Key indices edged higher in early trade on buying demand in index pivotals. At 9:27 IST, the barometer index, the S&P BSE Sensex, was up 184.33 points or 0.48% at 38,730.05. The Nifty 50 index was up 53.80 points or 0.46% at 11,623.80.
The S&P BSE Mid-Cap index was up 0.71%. 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, 835 shares rose and 294 shares fell. A total of 66 shares were unchanged.
Overseas, Asian shares are trading higher on Friday on revived hopes of progress in US-China trade talks. US stocks climbed on Thursday as Treasury yields rose off 15-month lows, with investors optimistic about the latest round of US-China trade talks.
Back home, Wipro rose 1.59%. Wipro and Indian Institute of Technology, Kharagpur (IIT Kharagpur) signed a memorandum of understanding (MOU) to collaborate on high-impact, industry-focused applied research in the areas of 5G and artificial intelligence (AI). Research outcomes from this partnership will be leveraged by Wipro to develop solutions for its customers, across industry verticals. IIT Kharagpur will benefit from the commercialization of the joint research insights and Wipro’s real-world industry expertise. The announcement was made after market hours yesterday, 28 March 2019.
Lupin rose 1.49%. Lupin announced the launch of Fluocinonide Ointment USP, 0.05%, having received approval from the United States Food and Drug Administration (USFDA) earlier. Lupin’s Fluocinonide Ointment USP, 0.05%, is the generic version of County Line Pharmaceuticals LLC’s Lidex Ointment 0.05%. It is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses. Fluocinonide Ointment USP, 0.05% (RLD: Lidex) had annual sales of approximately $15 million in the U.S (IQVIA MAT January 2019). The announcement was made after market hours yesterday, 28 March 2019.
Andhra Bank gained 2.34%. Andhra Bank said that on 28 March 2019 it allotted 114.56 crore equity shares at Rs 28.42 each to Government of India on preferential basis. After the said allotment, the Government of India’s holding in the bank has been increased from 84.83% to 90.85%. The announcement was made after market hours yesterday, 28 March 2019.