Local stocks drifted higher in early trade tracking mostly positive Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 78.64 points or 0.2% at 39,039.43. The Nifty 50 index was 20.65 points or 0.18% at 11,692.80. The Sensex regained the psychological 39,000 level in early trade.
The S&P BSE Mid-Cap index was up 0.08%. The S&P BSE Small-Cap index was up 0.1%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 610 shares rose and 517 shares fell. A total of 56 shares were unchanged.
Overseas, most Asian stocks rose as investors await the Federal Reserve's policy-setting meeting due to start Tuesday.
U.S. stocks closed higher Monday on the back of strong gains in social media and entertainment shares such as Facebook Inc. and Netflix Inc.
The US Federal Reserve begins a two-day meeting later on Tuesday. The central bank is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.
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Back home, Reliance Industries (RIL) shed 0.53%. RIL informed that a minor fire occurred in Linear Alkyl-Benzene (LAB) plant at Patalganaga while restarting the plant from a routine maintenance shutdown. The fire was contained immediately and there were no casualties. All other plants at the site are operating normally. The announcement was made after market hours yesterday, 17 June 2019.
TCS slipped 0.07%. TCS said it partnered with SAP to launch an Intelligent Field Inventory Management solution, powered by SAP Leonardo, which leverages Internet of Things (IoT) and blockchain to help medical device manufacturers streamline surgical kit handling. The announcement was made after market hours yesterday, 17 June 2019.
Tech Mahindra rose 0.17%. Tech Mahindra announced that a special committee of the board approved a proposal to acquire 100% shareholding in Objectwise Consulting Group Inc for CAD 2.75 million. The all-cash transaction is expected to close by 31 July 2019. The announcement was made after market hours yesterday, 17 June 2019.
AU Small Finance Bank rose 0.15%. AU Small Finance Bank said that its board will meet on 20 June 2019, to consider the issue of Basel II compliant, rated unlisted, tier II unsecured subordinated redeemable non-convertible debentures, being classified as subordinated debt in one or more tranches. The announcement was made after market hours yesterday, 17 June 2019.
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