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Market logs modest gains after choppy trade

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Local stocks ended with modest gains after volatile session of trade. The barometer index, the S&P BSE Sensex, gained 269.43 points or 0.71% at 38,024.32, as per the provisional closing data. The index rose 83.60 points or 0.74% at 11,426.85, as per the provisional closing data. Positive global stocks boosted sentiment.

The Sensex settled above the psychological 38,000 level after moving above and below that level in intraday trade. Domestic stocks nudged higher in early trade on positive Asian stocks. Key benchmark indices extended early gains and hit intraday high in morning trade. Stocks hovered in positive zone in mid-morning trade. Indices extended gains in afternoon trade. Strong buying demand in index pivotals pushed the key benchmark indices higher in mid-afternoon trade. Volatility zoomed in late trade as the key indices trimmed gains soon after hitting fresh intraday high in late trade.

The S&P BSE Mid-Cap index rose 0.55%. The S&P BSE Small-Cap index fell 0.34%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1208 shares rose and 1476 shares fell. A total of 176 shares were unchanged.

rose 1.43%. Tech Mahindra's arm acquired 100% stake in Japan's K-Vision for $1.5 million. The target is engaged in providing network services for mobile communication carriers in The announcement was made after market hours yesterday, 14 March 2019.

(RIL) fell 1.39%. Brookfield has filed the preliminary placement memorandum, in terms of which India Infrastructure Trust, an InvIT set up by Brookfield as sponsor and 90% investor, will invest Rs 13,000 crore to acquire the (Pipeline). As a part of the transaction, the InvIT will acquire 100% equity interest in (PIPL) which currently owns and operates the Pipeline.

RIL's current investment in preference shares valued at Rs 4,000 crore will continue and will be converted into equity at the end of 20 years. Further at the end of 20 years, RIL has the right to acquire equity shares of PIPL held by the InvIT at an equity value of Rs 50 crore. The announcement was made after market hours yesterday, 14 March 2019.

Glenmark Pharmaceuticals rose 1.46%. , USA (Glenmark) has been granted final approval by the Food & Drug Administration (USFDA) for clindamycin and benzoyl peroxide gel, 1% / 5%, a generic version of Gel, 1% / 5%, of Valeant Bermuda. According to IQVIA sales data for the 12 month period ending January 2019, the Gel, 1% / 5% market achieved annual sales of approximately $99.4 million. The announcement was made during trading hours today, 15 March 2019.

Overseas, European equities were trading higher as all eyes remain on the trade talks. U.K. shares climbed after won some time for a final push on her rejected deal. The voted to request an extension of the March 29 deadline to June 30 if lawmakers can agree to a withdrawal deal by March 20. Thursday's vote comes after failed to secure support for her revised plan and lawmakers on Wednesday ruled out a no-deal exit.

Asian markets were trading higher Friday as took a step to appease U.S. trade negotiators. The Bank of kept its monetary policy steady on Friday in a widely expected move, where the short-term interest rate will remain at minus 0.1%.

US stocks closed mostly lower Thursday as investors digested headlines suggesting progress toward a US-trade deal has stalled against the backdrop of weaker-than-expected Chinese economic data.

A meeting between and Chinese will be delayed until at least April, as per reports, indicating that a bilateral trade deal will not be finalized this month.

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

First Published: Fri, March 15 2019. 15:46 IST