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Market nudges higher in early trade

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Capital Market
Last Updated : Jul 24 2017 | 9:47 AM IST

Key benchmark indices nudged higher in early trade. At 9:16 IST, the barometer index, the S&P BSE Sensex, rose 54.56 points or 0.17% at 32,083.45. The Nifty 50 index was up 15.50 points or 0.16% at 9,930.75.

The S&P BSE Mid- Cap index rose 0.12%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.42%, outperforming the Sensex.

Overseas, Asian stocks witnessed a mixed trend. The Nikkei Flash Japan Manufacturing Purchasing Managers' Index, or PMI, dropped to an eight-month low of 52.2 in July from 52.4 in June. A reading above 50 signals an improvement, while one below 50 points to a contraction in activity.

US equities fell on Friday, 21 July 2017, as General Electric led industrial stocks edged lower. Meanwhile, the US Federal Reserve will announce its interest rate decision on Wednesday, 26 July 2017. The Federal Reserve had raised the target range for its federal funds rate by 25 basis points to 1% to 1.25% during its June 2017 meeting.

Closer home, the market breadth, indicating the overall health of the market, was strong. On the BSE, 854 shares rose and 403 shares declined. A total of 69 shares were unchanged.

Reliance Industries (RIL) was up 0.55% at Rs 1,594.85. The company held its 40th annual general meeting (AGM) on Friday, 21 July 2017. RIL Chairman Mukesh Ambani announced the launch of JioPhone, which is a 4G VoLTE-enabled feature phone. Reliance Jio JioPhone will hit the shelves starting the first week of September, and pre-orders begin 24 August 2017, he said. Reliance Jio has close to 100 million paid customers, added Ambani. The outcome of the AGM was disclosed to the stock exchanges after market hours on Friday, 21 July 2017.

Lupin advanced 1.67% after the company announced the successful completion of a PAI inspection (Prior Approval Inspection) carried out by the United States Food and Drug Administration (USFDA) at its Goa manufacturing facility without any observations. The announcement was made after market hours on Friday, 21 July 2017.

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Tata Motors was up 0.03% after the company said it is holding a meeting of its duly constituted committee of the board on 26 July 2017, to consider issue of non-convertible debentures (NCDs) aggregating to Rs 1000 crore in one or more tranches. The announcement was made after market hours on Friday, 21 July 2017.

State Bank of India (SBI) was up 0.64% at Rs 292.20. The bank said that the executive committee of the central board (ECCB) of the bank at its meeting held on Friday, 21 July 2017, given approval for entering into a shareholder agreement with CA Rover Holdings (an affiliate of Carlyle Asia Partners IV), who will be the new partner in the bank's Credit Card joint venture, and shall hold 26% stake in both the companies. The proposed transactions are subject to regulatory approvals. The announcement was made after market hours on Friday, 21 July 2017.

On the macro front, the India Meteorological Department (IMD) in its latest report said that there may not be significant change in maximum temperatures over most parts of the country during next 3-4 days.

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First Published: Jul 24 2017 | 9:19 AM IST

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