Key benchmark indices were trading with modest gains in early trade. At 9:24 IST, the barometer index, the S&P BSE Sensex rose 166.80 points or 0.49% at 34,464.27. The Nifty 50 index gained 62.50 points or 0.59% at 10,608. Surge in US stocks in the previous session guided domestic markets in the positive terrain amid holiday thinned trade in Asian markets.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.15%. The S&P BSE Small-Cap index gained 0.21%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was quite strong. On the BSE, 1,054 shares rose and 349 shares dropped. A total of 57 shares were unchanged.
Yes Bank was up 1.39%, Tata Steel 1.16% and ICICI Bank rose 1.35%.
Infosys gained 1.36% after the company announced that UCAS, the admissions service for UK higher education, has extended its existing partnership with the company to support its business strategy up to 2021. UCAS delivers critical admissions and information services to students, schools and higher education providers.
As part of the renewed engagement, Infosys will provide a wide range of digital services that will enable UCAS to continue to develop technology capabilities that connect learners to multiple destinations, such as universities, awarding bodies, schools and other organisations, using a dynamic digital suite of systems that responds to a rapidly changing higher education sector in the UK. The announcement was made after market hours yesterday, 15 February 2018.
Mahindra & Mahindra (M&M) rose 0.01%. The company announced that it would be investing in Zoomcar India and in Zoomcar Inc, its US incorporated holding parent company, in keeping with the Mahindra's thrust on the shared mobility business. Under the aegis of the deal, Mahindra Group would invest up to Rs 176 crore in Zoomcar India or Zoomcar Inc. which, on an as converted to common stock of Zoomcar Inc on a fully diluted basis, would constitute approximately 16% stake in Zoomcar Inc. The announcement was made after market hours yesterday, 15 February 2018.
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Mahindra has been keen to invest in the shared mobility space as a part of its strategy to promote and participate in sustainable mobility solutions, including multi modal urban mobility. This is with the objective of enabling improved livelihoods and lifestyles of people, thereby enabling them to RISE. To that end, Mahindra has been promoting electric vehicles along with the promotion of shared mobility. This investment in India's leading self-drive shared mobility company will enable the company to further its objectives in this area.
On macroeconomic data front, merchandise exports increased 9.1% to $24.38 billion in January 2018 over a year ago. Meanwhile, merchandise imports surged 26.1% to $40.68 billion. The trade deficit jumped 64.6% to $16.30 billion in January 2018 from $9.9 billion in January 2017.
Overseas, it is a shortened week for greater China markets, with mainland China markets remained shut from 15 to 21 February 2018 and Hong Kong markets shut from 16 to 19 February 2018 for the Lunar New Year. Most of the other Asian markets are also closed for a holiday.
US stocks rose for the fifth day in a row yesterday 15 February 2018, led by technology stocks. They have now recovered about half their losses during the market's dramatic plunge earlier this month. In economic news, the Labor Department said US wholesale prices rose 0.4% in January, the biggest increase since November.
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