Key benchmark indices were trading higher in early trade, mirroring positive Asian stocks. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 245.33 points or 0.69% at 35,597.94. The Nifty 50 index was up 64.95 points or 0.61% at 10,669.30.
Among secondary barometers,the BSE Mid-Cap index was up 0.60%. The BSE Small-Cap index was up 0.53%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 766 shares rose and 278 shares fell. A total of 52 shares were unchanged.
Overseas, Asian shares traded higher on Wednesday after US-China trade talks resumed. Investors also awaited the release later on Wednesday of minutes from the US Federal Reserve's January policy-setting meeting, where policymakers took a dovish turn, effectively signaling no further rate hikes.
US stock indices held steady above the break-even line after opening lower on Tuesday. US President Donald Trump reportedly said Tuesday that trade talks with China are going well, adding the current March deadline is not a "magical date." Both countries have until then to come up with a deal. Otherwise, additional US tariffs on Chinese products could take effect. Trump indicated last week, however, he would be willing to push back the deadline.
Representatives from the US and China are meeting in Washington this week to resume trade negotiations, with high level discussions set to happen later in the week, the White House said Monday. US is reportedly seeking to secure a pledge from China that it will not devalue its yuan currency as part of a trade deal.
Back home, Majesco was up 5.56%. The company announced that American Public Life Insurance Company (APL) selected Majesco L&A and Group Core Suite platform as the foundation of its digital business transformation strategy. The announcement was made after market hours yesterday, 19 February 2019.
Essel Propack was down 0.65%. The company has further received Rs 40 crore towards repayment of outstanding dues of Inter corporate deposit. Essel has already received Rs 25.30 crore in last month. The balance amount is expected to be received by March 2019. The announcement was made after market hours yesterday, 19 February 2019.
Vedanta was up 1.63%. The company termed reports of alleged discussions between Vedanta and JSW Steel for a possible last-minute joint bid for Essar Steel as speculative and baseless. The company confirms categorically that it is not in the process of submitting any revised bid for Essar Steel under the IBC process as mentioned in the articles, Vedanta said. The announcement was made after market hours yesterday, 19 February 2019.
Maharashtra Seamless was up 2.63%. The company made payment of Rs 477 crore for acquisition of United Seamless Tubulaar (USTPL) under the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code 2016 as approved by Hyderabad Bench of National Company Law Tribunal (NCLT). The announcement was made after market hours yesterday, 19 February 2019.
Duke Offshore surged 19.86%. The company has been awarded a contract by Daewoo - Tata projects JV to provide one initial high speed vessel to support construction for the Mumbai Trans Harbour Link project. The contract is for a period of 2 years with an extension option upto 30 months and will start in the month of February 2019. The announcement was made after market hours yesterday, 19 February 2019.
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