Market opens higher on positive global cues

Key benchmark indices were trading higher in early trade on positive global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 112.70 points or 0.33% at 34,254.85. The Nifty 50 index was up 44.45 points or 0.42% at 10,535.50.

Among secondary barometers,the BSE Mid-Cap index was up 0.53%. The BSE Small-Cap index was up 0.67%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,066 shares rose and 278 shares fell. A total of 65 shares were unchanged.

Overseas, Asian shares were trading higher. US stocks rallied on Friday, 23 February 2018, to end a bumpy week with slight gains, as falling bond yields provided a reprieve for investors concerned about rising inflation.

Back home, Dr Reddy's Laboratories was down 2.50%. The company said that United States Food & Drug Administration (USFDA) has maintained official action indicated (OAI) status of company's active pharmaceutical ingredient (API) manufacturing plant at Srikakulam, Andhra Pradesh after the audit. The company has received the establishment inspection report to that effect. The USFDA has asked the company for more details. The company is providing those details and continuing to engage with USFDA for resolution of pending issues. The announcement was made on Sunday, 25 February 2018.

Axis Bank was up 0.83%. With regard to media report titled "Axis Bank asks CIO Amit Sethi to Resign", the bank issued a clarification on Friday, 23 February 2018. Axis Bank said that in terms of its code of conduct and ethics, certain related matters are being subjected to internal investigation and in view of the same, it is unable to offer any comments in the matter.

Further, the said internal investigation is being conducted in the ordinary course of the business of the bank and is not material to the operations of the bank, Axis Bank said. The clarification was issued after market hours on Friday, 23 February 2018.

Idea Cellular was up 1.22%. The company announced the successful closure of its qualified institutions placement (QIP). The company has allotted 42.42 crore equity shares to qualified institutional buyers (QIBs), at an issue price of Rs 82.50 per share, aggregating to Rs 3500 crore. The announcement was made after market hours on Friday, 23 February 2018.

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