Key benchmark indices edged higher in early trade tracking positive sentiment in Asian trading. At 9:16 IST, the barometer index, the S&P BSE Sensex rose 246.10 points or 0.75% at 33,279.19. The Nifty 50 index advanced 62.05 points or 0.61% at 10,216.25. The S&P BSE Mid-Cap index rose 0.81%. The S&P BSE Small-Cap index advanced 0.83%. Both these indices outperformed the Sensex.
Overseas, Asian stocks edged higher on news of potential US tariff exemptions. US stocks closed well off session lows yesterday, 7 March 2018 after the White House hinted Canada and Mexico could be exempt from tariffs proposed by President Donald Trump.
In Europe, the European Central Bank's (ECB) monetary policy statement is due later today, 8 March 2018. The central bank is expected to be cautious to prevent any unwanted tightening of financing conditions amid mounting global insecurities, especially in the wake of recent tariffs announcement by the US President.
Closer home, the breadth, indicating the overall health of the market, was quite strong. On the BSE, 844 shares advanced and 237 shares declined. A total of 40 shares were unchanged.
Mahindra & Mahindra (M&M) rose 0.66% after the company launched an all new tractor platform in the high power category, ranging from 60 HP to 75 HP tractors. Tractors based on this platform will be introduced over a period of time, beginning with the launch of the Swaraj 963FE. The Swaraj 963FE will be available across Swaraj's wide network of 875 dealers, at a starting price of Rs 7.40 lakh ex-showroom. The announcement was made after market hours yesterday, 7 March 2018.
Hero MotoCorp advanced 0.43% after introducing the new 'Super Splendor' across markets in the country. Aimed at further bolstering its dominant leadership in the domestic motorcycle market, the new Super Splendor is priced at Rs 57,190 (Ex-Showroom Delhi). Targeted at young professionals, the new Super Splendor offers best-in-class performance and convenience. This is in addition to the trust, reliability and fuel efficiency that are distinct to the Splendor brand, the company said. The announcement was made after market hours yesterday, 7 March 2018.
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State Bank of India (SBI) was up 0.69%. The Reserve Bank of India (RBI) vide its press release dated 7 March 2018, imposed a penalty of Rs 40 lakh on SBI for non-compliance with the directions issued by the central bank on detection and impounding of counterfeit notes. The announcement was made after market hours yesterday, 7 March 2018.
Tata Steel rose 0.88% after the company has been identified as the highest evaluated compliant resolution applicant to acquire controlling stake of Bhushan Steel (BSL) under the corporate insolvency resolution process (CIRP) of the Insolvency and Bankruptcy Code. The announcement was made after market hours yesterday, 7 March 2018.
HDFC rose 1.14% after the company said it would sell 5.1% of the equity of Computer Age Management Services (CAMS) to Great Terrain Investment, Mauritius, an affiliate of Warburg Pincus group, at a total consideration of Rs 169.52 crore. The announcement was made after market hours yesterday, 7 March 2018. The company had approved selling 6.3% stake of CAMS to Great Terrain Investment, Mauritius, in December 2017.
Bharti Airtel advanced 1.96% after the company scheduled a board meeting on 12 March 2018, to consider enablement from board to opportunistically raise funds through various debt instruments including issuance of non-convertible debentures (NCDs). The announcement was made after market hours yesterday, 7 March 2018.
The Union Cabinet yesterday, 7 March 2018 approved two key measures in telecom sector to facilitate investments, consolidation in the sector and enhancing ease of doing business. These include restructuring the deferred payment liabilities of spectrum auction of telecom service providers and revising the limit of the cap for spectrum holding for telecom service providers. The overall spectrum cap is revised from the current limit of 25% to 35%. The current intra-band cap is removed. Instead, there is a cap of 50% on the combined spectrum holding in the sub-1 GHz bands (700 MHz, 800 MHz and 900 MHz bands). There will be no cap for individual or combined spectrum holding in above 1 GHz band.
On the political front, the Telugu Desam Party (TDP) announced late yesterday, 7 March 2018 that it would withdraw its two ministers from the National Democratic Alliance (NDA) government, in protest against the Centre not yielding to TDP's demand for a Special Category Status to Andhra Pradesh.
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