Trading for the day began on a positive note as domestic stocks logged modest gains in early trade. At 9:24 IST, the barometer index, the S&P BSE Sensex, was up 128.27 points or 0.38% at 33,831.86. The Nifty 50 index was up 37.15 points or 0.36% at 10,397.55.
The S&P BSE Mid-Cap index was up 0.33%, underperforming the Sensex. The S&P BSE Small-Cap index was up 0.53%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,052 shares rose and 418 shares fell. A total of 54 shares were unchanged.
Overseas, Asian stocks are trading on a mixed note. Chinese markets will reopen tomorrow, 22 February 2018 after holidays. The US Federal Reserve will today, 21 February 2018 release minutes of its Jan. 30-31 meeting, Janet Yellen's last as chair, where officials kept the rate unchanged.
US stocks snapped a six-day winning streak yesterday, 20 February 2018 with the Dow and S&P 500 weighed down by a steep loss for Walmart as investors also watched climbing bond yields, which could make equities less attractive at current levels.
Back home, Dr Reddy's Laboratories (up 1.33%), TCS (up 1.12%) and HDFC (up 0.97%) were the top gainers from the Sensex pack.
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Reliance Industries (RIL) rose 0.64%. Eros International Media (Eros India) gained 6.63%. RIL and Eros International PLC (Eros) announced on 20 February 2018 that RIL, through a subsidiary, has agreed to subscribe to a 5% equity stake in NYSE listed Eros at a price of $15 per share, which represents an 18% premium to last closing price. The transaction is subject to customary regulatory and other approvals. The announcement was made after market hours yesterday, 20 February 2018.
Furthermore, RIL and Eros India announced that they have agreed to partner in India to jointly produce and consolidate content from across India. The parties will equally invest up to Rs 1000 crore in aggregate (approximately $150 million) to produce and acquire Indian films and digital originals across all languages.
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