Key benchmark indices were trading higher in early trade amid positive Asian cues. At 9:17 IST, the barometer index, the S&P BSE Sensex, was up 74.28 points or 0.21% at 35,572.72. The Nifty 50 index was up 17.05 points or 0.16% at 10,658.
Among secondary barometers,the BSE Mid-Cap index was up 0.36%. The BSE Small-Cap index was up 0.18%.
The market breadth, indicating the overall health of the market, was positive. On BSE, 596 shares rose and 353 shares fell. A total of 40 shares were unchanged.
Overseas, Asian shares were trading higher on Tuesday despite renewed geopolitical tensions, with China accusing the US of fueling cyber security fears. Investors also awaited developments on the US-China trade front. The White House reportedly said on Monday that trade talks between the two economic powerhouses will continue in Washington on Tuesday, with higher level negotiations starting later in the week.
According to media reports, the Chinese government said Monday that the US is attempting to curtail its technology development by claiming that Chinese mobile network gear might pose a cybersecurity threat to foreign countries which adopt the equipment. The US alleged that Beijing might use Chinese tech companies to gather intelligence about foreign countries, even though those claims have yet to be substantiated.
US stock market was shut on Monday for a public holiday.
Back home, Ambuja Cements was up 1.57%. The company's consolidated net profit rose 188.02% to Rs 1377.88 crore on 9.32% rise in total income to Rs 6855.22 crore in Q4 December 2018 over Q4 December 2017. The announcement was made after market hours yesterday, 18 February 2019.
Power Grid Corporation of India was up 0.61%. The company said that its board of directors has accorded 'Investment Approval for 'Northern Region System Strengthening - XL' at an estimated cost of Rs 572.98 crore with commissioning schedule of 22 months from the date of investment approval. The announcement was made after market hours yesterday, 18 February 2019.
Future Consumer (FCL) was up 3.09%. The company is entering into an arrangement with the Middle East's leading chain of retail supermarkets, T Choithrams & Sons. FCL and Choithrams have identified an opportunity to strategically partner across the UAE, Bahrain and Qatar to bring FCL's portfolio of leading brands to consumers across the Middle East. With a network of more than 60 supermarkets across UAE, Bahrain and Qatar, Choithrams will, under this arrangement, market, distribute and retail FCL brand products for sale through its own stores, as well as distribute FCL brands to other retail stores. The announcement was made after market hours yesterday, 18 February 2019.
Bodal Chemicals was up 3.44%. The company said it has restarted remaining of dye intermediate and dyestuff operations. The announcement was made after market hours yesterday, 18 February 2019.
Mangalam Cement was up 1.89%. The company's board of directors gave their in-principal approval to the Amalgamation of Mangalam Timber Products with Mangalam Cement. The announcement was made after market hours yesterday, 18 February 2019.
On the economic front, the central board of the Reserve Bank of India on Monday, 18 February 2019, decided to transfer an interim surplus of Rs 28,000 crore to the central government for the half-year ended 31 December 2018. This is the second successive year that RBI will be transferring an interim surplus.
In a separate notification, RBI said that based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, it has decided to conduct purchase of the following Government securities under open market operations for an aggregate amount of Rs 12,500 crore on Thursday, 21 February 2019, through multi-security auction using the multiple price method.
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