Firmness in Asian stocks gave a positive start to trade for the domestic bourses as key indices edged higher in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex was up 64.14 points or 0.21% at 29,919.84. The Nifty 50 index rose 22 points or 0.24% at 9,307.30. Capital goods and bank stocks led gains.
The BSE Mid-Cap index rose 0.5%. The BSE Small-Cap index gained 0.42%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,068 shares rose and 532 shares fell. A total of 70 shares were unchanged.
Overseas, Asian stocks rose amid optimism on improving global growth following Emmanuel Macron's victory as France's next president.
Centrist candidate Emmanuel Macron has won the French presidential election with about 66.1% of the votes, against 33.9% for rival Marine Le Pen, according to official tallies. The victory on Sunday, 7 May 2017 for the 39-year-old Macrona staunch supporter of the European Unionis likely to placate anxious global market investors, who have fretted for weeks that far-right candidate Le Pen would win and make good on promises to yank France out of the EU, potentially unsettling the eurozone and world markets.
US stocks closed at a record Friday, 5 May 2017 on better-than-forecast data on American jobs. Data in US showed, some 211,000 people found new jobs in April as hiring rebounded from a wobbly showing in early spring, offering fresh evidence the economy is still growing at healthy clip and paving the way for the Federal Reserve to raise interest rates soon. Unemployment, meanwhile, dipped to 4.4% from 4.5% to match the lowest level since May 2007.
Also Read
Back home, TCS rose 0.17% after the company announced that it has opened its first Drones Research Lab in the US at its Seven Hills Park Innovation centre located in Cincinnati, Ohio to address the rapidly expanding demand for unmanned aerial vehicles and busines solutions across industries. The announcement was made after market hours on Friday, 5 May 2017.
Drones Research Lab is an extension of the global TCS Research and Innovation ecosystem bringing the combined expertise of its labs, start ups, academia, and technology partners closer to customers.
Eicher Motors rose 2.12% after consolidated net profit rose 33.9% to Rs 459.44 crore on 23.34% growth in total income from operations to Rs 2132.54 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Friday, 5 May 2017.
Bharti Infratel rose 0.96% ahead of its Q4 results today, 8 May 2017.
ICICI Bank (up 1.51%), Tata Motors (up 0.68%) and Lupin (up 0.6%) gained from the Sensex pack.
ACC jumped 4.81% and Ambuja Cements surged 5.56% after the companies announced that their respective boards have agreed to start the evaluation of a potential merger between the two companies with a view to combine the strengths of both businesses. A special committee of directors, comprising largely of independent directors, has been constituted to commence the evaluation, ACC and Ambuja Cements said in separate statements after market hours on Friday, 5 May 2017.
No decision to merge has been taken and the board will decide on a merger upon receiving a recommendation from the special committee and the audit committee, the ACC statement said. ACC and Ambuja are both a part of conglomerate LafargeHolcim Group.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content