Key benchmark indices were trading higher in early trade on bargain hunting after recent steep losses amid positive leads from other Asian markets. At 9:17 IST, the barometer index, the S&P BSE Sensex, was up 156.18 points or 0.45% at 35,137.20. The Nifty 50 index was up 48 points or 0.46% at 10,574.75.
Among secondary barometers,the BSE Mid-Cap index was up 0.52%. The BSE Small-Cap index was up 0.37%.
The market breadth, indicating the overall health of the market, was strong. On BSE, 681 shares rose and 305 shares fell. A total of 64 shares were unchanged.
Overseas, Asian indices traded higher. Trading sentiment was cautious as plunging oil prices fanned worries about a dimming outlook for the global economy. Investors also braced for a crucial meeting between US and Chinese leaders at the end of week.
US stocks closed lower Friday, pressured again by falling oil prices, which drove the indices to the second straight week of declines.
Investors also keyed in on developments in European politics, after the UK and European Union both announced progress on Thursday in outlining their future relationship after Britain exits the EU.
On the US data front, the Markit flash reading on manufacturing PMI fell to 55.4 in November, a three-month low.
Meanwhile, crude oil prices slumped to 2018 lows on Friday, pulled down by an emerging crude supply overhang. In the global commodities markets, Brent for January 2019 settlement fell $4.68 a barrel or 7.37% to settle at $58.80 a barrel during the previous trading session.
Back home, HCL Technologies (up 0.46%) and Bajaj Finance (up 1.17%) will be included in the S&P BSE Sensex while Wipro (down 1.28%) and Adani Ports and Special Economic Zone (down 0.12%) will be excluded from the S&P BSE Sensex from 24 December 2018. The announcement was made after market hours on Thursday, 22 November 2018.
BEML was up 2.48%. The company has been awarded the Letter of Acceptance from DMRC for supply of 378 metro coaches (63 metro trains) to Mumbai Metro Line - 2 & 7 project. The contract is worth about Rs 3015 crore and the scope of work include design, manufacture, supply, testing & commissioning of 378 metro coaches, supply of spares and training of personnel. As per the contractual timelines, train deliveries are scheduled to commence from July 2020 until September 2022. The announcement was made on Friday, 23 November 2018 when the stock markets were closed for local holiday.
Oriental Bank of Commerce was up 1.26%. The bank informed that pursuant to the Government of India's PSB Reforms Agenda, the bank intends to divest its stake in its joint venture i.e. Canara HSBC Oriental Bank of Commerce Life Insurance Company (CHOIce) at an appropriate time, depending on the market conditions and available options. The announcement was made after market hours on Thursday, 22 November 2018.
Strides Pharma Science (Strides) was up 0.02%. The company announced that the board of directors of the company have approved the participation of Strides in the Series B fundraiser of Stelis Biopharma Private (Stelis) with a commitment of US$15 million in a $100 million fund raise. The announcement was made after market hours on Thursday, 22 November 2018.
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