Stocks trimmed gains in morning trade. At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 33.62 points or 0.09% at 37,785.79. The Nifty 50 index was up 4.50 points or 0.04% at 11,346.20
Domestic stocks drifted higher in early trade on buying demand in index pivotals.
The S&P BSE Mid-Cap index was off 0.25%. The S&P BSE Small-Cap index was off 0.1%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 927 shares rose and 1043 shares fell. A total of 104 shares were unchanged.
Overseas, Asian shares were trading mixed on Thursday as investors awaited data from China for clues about the health of the world's second largest economy. U.S. stocks closed higher Wednesday, as investors parsed economic data that included stronger-than-expected durable goods orders and further signs that inflation remains subdued.
The Commerce Department report also showed core capital orders, a key measure of business investment, rising 0.8% in January after falling sharply the two months previous.
In Europe, the U.K. Parliament on Wednesday voted against a no-deal Brexit, a day after lawmakers rejected Prime Minister Theresa May's revised Brexit deal in a 242-391 vote. On Thursday, they will decide on whether to request an extension to the March 29 deadline to reach a trade agreement with the European Union.
Lupin rose 0.22%. Lupin has received a letter from the US Food and Drug Administration (USFDA) classifying the inspection conducted at the company's Mandideep (Unit 1) facility in December 2018 as 'Official Action Indicated' (OAI). The USFDA has stated that this facility may be subject to regulatory or administrative action and that it may withhold approval of any pending applications or supplements in which this facility is listed.
There are no new drug master files (DMF) and Abbreviated New Drug Applications (ANDA) pending review or approval from the Mandideep (Unit 1) facility and the company does not believe that this classification will have an impact on disruption of supplies or the existing revenues from operations of this facility. The company is in the process of sending further updates of its corrective actions to the USFDA and remains hopeful of a positive outcome. The announcement was made after market hours yesterday, 13 March 2019.
GE T&D India rose 0.87%. GE T&D India announced that it has been awarded a technology-driven grid modernization project by Rajasthan Rajya Vidyut Prasaran Nigam (RRVPL), as part of the utility's roadmap to implement grid initiatives and augmenting renewable energy in the state. Smart Transmission Network and Asset Management System (STNAMS), RRVPL's state-of-the-art power transmission roadmap, was designed to integrate large-scale renewable energy and support managing existing and future power structure. GE's Advanced Energy Management System (AEMS) will serve as a foundation for RRVPL's roadmap and enable the utility to alter production levels based on demand. The announcement was made after market hours yesterday, 13 March 2019.
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