Trading for the day began on a positive note with the Sensex regaining the psychological 36,000 in opening trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 113.28 points or 0.32% at 36,048. The Nifty 50 index was up 33.75 points or 0.31% at 10,886.65. Positive Asian stocks boosted sentiment on the domestic bourses.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 756 shares rose and 257 shares fell. A total of 43 shares were unchanged.
Overseas, Asian stocks rose amid optimism the upcoming earnings season will be sufficiently robust to overshadow a rise in trade tensions. US equities posted a broad rally yesterday, 9 July 2018 with strong economic data appearing to offset worries about rising trade tensions.
Data from the Federal Reserve showed that consumer borrowing picked up in May with total consumer credit increasing $24.6 billion to a seasonally adjusted $3.9 trillion, up 7.6%. This is the fastest pace of credit growth since November.
In Europe, the resignation of two of UK Prime Minister Theresa May's most senior ministers in one day, throwed the UK government into turmoil over negotiations to leave the European Union.
Back home, IndusInd Bank fell 0.07% ahead of its Q1 June 2018 result today, 10 July 2018.
TCS rose 0.02% ahead of its Q1 June 2018 result today, 10 July 2018.
HCL Technologies gained 2.01% after the company said its board will meet on 12 July 2018, to consider a proposal for buyback of the equity shares. The announcement was made after market hours yesterday, 9 July 2018.
Gujarat State Fertilizers & Chemicals (GSFC) rose 1.47%. GSFC announced that the Department of Fertilizers, Government of India has agreed to release the subsidy on Ammonium Sulphate to the company for the period from 18 March 2013 to 5 March 2017. This should help in getting a subsidy of Rs 693 crore held up for the said period, it added. The announcement was made at the fag end of the trading session yesterday, 9 July 2018.
SRF gained 1.59% after the company announced setting up of a second Bi-axially Oriented Polyethylene Terephthalate (BOPET) film line and a Resin plant in Thailand at an investment of approximately $60 million. This new plant will be put up at the company's existing manufacturing location in Rayong, Thailand by its wholly owned subsidiary - SRF Industries (Thailand) and is expected to become operational in close to two years. Once operational, the new line will be capable of producing approximately 40,000 metric tonnes per annum. The announcement was made after market hours yesterday, 9 July 2018.
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