Key benchmark indices were trading with small gains in morning trade after paring initial gains. At 10:20 IST, the barometer index, the S&P BSE Sensex gained 37.63 points or 0.12% at 32,427.59. The Nifty 50 index rose 16.60 points or 0.16% at 10,163.15. Firmness in most Asian stocks supported gains on the domestic bourses.
Key indices opened with small gains tracking firm Asian stocks and soon extended gains and hit fresh intraday high in early trade. Stocks pared gains in morning trade.
The S&P BSE Mid-Cap index rose 0.4%, outperforming the Sensex. The S&P BSE Small-Cap index fell 0.03%, underperforming the Sensex.
The breadth, indicating the overall health of the market, was almost even. On the BSE, 1,080 shares rose and 1,087 shares declined. A total of 108 shares were unchanged.
IT stocks snapped last three-sessions of losses. Tech Mahindra (up 0.53%), HCL Technologies (up 1.77%), TCS (up 1.13%), and Wipro (up 0.6%) edged higher.
Infosys gained 0.39% ahead of its Q2 results tomorrow, 24 October 2017.
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HCL Infosystems rose 0.42% to Rs 47.70 after the company said it will raise Rs 499.09 crore from its existing shareholders by way of rights issue. HCL Infosystems said that the total number of equity shares to be issued is 10.61 crore. The company said the rights issue will be offered at a price of Rs 47. The record date for the purpose of determining the shareholders eligible to apply for the equity shares in the rights issue is 1 November 2017. It further said that the rights entitlement ratio is fixed at a ratio of 10 rights equity share for every 21 equity share held by eligible shareholders of the company. The announcement was made on Friday, 20 October 2017.
Most metal and mining stocks snapped last two sessions of losses. JSW Steel (up 1.42%), Hindustan Copper (up 0.87%), Vedanta (up 0.76%), Hindalco Industries (up 0.8%), Hindustan Zinc (up 1.29%), Tata Steel (up 0.65%), and Steel Authority of India (Sail) (up 0.34%) gained. Jindal Steel & Power (down 1.03%), National Aluminum Company (down 0.53%) and NMDC (down 1.63%) gained.
Bhushan Steel spurted 17.35% after media reports suggested that ArcelorMittal, the global steel giant, has exhibited interest in taking over Bhushan Steel. ArcelorMittal, headed by the billionaire Lakshmi Mittal, had issued an expression of Interest (EoI) for Bhushan Steel.
Sunteck Realty rose 1.83% to Rs 330.25 after a bulk deal of 6.06 lakh shares was executed on the scrip at Rs 329.50 per share in opening trade on BSE.
Overseas, most Asian stocks gained led by Japanese stocks as the dollar spiked to more than three-month highs against the yen following a snap election in Japan on Sunday, 22 October 2017. Japanese Prime Minister Shinzo Abe's ruling coalition secured a two-thirds "super majority" after winning 312 out of 465 seats available at Sunday's election, as per reports. Abe's solid win at the polls points to a continuation of fiscal and hyper-easy monetary policies under his Abenomics program.
Wall Street stocks surged to fresh records Friday, 20 October 2017, after US lawmakers took a key step toward enacting the tax reform plan sought by President Donald Trump. Investors were cheered by a party-line 51-49 vote in the Senate for a federal budget plan that permits the legislative body to pass the tax cut plan with a simple majority vote instead of a 60-person supermajority.
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