Key benchmark indices were trading higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 82.47 points or 0.21% at 38,469.22. The Nifty 50 index was up 32.85 points or 0.29% at 11,553.90.
Among secondary barometers,the BSE Mid-Cap index was up 0.35%. The BSE Small-Cap index was up 0.26%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 757 shares rose and 402 shares fell. A total of 58 shares were unchanged.
Overseas, Asian shares slipped on Friday, following the US Federal Reserve's dim outlook for the global economy.
US stocks closed higher Thursday a day after the Federal Reserve signaled that it was unlikely to raise interest rates this year amid worries over slowing economic growth.
On Wednesday, the US Fed said it does not expect to raise rates at all in 2019. The central bank had forecast at least two rate hikes for this year back in December. The Fed added that it expects to end its balance-sheet reduction process by the end of September. The US central bank, however, lowered its economic growth forecast for 2019, raising concerns over a possible slowdown in the economy.
On the trade front, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will visit China on March 28-29 for more discussion on trade, while Chinese Vice Premier Liu He will travel to Washington early next month to continue the negotiations.
Meanwhile, the European Union proposed an extension of the Brexit deadline to May 22 on the condition that the UK Parliament support Prime Minister Theresa May's withdrawal deal, which will be put to vote next week.
On the US data front, the Labor Department said the number of laid-off workers who applied for first-time unemployment benefits fell by 9,000 in the week ended March 16 to 221,000a one-month low.
The Philadelphia Fed's business activity index rebounded in March to a seasonally adjusted reading of 13.7 from -4.1 the previous month. A reading above zero indicates improving conditions. The Conference Board's leading economic index rose 0.2% in February, its first uptick since September.
Back home, Bosch was down 0.22%. The company has executed a Joint Venture Agreement with Pretti India. Bosch has agreed to subscribe an amount not exceeding Rs 8 crore and Pretti has agreed to subscribe an amount not exceeding Rs 12 crore in the equity share capital of the proposed Joint Venture Company. The announcement was made after market hours on Wednesday, 20 March 2019.
Mindtree was down 1.16%. The company said that its board considered the proposed buyback of equity shares of the company at its meeting held on 20 March 2019. Following detailed discussions, the meeting has been adjourned to a future date. No decision has been taken in relation to the proposed buyback of equity shares. The announcement was made after market hours on Wednesday, 20 March 2019.
In a separate announcement made on Thursday, 21 March 2019, Mindtree said that the board meeting to consider the proposed buyback of equity shares of the company will be held on 26 March 2019.
IDFC First Bank was up 1.24%. The bank has sold the entire stake of 27,197,743 equity shares of Rs 10 each comprising approximately 8.37% of the share capital of Asset Reconstruction Company (India) [Arcil] pursuant to Share Purchase Agreement. The announcement was made after market hours on Wednesday, 20 March 2019.
Greenlam Industries was up 0.33%. The board of directors of Greenlam Industries discussed and approved to increase the manufacturing capacity of the company to manufacture additional 1.6 million laminate sheets per annum. The capital cost of this brownfield expansion would be approximately Rs 25 crore. The expanded capacity is expected to be operationalized within a period of 9 months. The announcement was made after market hours on Wednesday, 20 March 2019.
KIOCL was up 2.73%. Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India vide its mail dated 20 March 2019 intimated the Request For Proposal (RFP) for engagement of Book Running Lead Managers (BRLM) for disinvestment of upto 15% paid up equity of KIOCL out of Government of India shareholding of 99.06% through 'Follow-on Public Offer' in the domestic market. The announcement was made on Thursday, 21 March 2019.
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