Key benchmark indices drifted higher in early trade on positive Asian stocks. At 9:29 IST, the barometer index, the S&P BSE Sensex, was up 117.63 points or 0.32% at 36,435.96. The Nifty 50 index was up 31.65 points or 0.29% at 10,918.45
The market breadth, indicating the overall health of the market, was strong. On the BSE, 843 shares rose and 372 shares fell. A total of 55 shares were unchanged.
Overseas, most Asian stock markets were trading higher supported by positive sentiment to China signaling more stimulus measures to come, including larger tax cuts, amid concerns of a slowdown in the world's second-largest economy. US stocks snapped a two-session skid Tuesday, as a robust tech rally offset lackluster results from major US banks, including Dow-component JPMorgan Chase & Co.
In the UK, Prime Minister Theresa May's plan to leave the European Union by a March 29 deadline was rejected overwhelmingly by the parliament, triggering more uncertainty as the country struggles to engineer an orderly exit from the trade bloc. In a crushing defeat, 432 members voted against May's proposal while 202 voted in favor.
Back home, Zee Entertainment Enterprises gained 3.6%. On a consolidated basis, Zee Entertainment Enterprises' net profit rose 50.56% to Rs 562.76 crore on 17.88% increase in net sales to Rs 2,166.77 crore in Q3 December 2018 over Q3 December 2018. Revenue growth was driven by the strong performance of broadcast business. EBITDA (earnings before interest, tax, depreciation and amortization) for the quarter grew by 26.9% to Rs 754.30 crore and EBITDA margin stood at 34.8%. The result was announced after market hours yesterday, 15 January 2019.
Dr Reddy's Laboratories fell 0.04%. Dr Reddy's Laboratories informed that the US Food and Drug Administration (USFDA) completed audit of the company's formulations Srikakulam plant (SEZ) Unit I, Andhra Pradesh on 15 January 2019. The company has been issued a Form 483 with 4 observations, which the firm is addressing. The announcement was made after market hours yesterday, 15 January 2019.
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