Key indices hovered in positive terrain with moderate gains in early afternoon trade as firmness in Asian stocks boosted sentiment. At 12:20 IST, the barometer index, the S&P BSE Sensex was up 101 points or 0.33% at 30,349.17. The Nifty 50 index rose 40.40 points or 0.43% at 9,447.70. IT stocks advanced. HCL Technologies declined after posting Q4 results. Shares of power generation and power distribution companies edged lower.
After opening with small gains, key indices had extended gains and hit fresh record highs in mid-morning trade.
The BSE Mid-Cap index rose 0.44%. The BSE Small-Cap index gained 0.49%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,324 shares rose and 1,213 shares fell. A total of 155 shares were unchanged.
IT stocks advanced. Tech Mahindra (up 0.46%), Infosys (up 0.1%), Wipro (up 0.41%), Oracle Financial Services Software (up 0.08%) and MphasiS (up 0.03%) edged higher.
HCL Technologies fell 0.14%. The company's consolidated net income rose 12.3% to Rs 2325 crore on 2% increase in revenue to Rs 12053 crore in Q4 March 2017 over Q3 December 2016. The result was announced during market hours today, 11 May 2017.
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In its guidance, HCL Technologies said that in the financial year ending March 2018 (FY18), its revenues are expected to grow between 10.5% to 12.5% in constant currency. The above constant currency guidance translates to 9.9% to 11.9% in USD terms based on 31 March 2017 rates.
Operating margin (EBIT) in FY 2018 is expected in range from 19.5% to 20.5%. The operating margin guidance assumes USD-INR currency rate of $1=Rs 65.50 and other currencies at FY 2017 average exchange rates.
TCS rose 0.04% after the company launched new business process service centre in Patna to create new opportunities as part of Digital India push to leverage IT industry's growth to create new opportunities for India's talent and drive inclusive growth. The announcement was made during market hours today, 11 May 2017.
Shares of power generation and power distribution companies edged lower. Torrent Power (down 0.04%), GVK Power & Infrastructure (down 0.95%), NTPC (down 0.4%), Adani Power (down 2.95%), Power Grid Corporation of India (down 0.48%), Reliance Infrastructure (down 0.04%) and Reliance Power (down 0.31%) declined. NHPC (up 0.32%) and Tata Power Company (up 0.37%) gained.
Shares of psu coal mining major Coal India shed 0.23%.
Ashoka Buildcon rose 2.38% after the company informed that it is in receipt of letters of intent from Jharkhand Bijli Vitran Nigam (JBVNL), for the projects viz. execution of urban electrification works for Ranchi and Medininagar towns in Jharkhand and electric supply to areas covering 12 towns in Jharkahand under Integrated Power Development Scheme (IPDS). The aggregate value of the above work is Rs 282.73 crore.
IPDS is the flagship program of Government of India, Ministry of Power and funded by Power Finance Corporation. The announcement was made during trading hours today, 11 May 2017.
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.
Most 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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