Key benchmark indices edged higher in early trade on positive global stocks as global trade war fears appear to ease. At 9:18 IST, the barometer index, the S&P BSE Sensex rose 145.34 points or 0.44% at 33,211.75. The Nifty 50 index advanced 53.25 points or 0.53% at 10,183.90.
The S&P BSE Mid-Cap index advanced 0.91%. The S&P BSE Small-Cap index gained 0.99%. Both these indices outperformed the Sensex.
Overseas, Asian stocks edged higher after Wall Street rebounded in previous trading session amid a slight easing in trade tensions. US stocks closed sharply higher yesterday, 26 March 2018, bouncing back from strong losses in the previous session as trade tensions between the US and China appeared to ease.
Closer home, the broader market depicted strength. On the BSE, 1,015 shares advanced and 206 shares declined. A total of 23 shares were unchanged.
IT major Wipro rose 1.57% after the company announced an expanded global relationship with Adobe to create, build and run digital marketing solutions and campaigns for their clients, across the globe. As a part of this alliance, Wipro will embed Adobe's design and prototyping software, Adobe XD CC, the all-in-one UX/UI solution for designing and prototyping mobile apps and websites, into its Digital Experience Platform. The announcement was made after trading hours yesterday, 26 March 2018.
Pharma major Cipla advanced 0.78% after the company said that the closing conditions in relation to disinvestment of entire 99% equity stake held by company's joint venture company in UAE i.e. Saba Investment Limited in Al Jabal for Drugs and Medical Appliances Company, Yemen (AJDMS) have been fulfilled. Consequently, AJDMS has ceased to be subsidiary of Saba Investment with effect from 26 March 2018.The announcement was made after market hours yesterday, 26 March 2018.
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On the macro economic front, the Government of India (GoI), in consultation with Reserve Bank of India (RBI), deliberated over its borrowing programme for FY 2019 and finalised its borrowing calendar for the first half of FY 2019. GoI had budgeted for FY 2019 Gross G-Sec borrowing of Rs 6.05 lakh crore. The GoI intends to use larger inflows from small savings schemes to fund its fiscal deficit during the year. The GoI will borrow Rs 1 lakh crore from NSSF as against budgeted amount of Rs 75000 crore. After making careful assessment of its financial needs for the first half, the GoI's gross G-Sec borrowing will be only Rs 2.88 lakh crore in the first half of FY 2019. This makes up only 47.5% as against 60-65% share in this period in previous years.
The GoI also plans to issue more Floating Rate Bonds (FRBs) and introduce CPI linked bonds, both put together, to the extent of 10% of issuances during the year. The GoI will introduce two benchmarks during this half year - 2-year and 5-year - to meet the market demand. More issuance will be planned in short and long-term maturity bucket, reducing the issuance in medium term segments of 10-14 years to around 29%, as against more than 50% issuances in previous years. GoI's T Bill programme for the first quarter is to raise Rs 1.95 lakh crore. During this period, T Bills of Rs 1.53 lakh crore will expire. The gross borrowing per week under T-Bills will be Rs 15000 crore.
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