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Market drifts higher in early trade
15-Mar-19   09:26 Hrs IST

Domestic stocks nudged higher in early trade on positive Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 204.95 points or 0.54% at 37,959.84. The Nifty 50 index was up 64.45 points or 0.57% at 11,407.70.

The S&P BSE Mid-Cap index was up 0.62%. The S&P BSE Small-Cap index was up 0.44%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 940 shares rose and 375 shares fell. A total of 65 shares were unchanged.

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.

Back home, Tech Mahindra rose 0.57%. 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.

Reliance Industries (RIL) rose 0.51%. 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.

Adani Transmission rose 2.41%. Adani Transmission said that the meeting of the board of directors of the company is scheduled on 20 March 2019 to consider buyback of non-convertible debentures (NCDs). The announcement was made after market hours yesterday, 14 March 2019.

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