Key indices are trading higher in early trade on selective buying. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 79.75 points or 0.20% at 40,930.04. The Nifty 50 index was up 20.15 points or 0.17% at 12,063.35.
The S&P BSE Mid-Cap index was up 0.26%. The S&P BSE Small-Cap index was up 0.12%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 516 shares rose and 247 shares fell. A total of 42 shares were unchanged.
Among stocks, Reliance Industries rose 1.68%. Reliance Industries said, its subsidiary Reliance Jio Infocomm (Jio) launched the NEW ALL-IN-ONE PLANS. These plans will provide up to 300% more benefits to the Jio consumers, upholding the Jio promise of providing the best-quality service at the lowest price globally.
Vedanta fell 0.21%. Vedanta said that Committee of Directors considered and approved offering for subscription, on a private placement basis, up to 30,000 nos. Secured, Rated, Non-Cumulative, Redeemable, Non-Convertible Debentures (NCDs) of face value Rs 10,00,000/- each aggregating up to Rs 3,000 crore (including the option to retain oversubscription of upto Rs 1,500 crore) in two series.
HDFC Asset Management Company fell 3.25%. HDFC Asset Management Company said, its promoter, Standard Life Investments has informed regarding its intention to exercise the Oversubscription Option in the Offer to the extent of 1,835,509 Equity shares. Accordingly, the aggregate number of Sale Shares will be up to 6,585,509 Equity Shares (representing 3.10% of the total issued and paid-up Equity Share capital of the Company).
Bharti Airtel fell 1.51%. Bharti Airtel said the board approved raising up to $3 billion via debt and equity. The Board also authorised the Special Committee of Directors for taking necessary steps for implementing the proposals
State Bank of India rose 0.31%. State Bank of India said its Executive Committee of the Central Board of Directors (ECCB) of the Bank has accorded final approval, for divestment of SBI stake in UTI AMC upto 8.25% through IPO by way of offer for sale of upto 1,04,59,949 equity shares, subject to the approval of the Securlties and Exchange Board of India, and/or such other concerned authorities and departments.
Housing and Urban Development Corporation fell 6.81%. Housing and Urban Development Corporation (HUDCO) said two borrowing agencies of the Company have defaulted in repayment of their dues with a defaulted amount of Rs 87.46 crore against the principal outstanding of Rs 869.41 crore as on date and have been classified as NPAs with an impact of 1.14% on Gross NPA.
Overseas, Asian stocks were trading higher on Thursday on signs the United States and China were on track for a preliminary trade deal.
In US, stocks closed higher following a report that a phase-one trade US-China trade deal was still in the works.
On economic front, a reading on the service sector of the US economy was mixed: the Institute for Supply Management's nonmanufacturing index was at 53.9%, lower than in October, but new orders were at 57.1%, up from 55.6% and signalling stronger demand ahead.
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