Key benchmark indices extended early gains and hit intraday high in morning trade. At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 242.55 points or 0.64% at 37,997.44. The Nifty 50 index was up 75.25 points or 0.66% at 11,418.50. The Sensex was currently trading a tad below the psychological 38,000 level after hitting an intraday high above that level in morning trade.
Domestic stocks nudged higher in early trade on positive Asian stocks.
The S&P BSE Mid-Cap index was up 0.41%. The S&P BSE Small-Cap index was up 0.38%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1233 shares rose and 741 shares fell. A total of 116 shares were unchanged.
Kotak Mahindra Bank (up 4.1%), Power Grid Corporation of India (up 1.97%), State Bank of India (up 1.58%), Bajaj Finance (up 1.4%) and ICICI Bank (up 1.35%) edged higher from the Sensex pack.
Hindustan Unilever (down 1.67%), Bharti Airtel (down 1.6%), Coal India (down 1.31%), Yes Bank (down 1.48%) and Hero MotoCorp (down 0.77%) edged lower from the Sensex pack.
IDBI Bank shed 0.12%. IDBI Bank has been categorized as a 'private sector bank' for regulatory purposes by Reserve Bank of India (RBI) with effect from 21 January 2019 consequent upon Life Insurance Corporation of India acquiring 51% of the total paid-up equity share capital of the bank. RBI made the announcement after market hours yesterday, 14 March 2019.
CMI surged 7.2%. CMI said that it received vendor approval for power cables from four government entities in Q3 December 2018. With the increased list of vendor approval the manufacturing capacity of Baddi plant in Himachal Pradesh is going to improve considerably in the year 2019, CMI added. 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