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Market drifts higher in early trade

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Local stocks drifted higher in early trade on buying demand in index pivotals. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 149.34 points or 0.38% at 39,119.14. The Nifty 50 index was up 32.80 points or 0.28% at 11,741.90.

The S&P BSE Mid-Cap index was down 0.03%. The S&P BSE Small-Cap index was up 0.11%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 587 shares rose and 393 shares fell. A total of 33 shares were unchanged.

Overseas, most Asian stocks were trading higher Wednesday on relief over Washington's temporary relaxation of curbs against China's Huawei Technologies.

In US, shares of technology companies helped lift Wall Street on Tuesday after the United States temporarily eased curbs on China's Huawei Technologies Co, alleviating investor concerns about pressure on future corporate results in the sector.

Back home, Tech Mahindra dropped 3.43% after consolidated net profit fell 6.64% to Rs 1126.60 crore on 0.38% rise in total income to Rs 9059.40 crore in Q4 March 2019 over Q3 December 2018. The result was announced after market hours yesterday, 21 May 2019.

DLF jumped 5.43% after consolidated net profit rose 76.22% to Rs 436.56 crore on 36.55% rise in total income to Rs 2788.27 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 21 May 2019.

ERIS Lifesciences fell 2.29% after consolidated net profit fell 3.92% to Rs 53.88 crore on 3.21% rise in total income to Rs 226.55 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 21 May 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, May 22 2019. 09:24 IST
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