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Market nudges higher in early trade

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Domestic stocks drifted higher in early trade as trading resumed after a local holiday. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 108.96 points or 0.29% at 37,254.41. The Nifty 50 index was up 26.90 points or 0.24% at 11,029.95.

The S&P BSE Mid-Cap index was up 0.64%. The S&P BSE Small-Cap index was up 0.53%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 652 shares rose and 262 shares fell. A total of 54 shares were unchanged.

The domestic stock markets were shut yesterday, 10 September 2019, on account of Muharram.

Fitch Ratings on Tuesday forecasted India's economic growth at 6.6% during the current year, down from 6.8% in the previous year, and said the government has only limited room to ease fiscal policy because of high debt. It said GDP growth is likely to rebound to 7.1% next year.

Among stocks, Tata Motors gained 3.28%. Tata Motors' wholly-owned UK-based unit Jaguar Land Rover (JLR) said that retail sales in August 2019 stood at 34,176 vehicles, down 6.7% compared to August 2018. The announcement was made after market hours on Monday, 9 September 2019.

Jaguar retail sales in August 2019 were 9,702 vehicles, down 17.8% year-on-year and Land Rover retailed 24,474 vehicles, down 1.4% compared to August 2018.

Felix Brautigam, Jaguar Land Rover Chief Commercial Officer, said that while the global market remains challenging, the company has seen a second month of consecutive growth in China.

Tata Consultancy Services (TCS) rose 0.34%. TCS announced setting up a Center of Excellence (CoE) to develop digital solutions that leverage Cisco's DNA-C platform. The announcement was made yesterday, 10 September 2019.

Yes Bank jumped 5.63%. Yes Bank has termed media reoprts as speculative which indicated that mobile payments major Paytm-owner One97 Communications is in discussions for a deal to pick up a stake in private sector lender Yes Bank. The clarification was made yesterday, 10 September 2019.

The bank in the usual and ordinary course of its business continues to explore various means of raising capital/funds through issuance of securities to diverse set of investors, in order to meet its business/ regulatory requirements, Yes Bank said.

Sun Pharmaceutical Industries rose 1.17%. Sun Pharmaceutical Industries said that the wholly owned subsidiary of the company has increased its shareholding in PJSC Biosintez, Russia, by way of purchase of 8698 shares (2391 ordinary shares and 6307 preferred shares) equivalent to 3.04% of PJSC Biosintez under Mandatory Tender Offer. Post completion of this purchase of shares, the total holding of wholly owned subsidiary company was increased from 96.96% to 100% in PJSC Biosintez. The announcement was made after market hours on Monday, 9 September 2019.

Indiabulls Housing Finance rose 0.78%. The rating committee of the rating agency CRISIL has revised the long-term rating of Indiabulls Housing Finance to 'CRISIL AA+' and reaffirmed short-term rating at 'CRISIL A1+' The announcement was made yesterday, 10 September 2019.

Glenmark Pharmaceuticals rose 0.81%. Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (U.S. FDA) for Clobetasol Propionate Foam, 0.05% (Emulsion Formulation), a generic version of Olux E Foam, 0.05%, of Mylan Pharmaceuticals Inc. The announcement was made yesterday, 10 September 2019.

Meghmani Finechem gained 1.95%. Meghmani Finechem has decided to foray into project of Epiehlorohydrin having annual capacity of 50,000 tones which will be based on TechnipFMC's EPICEROL technology. Epicerol technology is based on glycerine as feed stock which is obtained from 100% renewable resources. Meghmani Finechem is a material subsidiary of Meghmani Organics. The announcement was made after market hours on Monday, 9 September 2019.

India Motor Parts & Accessories surged 5.6% after its board of directors recommended bonus issue of equity shares in the ratio of one bonus share for every two shares held. The announcement was made yesterday, 10 September 2019.

Overseas, Asian stocks are trading mixed on Wednesday despite hopes of diminishing US-China tensions and reduced risk of no-deal Brexit.

US stocks ended on a mixed note on Tuesday, with a rally in energy and industrial shares countering a drop in the technology and real estate sectors as investors favoured value over growth.

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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, September 11 2019. 09:30 IST