Key benchmark indices edged higher in early trade amid positive global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 61.59 points or 0.23% at 27,212.20. The Nifty 50 index was up 15.30 points or 0.18% at 8,395.95.
The BSE Mid-Cap index was up 0.17%, underperforming the Sensex. The BSE Small-Cap index was up 0.26%, outperforming the Sensex.
Finance Minister Arun Jaitley, in his address on the second day of vibrant Gujarat Global Investors Summit yesterday, 11 January 2017, on demonetization, said that difficult decisions initially pass through difficult phases as historic decisions have temporary pain attached to them. Stressing the implementation of the Goods and Services Tax (GST), Jaitley said that most of the issues have been resolved, few critical issues are left which will be resolved in the next few weeks. He further added that GST Council is deliberative democracy in action and the impact of both GST and demonetization will be felt this year.
Overseas, Asian equities edged higher amid positive closing on the Wall Street overnight. US stocks registered modest gains yesterday, 11 January 2017, shrugging off a sharp decline in health care stocks following remarks made by President-elect Donald Trump.
Trump held his first press conference since winning the presidency yesterday, 11 January 2017, touching on many of the issues that will dominate the opening weeks of his presidency. Looming over the proceedings was a newly-published, and entirely unverified, dossier claiming the Russian government had collected compromising information on him.
The President-elect said Obamacare would be repealed and replaced “on the same day” and a Supreme Court justice would be chosen “within two weeks” of his inauguration. He also reaffirmed commitments to build a wall on the border with Mexico and said he would bring in a border tax for companies that chose to move operations offshore.
Back home, the market breadth, indicating the overall health of the market, was strong. On the BSE, 759 shares rose and 341 shares fell. A total of 51 shares were unchanged.
Software major TCS rose 0.69%. The company is scheduled to announce Q3 December 2016 earnings today, 12 January 2017.
NTPC was up 0.43%. The company announced that its board has accorded investment approval for Dulanga coal mining project having rated production capacity of 7 million tonnes per annum (MTPA) at an appraised estimated cost of Rs 1053.41 crore.The announcement was made after market hours yesterday, 11 January 2017.
Adani Ports and Special Economic Zone (APSEZ) was up 0.88%. The company said that its Finance Committee has executed the agreements pertaining to issuance of fixed rate senior unsecured notes (Notes) instead of the draft of the aforesaid agreements being approved by the Finance Committee in the earlier meeting. The announcement was made before market hours today, 12 January 2017.
APSEZ announced on 10 January 2017 that pursuant to the powers delegated to the Finance Committee by the board of directors of the company, the Finance Committee had reviewed and approved the preliminary offering circular in relation to the proposed issuance of foreign currency denominated bonds (Notes) in US dollars by the company. The issuance of notes offering may follow, subject to market conditions.
Infosys (up 2.32%), Power Grid Corporation of India (up 1.32%), ONGC (up 1.04%), L&T (up 0.79%) and Wipro (up 0.76%) edged higher from the 30-share Sensex pack. Sun Pharmaceutical Industries (down 2.07%), Dr Reddy's Laboratories (down 1.78%), Lupin (down 1.31%), Cipla (down 1.25%) and ITC (down 0.87%) edged lower from the Sensex pack.
Powered by Capital Market - Live News