Key indices drifted higher in early trade on buying demand in index pivotals. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 103.15 points or 0.26% at 40,011.21. The Nifty 50 index was up 34 points or 0.28% at 11,980.75. The Sensex regained the psychological 40,000 mark in early trade. Investors are awaiting the Union Budget, which will be presented by Finance Minister Nirmala Sitharaman today, 5 July 2019.

After presenting the interim budget in February 2019, the Modi government will present its full-year budget 2019-20. The government is likely to amend several policies and schemes for delivering growth to the biggest drivers of the economy, including farmers, middle class, and the corporate sector.

The S&P BSE Mid-Cap index was up 0.14%. The S&P BSE Small-Cap index was up 0.19%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 744 shares rose and 423 shares fell. A total of 67 shares were unchanged.

Sobha rose 1.7%. Sobha said that the company has achieved new sales volume of 1,063,632 square feet in total valued at Rs 778 crore, with a total average realisation of Rs 7,312 per square feet (Sobha share of sales value is at Rs 661 crore) in Q1 June 2019. The sales volume is up by 11% as compared to the corresponding quarter of last year. The announcement was made after market hours yesterday, 4 July 2019.

Yes Bank dropped 2.49%. Yes Bank said the bank has acquired 68.80 lakh equity shares constituting 9.47% of the post-issue paid-up share capital as at 3 July 2019 of Eveready Industries India pursuant to invocation of pledge of shares. The announcement was made after market hours yesterday, 4 July 2019.

L&T Finance Holdings rose 1.29%. L&T Finance, the wholly owned subsidiary of L&T Finance Holdings, will receive $550 million in an ECB investment round anchored by IFC, a member of the World Bank Group, and BNP Paribas, Citibank, and DBS Bank. The announcement was made after market hours yesterday, 4 July 2019.

Pfizer rose 0.12%. Pfizer received approval of the MIDC dated 3 July 2019 for the transfer of the business undertaking including the land, plant & machinery and employees, except certain portion of the land which is subject to pending proceedings. The parties will continue to make efforts to complete the transfer of balance portion of the land to Vidhi Research and Development LLP. The announcement was made after market hours yesterday, 4 July 2019.

GMR Infrastructure gained 3.04%. GMR Infrastructure announced the signing of definitive Share Purchase Agreement with Adani Power (APL) for the sale of the entire stake 47.62% in GMR Chhattisgarh Energy (GCEL), held by its wholly owned subsidiary GMR Generation Assets (GGAL). The announcement was made after market hours yesterday, 4 July 2019.

Overseas, Asian stocks were trading mixed on Friday ahead of a closely watched U.S. payroll report. U.S. markets were closed overnight for a public holiday.

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