Key equity indices extended gains and hit fresh intraday high in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex, was up 328.62 points or 0.87% at 38,083.51. The Nifty 50 index was up 101.05 points or 0.89% at 11,444.30. The Sensex was trading above 38,000 mark.

The Sensex was currently trading above the psychological 38,000 level after moving above and below that level in intraday trade. Domestic stocks nudged higher in early trade on positive Asian stocks. Key benchmark indices extended early gains and hit intraday high in morning trade. Stocks hovered in positive zone in mid-morning trade. Indices extended gains in afternoon trade.

The S&P BSE Mid-Cap index was up 0.50%. The S&P BSE Small-Cap index was up 0.25%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1290 shares rose and 1151 shares fell. A total of 180 shares were unchanged.

Kotak Mahindra Bank (up 4.32%), TCS (up 3.36%), Power Grid Corporation of India (up 2.91%), HCL Technologies (up 2.33%), Infosys (up 2.09%) and State Bank of India (up 1.96%), were the major Sensex gainers.

Bharti Airtel (down 2.41%), Hindustan Unilever (down 2.12%), Yes Bank (down 1.48%), Coal India (down 1.29%) and ITC (down 0.98%), were the major Sensex losers.

Reliance Industries (RIL) rose 0.46%. Brookfield has filed the preliminary placement memorandum, in terms of which India Infrastructure Trust, an InvIT set up by Brookfield as sponsor and 90% investor, will invest Rs 13,000 crore to acquire the East West Pipeline (Pipeline). As a part of the transaction, the InvIT will acquire 100% equity interest in Pipeline Infrastructure Private Limited (PIPL) which currently owns and operates the Pipeline.

RIL's current investment in preference shares valued at Rs 4,000 crore will continue and will be converted into equity at the end of 20 years. Further at the end of 20 years, RIL has the right to acquire equity shares of PIPL held by the InvIT at an equity value of Rs 50 crore. The announcement was made after market hours yesterday, 14 March 2019.

Tech Mahindra rose 1.89%. Tech Mahindra's arm acquired 100% stake in Japan's K-Vision for $1.5 million. The target is engaged in providing network services for mobile communication carriers in Japan. The announcement was made after market hours yesterday, 14 March 2019.

Overseas, Asian markets were trading higher Friday as China took a step to appease U.S. trade negotiators. Chinese legislators on Friday approved a new law against the forced transfer of technology by foreign companies, which has been a major complaint by the U.S. and other countries. The move was intended to smooth the path to a trade deal, but it's unclear if it will be enough.

US stocks closed mostly lower Thursday as investors digested headlines suggesting progress toward a US-China trade deal has stalled against the backdrop of weaker-than-expected Chinese economic data.

A meeting between President Donald Trump and Chinese President Xi Jinping will be delayed until at least April, as per reports, indicating that a bilateral trade deal will not be finalized this month.

Meanwhile, the U.K. Parliament voted to request an extension of the March 29 Brexit deadline to June 30 if lawmakers can agree to a withdrawal deal by March 20. Thursday's vote comes after Prime Minister Theresa May failed to secure support for her revised Brexit plan and lawmakers on Wednesday ruled out a no-deal exit.