta (up 2.84%), Tata Motors (up 2.46%), M&M (up 1.93%), Maruti Suzuki India (up 1.86%) and Tata Steel (up 1.84%) edged higher from the Sensex pack.

IndusInd Bank (down 2.03%), Axis Bank (down 0.89%), ICICI Bank (down 0.86%), ITC (down 0.7%) and Bajaj Auto (down 0.59%) edged lower from the Sensex pack.

WABCO India jumped 8.07%. WABCO India said that its US-based ultimate parent company, WABCO Holdings Inc., announced that it has entered into a definitive merger agreement with ZF Friedrichshafen AG ("ZF"), a privately held global leader in driveline and chassis technologies. Under the agreement, ZF will acquire all outstanding shares of WABCO Holdings Inc., for $136.50 per share in an all-cash transaction for an equity value of over $7 billion. The transaction is expected to close in early 2020. The announcement was made after market hours yesterday, 28 March 2019.

Tata Power Company rose 1.82%. Tata Power Company signed the power purchase agreement (PPA) with Brihanmumbai Electric Supply and Transport Undertaking, for 676.69 MW of power supplied from its Trombay Thermal and hydro plants, for a period of five years from 1 April 2019 to 31 March 2024. Further, a PPA was also signed by distribution business of Tata Power with its generation arm for 700 MW to be supplied from its Trombay Thermal and hydro plants, for a period of five years from 1 April 2019 to 31 March 2024. The announcement was made after market hours yesterday, 28 March 2019.

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