Key benchmark indices edged higher in early trade tracking positive sentiment in global stocks. At 9:17 IST, the barometer index, the S&P BSE Sensex was up 124.27 points or 0.44% at 28,108.64. The Nifty 50 index was currently up 37.15 points or 0.43% at 8,696.25.
In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks registered small gains yesterday, 19 October 2016, helped by better-than-expected earnings and rising oil prices. The Federal Reserve released the latest iteration of its Beige Book, which summarizes economic conditions in the US. In it, the Fed said economic activity increased at a modest pace in most regions.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,007 shares rose and 185 shares declined. A total of 46 shares were unchanged. The BSE Mid-Cap index was currently up 0.46%. The BSE Small-Cap index was currently up 0.53%. Both these indices outperformed the Sensex.
Telecom stocks rose. Idea Cellular (up 2.09%) and Reliance Communications (up 0.64%) edged higher.
Bharti Infratel was up 1.48%. Bharti Infratel is a telecom tower arm of Bharti Airtel.
Bharti Airtel was down 0.39% at Rs 306.10. The company announced an offer for all customers purchasing a new 4G mobile handset. Airtel is offering 10 GB 4G/3G data on a recharge of Rs 249 along with any new 4G handset. 1 GB data will be instantly credited to the customer's account and the additional 9 GB data can be claimed by the customer through MyAirtel App. The data will be valid for 28 days. Users can avail a maximum of 3 recharges within 90 days, on the offer. The announcement was made after market hours yesterday, 19 October 2016.
The special offer, which was introduced in Gujarat and Madhya Pradesh & Chhattisgarh last week, has now been extended across India and is available across all brands of 4G handsets. Airtel 4G is currently available in 18 circles across India. In non 4G circles, 3G data will be available to customers with their 4G devices. Pack Prices may vary from circle to circle. Offer on 4G handsets only and can be availed within 30 days of purchase of the handset.
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Axis Bank rose 0.74% at Rs 539.30 after the bank said it proposes to raise funds by issuing senior unsecured redeemable non-convertible debentures of Rs 10 lakh each for cash at par aggregating to Rs 5000 crore. The board of directors of the bank will consider the proposal to issue and allot the securities through circular resolution. The announcement was made after market hours yesterday, 19 October 2016.
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