Key benchmark indices hovered near day's high in morning trade. At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 193.48 points or 0.51% at 38,426.89. The Nifty 50 index was up 49.95 points or 0.43% at 11,533.20.
Local indices drifted higher in early trade on buying demand in index pivotals.
The S&P BSE Mid-Cap index was up 0.93%. The S&P BSE Small-Cap index was up 0.66%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1254 shares rose and 730 shares fell. A total of 118 shares were unchanged.
IndusInd Bank (up 4.21%), Yes Bank (up 3.8%), Vedanta (up 1.79%), State Bank of India (up 1.38%) and Bajaj Finance (up 1.1%) edged higher from the Sensex pack.
M&M (down 0.34%), NTPC (down 0.29%) and ICICI Bank (down 0.14%) edged lower from the Sensex pack.
Sheela Foam lost 4.26% to Rs 1,235. Sheela Foam said its promoters will sell 42.33 lakh shares, or 8.68% equity, with an over-subscription option of another 9.75 lakh shares, or 2% equity. The floor price has been set at Rs 1100 per share. The offer for sale (OFS) will take place over two trading days. For non-retail investors on 27 March 2019 and for retail investors on 28 March 2019. The announcement was made after market hours yesterday, 26 March 2019.
Meghmani Organics rose 1.42%. Meghmani Organics announced that an accidental fire broke out at early morning hours on Tuesday, 26 March 2019, in one of the manufacturing section at its agrochemical manufacturing division situated at Dahej in Gujarat. The plant has three manufacturing sections supported by other sub-sections. Only one manufacturing section viz., Cypermthrin got affected due to fire. The company is ascertaining the loss and also investigating the cause of the fire. The announcement was made after market hours yesterday, 26 March 2019.
Overseas, Asian stocks were trading mixed after US stocks finished broadly higher on Wall Street. U.S. stocks closed higher Tuesday as the energy and financial sectors buoyed the market, but main indexes came off their intraday highs on tepid housing and consumer-confidence data as well as lingering uncertainties over global growth and Brexit.
U.S.-China trade negotiations resumed, reigniting some optimism that the high-stakes dispute was coming to a close. Cabinet-level trade negotiations between Beijing and Washington were scheduled to kick off, with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin due in China later this week to help conclude long-running discussions between the world's two largest economies.
Investors were also monitoring Brexit, after U.K. lawmakers decided late Monday to wrest control of the process of leaving the European Union away from Prime Minister Theresa May in a move that will prompt a series of votes this week aimed at easing legislative gridlock. A disorderly exit from the EU by Britain could unsettle global benchmarks.
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