Key benchmark indices were trading with small gains in early trade. At 9:30 IST, the barometer index, the S&P BSE Sensex was up 44.81 points or 0.17% at 27,054. The Nifty 50 index was currently up 7.65 points or 0.09% at 8,274.10. Capital goods and power stocks gained in early trade.
In overseas markets, Asian stocks were mixed. Meanwhile, data showed today, 8 June 2016 that Japan's economy grew faster than initially estimated in the first quarter. Japan's economy expanded at an annualized 1.9% rate in the first quarter of this year, revised up from a preliminary reading of 1.7% growth. China's exports fell more than expected in May as global demand remained stubbornly weak, but imports beat forecasts, adding to hopes that the economy may be stabilising. Exports fell 4.1% and imports dropped 0.4% from a year earlier. US stocks eked out modest gains yesterday, 7 June 2016 propelled by a sharp rally in the energy sector. Investors shrugged off US government data yesterday, 7 June 2016 that showed productivity of businesses and workers fell in the first quarter, but by less than initially reported.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 790 shares rose and 436 shares declined. A total of 79 shares were unchanged. The BSE Mid-Cap index was currently up 0.2%. The BSE Small-Cap index was currently up 0.14%. Both these indices outperformed the Sensex.
L&T rose after the company announced that its construction arm along with its joint venture (JV) partner in Qatar, Al Balagh Trading & Contracting, has signed a contract to build a 40,000 seater stadium, as part of the sports infrastructure being readied by the Emirate in preparation of the 2022 Fifa World Cup. The stock gained 0.63%. The contract for the project is for a combined value of $360 million for both JV partners and is slated to be completed by 2019. The scope for the stadium includes main works and construction of the site, following completion of the enabling works, L&T said in a statement. The announcement was made after market hours yesterday, 7 June 2016.
Pharma major Lupin declined 0.35%. The company announced the appointment of Yugesh Goutam as President-Global Human Resources (HR). Yugesh will lead the HR function for Lupin globally and will be based at the company's corporate headquarters in Mumbai, India. Yugesh takes over from Divakar Kaza who has opted to retire after a transition period to pursue other interests, Lupin said in a statement. The announcement was made after market hours yesterday, 7 June 2016.
NMDC rose 0.55% to Rs 92.15 after the company announced that the company's board of directors approved the company's buyback proposal of company's shares not exceeding 80.08 crore equity shares, representing 20.2% of the total number of equity shares in the paid-up share capital of the company and is not exceeding 25% of the total number of equity shares in the paid-up share capital of the company at a price of Rs 94 per share for an aggregate consideration not exceeding Rs 7527.75 crore. The board of directors noted the intention of the promoter of the company to participate in the proposed buyback. The buyback price of Rs 94 was at a premium of 2.56% compared to its closing price of Rs 91.65 yesterday, 7 June 2016. The announcement was made before market hours today, 8 June 2016.
Bharti Airtel (up 1.79%), ONGC (up 0.77%) and Tata Motors (up 0.41%) were the major gainers from the Sensex pack.
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