Key indices edged higher in early trade and hit fresh record highs tracking firmness in Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex was up 58.57 points or 0.19% at 30,306.74. The Nifty 50 index rose 26.75 points or 0.28% at 9,434.05. Metal and realty stocks gained. HCL Technologies rose after posting good Q4 results.
The BSE Mid-Cap index rose 0.57%. The BSE Small-Cap index gained 0.5%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,088 shares rose and 462 shares fell. A total of 64 shares were unchanged.
Overseas, most Asian stocks advanced as global equities remained at record levels and a rebound in oil boosted energy producers.
Japan's current account balance posted a stronger-than-expected surplus in March on solid income from overseas investments, maintaining a run of uninterrupted monthly surpluses that has continued for almost three years. The surplus of 2.91 trillion yen ($25.45 billion) marked the 33rd straight month in the black, finance ministry data showed.
US stocks finished only slightly higher to hit record highs yesterday, 10 May 2017 as a quiet week of trading continued.
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Back home, Mahindra & Mahindra (M&M) advanced 0.59% after the company said that India Ratings and Research (Ind-Ra) has affirmed the company's long-term issuer rating at IND AAA. The outlook is stable. Ind-Ra continues to take a consolidated view of M&M after excluding its financial services subsidiary Mahindra & Mahindra Financial Services. The announcement was made after market hours yesterday, 10 May 2017.
ICICI Bank gained 0.69% after the bank said that the Committee of Executive Directors at a meeting held on 10 May 2017, approved the proposed offshore borrowing plan for the financial year 2017-18. The announcement was made after market hours yesterday, 10 May 2017.
Two-wheeler major Hero MotoCorp rose 0.26%. The company's net profit fell 13.9% to Rs 717.75 crore on 7.9% decline in net sales to Rs 6915.20 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 10 May 2017.
Hero MotoCorp said it took a proactive approach towards the launch of BS IV-compliant vehicles, and liquidated large BS III inventory, leading up to 29 March 2017. In the last two days of the month, the company took some tactical steps to assist its dealers and incentivise the customers with an objective to liquidate the remaining BS Ill stocks, resulting in a one-time impact to the margins of the fourth quarter.
EBITDA (earnings before interest, taxes, depreciation and amortization) margin stood at 12.79% in Q4 March 2017, lower than 14.66% in Q4 March 2016.
Hero MotoCorp's retail sales have been outpacing wholesale numbers, as a result of which the company has now been able to maintain healthy dealer inventory. Meanwhile, input costs have been on an upward trend. To partially offset the commodity costs, Hero MotoCorp raised prices ranging from Rs 500 to Rs 2200 on some of the models, with effect from 1 May 2017.
Asian Paints gained 0.37% ahead of its Q4 results today, 11 May 2017.
HCL Technologies rose 1.23% after consolidated net profit rose 12.3% to Rs 2325 crore on 2% rise in revenue to Rs 12053 crore in Q4 March 2017 over Q3 December 2016. The company in its outlook said revenues are expected to grow between 10.5% to 12.5% in constant currency in the year ending 31 March 2018 (FY 2018). Operating margin (EBIT) is expected in the range from 19.5% to 20.5% for FY 2018.
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