Key benchmark indices were trading higher in early trade, tracking positive leads from Asian markets and overnight rally on the Wall Street. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 68.80 points or 0.25% at 27,527.79. The Nifty 50 index was up 21.30 points or 0.25% at 8,518.35.
The market breadth indicating the overall health of the market was strong. On BSE, 1,093 shares rose and 399 shares fell. A total of 62 shares were unchanged. The BSE Mid-Cap index was currently up 0.25%, matching the Sensex's rise. The BSE Small-Cap index was currently up 0.58%, outperforming the Sensex.
In overseas stock markets, Asian stocks were trading higher as the world's most closely watched election draws near. Japan's Nikkei 225 was, however, down 0.05%. US stocks on Monday, 7 November 2016, had their best trading day since March on a percentage basis. Gains were broad, with the Dow Jones Industrial Average reclaiming the key 18,000 level and the S&P 500 snapping its nine-day losing streak, the longest since 1980. The slide had been attributed partly to polls showing a closer contest between Clinton and Republican rival Donald Trump.
The outcome of United States presidential elections of 2016, which will be held today, 8 November 2016, will have a bearing on global stocks. Presidential election will be held between Democratic party candidate Hillary Clinton and Republican party candidate Donald Trump. The results are expected on the next day of elections.
ICICI Bank was up 2.42%. The bank's net profit rose 2.38% to Rs 3102.27 crore on 41.31% rise in total income to Rs 22759.08 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 7 November 2016.
State Bank of India (SBI) was up 0.24%. The bank announced before market hours today, 8 November 2016, that a meeting of executive committee of the Central board of the bank is scheduled to be held on 10 November to examine and decide for issuance of long term bonds of Rs 5000 crore in domestic and overseas markets for financing of infrastructure and affordable housing (Infra bonds) during the year ending 31 March 2017 (FY 2017) on private placement in tranches at appropriate time.
Wipro was up 0.49%. The company announced after market hours yesterday, 7 November 2016, launch of its Open Banking API (Application Programming Interface) platform. The Open API platform will enable banks and financial institutions to launch Open Banking initiatives and create new forms of distribution channels and servicing capabilities, provide access to third-party application marketplaces, and comply with emerging regulatory norms through the standardization of APIs. Open Banking is an emerging trend in financial technology that uses Open APIs to enable third party developers build applications and services around a financial institution. It facilitates greater financial transparency and helps financial institutions innovate and create new revenue models. Open Banking has been gaining significant momentum across the globe, especially in the European banking industry - driven by changing regulatory mandates. Revised Directive on Payment Services (PSD2), is one such regulatory mandate that aims to standardize, integrate and improve payment efficiency in the European Union.
GlaxoSmithkline Consumer Healthcare was up 0.38%. The company's net profit fell 16.62% to Rs 183.72 crore on 5.69% rise in total income to Rs 1138.09 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 7 November 2016.
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