Domestic stocks saw a gap-up opening, with the Sensex and the Nifty, both, scaling record high in early trade. At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 228.48 points or 0.61% at 37,784.64. The Nifty 50 index was up 59.15 points or 0.52% at 11,419.95.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1144 shares rose and 309 shares fell. A total of 62 shares were unchanged.
Overseas, Asian stocks were trading higher as earnings seasons rolls on. US stocks closed higher Friday as positive earnings surprises lifted shares.
Back home, TCS rose 0.84% after the company announced that it fixed 18 August 2018 as the record date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the buyback offer of the company. The announcement was made on Saturday, 4 August 2018.
Wipro rose 0.05%. Wipro said it effected a settlement for the release of all claims under the lawsuit with and a Stipulation of Discontinuance of the lawsuit has been filed in the US District Court for the Eastern District of New York. The formalities for withdrawal of the lawsuit are expected to be completed shortly. The settlement has been effected for an amount of $75 million and is without admission of liability or wrongdoing of any kind by the parties. The lawsuit was filed by in 2017 seeking damages amounting to $140 million plus additional costs related to an ERP implementation project.
National Grid has been a valued customer of Wipro for over a decade and both organisations have had a mutually beneficial relationship over the years. Wipro said it believes that this settlement will be commercially beneficial for the company and will help it remain focused on growth. The settlement is expected to reflect in the financials of Wipro for the quarter ending 30 September 2018. The announcement was made on Saturday, 4 August 2018.
ICRA rose 0.39% after the company announced that its board will consider a proposal for buyback of the fully paid-up equity shares of the company at a board meeting scheduled on 9 August 2018. The announcement was made after market hours on Friday, 3 August 2018.
Allahabad Bank rose 0.66% after the bank announced that its board will meet on 14 August 2018, to consider raising equity capital of the bank by way of preferential issue of equity shares to the Government of India. The announcement was made after market hours on Friday, 3 August 2018.
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