Local stocks were trading with modest gains in early trade. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 71.78 points or 0.19% at 38,802.64. The Nifty 50 index was up 25.80 points or 0.22% at 11,667.60.
The S&P BSE Mid-Cap index was up 0.1%. The S&P BSE Small-Cap index was up 0.16%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 720 shares rose and 458 shares fell. A total of 66 shares were unchanged.
Overseas, Asian stocks fell back Friday after mixed messages from U.S. benchmarks and as earnings season continued.
U.S. stocks closed mostly lower Thursday as manufacturing-related sectors logged big losses, offsetting a rally in social-media shares.
In US economic data, orders for durable goods rose by 2.7% in March, the largest one-month increase since last summer, the Commerce Department said. A key measure of business investment, core durable orders, rose 1.3% in March, the third straight monthly increase.
Back home, Axis Bank rose 1.8%. Axis Bank reported net profit of Rs 1505.06 crore in Q4 March 2019 compared with net loss of Rs 2188.74 Q4 March 2018. Total income rose 25.86% to Rs 18324.31 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 25 April 2019.
Tata Steel gained 4.25%. On a consolidated basis, Tata Steel's net profit fell 84.37% to Rs 2,295.25 crore on 23.76% increase in net sales to Rs 41,186.44 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 25 April 2019.
Tata Steel's board considered and approved a merger of Bamnipal Steel and Tata Steel BSL (formerly Bhushan Steel) into the company by way of a composite scheme of amalgamation and have recommended a merger ratio of 1 equity share of 10/- each fully paid up of the company for every 15 equity shares of each fully paid up held by the public shareholders of Tata Steel BSL. As part of the scheme, the equity shares held by Bamnipal Steel and the preference shares held by the company in Tata Steel BSL shall stand cancelled. The equity shares held by the company in Bamnipal Steel shall also stand cancelled. The merger is subject to shareholders and other regulatory approvals.
Biocon slipped 0.03%. On a consolidated basis, Biocon's net profit rose 63.88% to Rs 213.70 crore on 30.72% increase in net sales to Rs 1528.80 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 25 April 2019.
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