Key benchmark indices edged higher in early trade tracking firmness in Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 23.97 points or 0.07% at 32,538.91. The Nifty 50 index was up 13.15 points or 0.13% at 10,090.25.
The S&P BSE Mid-Cap index rose 0.32%. The S&P BSE Small-Cap index gained 0.31%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 910 shares rose and 472 shares fell. A total of 55 shares were unchanged.
ICICI Bank (up 0.99%), Bharti Airtel (up 0.89%) and M&M (up 0.6%) gained from the Sensex pack.
Tech Mahindra rose 4.37% after consolidated net profit rose 34.27% to Rs 791.79 crore on 0.17% growth in total revenue to Rs 7746.77 crore in Q1 June 2017 over Q4 March 2017. The result was announced after market hours yesterday, 31 July 2017.
Power Grid Corporation of India fell 0.27% ahead of its Q1 results today, 1 August 2017.
HDFC dropped 1% after the company said that HDFC Life and Max Group Entities were unable to obtain the requisite regulatory approvals to consummate the proposed merger of their Life Insurance Business through a composite scheme of arrangement and other transactions contemplated under the said definitive agreements and hence the definitive agreements stand terminated from 31 July 2017 and parties will not be pursuing the proposed merger under the same. The announcement was made after market hours yesterday, 31 July 2017.
HDFC had announced vide a press release dated 8 August 2016 the merger of their Life Insurance Business through a composite scheme of arrangement and had entered into certain definitive agreements to implement the same subject to satisfaction of various conditions, including the receipt of necessary approvals.
On macro front, Markit Economics will unveil the result of a monthly survey on the performance of India's manufacturing sector in July 2017 at 10:30 IST today, 1 August 2017. Nikkei India Manufacturing purchasing managers index (PMI) dropped to four-month low of 50.9 in June 2017
The combined index of eight core industries, comprising 40.27% of the weight of items included in the index of industrial production (IIP) rose 0.4% in June 2017 over June 2016. Its cumulative growth during April to June, 2017-18 was 2.4%.
GDP growth rate of India will remain in the range of 6.5-7.5% over the next 12-18 months and GST will support the momentum for faster growth, reported a study conducted by a leading research agency, Moody's. According to the US-based agency estimates, the economy will grow 7.5% in 2016-17 and 7.7% in 2017-18. While it forecasted that the economic growth will gradually increase to around 8% over the next 3-4 years.
Overseas, most Asian stocks gained on rising confidence in global growth. Growth in China's manufacturing quickened in July, a private survey showed, as output and new orders rose at the fastest pace since February on strong export sales. The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) rose to 51.1 in July, above the 50-point mark that separates growth from contraction, and well ahead of the 50.4 in June.
In US, the Dow Jones Industrials Average finished at an all-time high yesterday, 31 July 2017, but the broader market's gains were hobbled by losses in the technology sector.
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