Key benchmark indices drifted higher in early trade on buying demand in index pivotals. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 167.26 points or 0.44% at 38,400.67. The Nifty 50 index was up 40.40 points or 0.35% at 11,523.65.
The S&P BSE Mid-Cap index was up 0.61%. The S&P BSE Small-Cap index was up 0.46%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 946 shares rose and 427 shares fell. A total of 60 shares were unchanged.
Overseas, Asian stocks were trading higher. U.S. stocks closed higher Tuesday as the energy and financial sectors buoyed the market, but main indexes came off their intraday highs on tepid housing and consumer-confidence data as well as lingering uncertainties over global growth and Brexit.
U.S.-China trade negotiations resumed, reigniting some optimism that the high-stakes dispute was coming to a close. Cabinet-level trade negotiations between Beijing and Washington were scheduled to kick off, with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin due in China later this week to help conclude long-running discussions between the world's two largest economies.
Investors were also monitoring Brexit, after U.K. lawmakers decided late Monday to wrest control of the process of leaving the European Union away from Prime Minister Theresa May in a move that will prompt a series of votes this week aimed at easing legislative gridlock. A disorderly exit from the EU by Britain could unsettle global benchmarks.
Back home, Dr. Reddy's Laboratories rose 1.14%. Dr. Reddy's Laboratories announced appointment of Allan Grant Oberman as an additional director, categorized as independent, on the board of the company for a period of five years, effective 26 March 2019. The announcement was made after market hours yesterday, 26 March 2019.
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Wockhardt rose 3.94%. Wockhardt informed that Health Products Regulatory Authority, Ireland (HPRA) and UK MHRA carried out joint inspection of Shendra, Aurangabad facility of the company. HPRA granted GMP Certificate to the facility, which is valid for a period of three years upto 31 January 2022. The announcement was made after market hours yesterday, 26 March 2019.
In a separate announcement after market hours yesterday, 26 March 2019, Wockhardt said that it incorporated a wholly-owned subsidiary, Wockhardt Medicines (WML), with effect from 25 March 2019. The main objective of WML is pharmaceuticals business.
Allahabad Bank rose 2.65%. Allahabad Bank said that its board approved raising upto Rs 4000 crore, including premium by way of issue, offer and allotment of new equity shares of the bank either by way of public issue, rights issue, qualified institutions placements (QIPs) or in combination thereof in one or more tranches in such a manner that the Government of India shall continue to hold not less than 52% of the paid-up equity capital of the bank. The announcement was made after market hours yesterday, 26 March 2019.
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