Trading for the week began on a positive note as the key benchmark indices drifted higher in early trade. At 9:24 IST, the barometer index, the S&P BSE Sensex, was up 209.07 points or 0.58% at 36,172. The Nifty 50 index was up 60.15 points or 0.56% at 10,865.60.
The S&P BSE Mid-Cap index was up 0.55%. The S&P BSE Small-Cap index was up 0.3%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 855 shares rose and 398 shares fell. A total of 63 shares were unchanged.
Overseas, Asian stocks were trading mixed. US stocks dropped sharply on Friday as mounting concern over the health of the global economy overshadowed positive trade developments and signs of strength from the American consumer.
The Federal Reserve holds its final policy meeting of 2018 on Tuesday and Wednesday. The rate decision will be followed by a press conference with Chairman Jerome Powell. Investors are closely watching the Federal Reserve monetary policy guidance for 2019. The Bank of Japan's monetary policy decision is due Thursday, followed by a briefing from Governor Haruhiko Kuroda.
Back home, Power Grid Corporation of India (up 4.53%), Vedanta (up 3.63%), NTPC (up 3.03%), Tata Motors (up 1.32%) and ICICI Bank (up 1.28%) edged higher from the Sensex pack.
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Bharti Airtel fell 1.14%. Bharti Airtel announced that its board will meet on 20 December 2018 to consider various fund raising options for the company as the board may deem appropriate. The announcement was made on Saturday, 15 December 2018.
Wipro rose 0.9%. Wipro and Saxo Bank Group (Saxo Bank), a leading multi asset trading and investment specialist with more than 25 years of Fintech innovation, announced a strategic partnership. This engagement will enable Saxo Bank to provide its customers unparalleled access to global financial markets, cutting-edge technologies and industry-leading expertise. The announcement was made after market hours on Friday, 14 December 2018.
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