Key benchmark indices surged in early trade on positive global cues. At 9:18 IST, the barometer index, the S&P BSE Sensex advanced 381.01 points or 1.15% at 33,487.83. The Nifty 50 index surged 116.95 points or 1.14% at 10,331.70. Investor risk appetite soared after rating agency Moody's Investors Service has upgraded sovereign rating of India a notch above investment grade after a long gap of 14 years.
The S&P BSE Mid-Cap index surged 1.24%, outperforming the Sensex. The S&P BSE Small-Cap index advanced 1.08%, underperforming the Sensex.
Overseas, Asian stocks edged higher as global equities appeared to bounce back after declines earlier in the week. US equities rose yesterday, 16 November 2017, rebounding from consecutive declines, following strong quarterly results.
Closer home, the breadth, indicating the overall health of the market, was strong. On BSE, 1,181 shares rose and 222 shares declined. A total of 32 shares were unchanged.
Wipro was down 0.29% at Rs 296.80. The company announced the launch of industry-specific solutions on SAP Leonardo. The first set of solutions will focus on the utilities industry, while the next will cover the consumer and manufacturing industries. As part of the partnership, Wipro will develop industry-specific analytics "apps" on its insights-as-a-service solution, Data Discovery Platform, leveraging SAP Leonardo analytics, Big Data and data intelligence capabilities. The announcement was made after market hours yesterday, 16 November 2017.
Bharti Airtel rose 1.04% at Rs 495 after the company announced the launch of two new Android powered 4G smartphones at the price of a feature phone in partnership with Karbonn Mobiles. The launch is part of Airtel's 'Mera Pehla Smartphone' initiative, which is aimed at enabling every Indian to buy a 4G smartphone and get on to the digital superhighway. The 'Al Indian' 4G smartphone will be available at an effective price of Rs 1799 (compared to MRP of Rs 4390) and the 'A41 Power' comes at an effective price of Rs 1,849 (compared to MRP of Rs 4,290). Both 4G smartphones come bundled with a monthly pack of Rs 169 from Airtel, which offers generous data and calling benefits. The announcement was made after market hours yesterday, 16 November 2017.
Tata Power Company was up 1.3% at Rs 85.80 after the company said it proposes to issue non-convertible debentures aggregating to Rs 1500 crore on private placement basis. The tenure of instrument is for 7 years. The NCDs were assigned CARE AA/Stable and IND AA/Stable by the rating agencies. The announcement was made after market hours yesterday, 16 November 2017.
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On the macro front, rating agency Moody's Investors Service has upgraded India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive. Moody's has revised the sovereign rating of India a notch above investment grade after a long gap of 14 years.
Among other key news, the Union Cabinet chaired by the Prime Minister Narendra Modi yesterday, 16 November 2017, gave its approval for the creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority (NAA) under GST, following up immediately on 15th November's sharp reduction in the GST rates of a large number of items of mass consumption. This paves the way for the immediate establishment of this apex body, which is mandated to ensure that the benefits of the reduction in GST rates on goods or services are passed on to the ultimate consumers by way of a reduction in prices, a press release issued by the government after market hours yesterday, 16 November 2017 said.
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