Key benchmark indices trimmed initial gains in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex rose 93.13 points or 0.27% at 34,390.60. The Nifty 50 index gained 24.70 points or 0.27% at 10,574.10.
Surge in US stocks in the previous session guided domestic markets in the positive terrain in early trade amid holiday thinned trade in Asian markets. Stocks soon trimmed initial gains in morning trade.
Among secondary indices, the S&P BSE Mid-Cap index fell 0.17%. The S&P BSE Small-Cap index dropped 0.09%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was negative. On the BSE, 1,279 shares fell and 929 shares rose. A total of 84 shares were unchanged.
IT stocks advanced. Tech Mahindra was up 0.87%, HCL Technologies 3.14%, Wipro 0.91% and TCS gained 1.79%.
Infosys gained 1.98% after the company announced that UCAS, the admissions service for UK higher education, has extended its existing partnership with the company to support its business strategy up to 2021. UCAS delivers critical admissions and information services to students, schools and higher education providers.
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As part of the renewed engagement, Infosys will provide a wide range of digital services that will enable UCAS to continue to develop technology capabilities that connect learners to multiple destinations, such as universities, awarding bodies, schools and other organisations, using a dynamic digital suite of systems that responds to a rapidly changing higher education sector in the UK. The announcement was made after market hours yesterday, 15 February 2018.
Telecom stocks also rose. Bharti Airtel added 0.58%, Tata Teleservices (Maharashtra) 1.07%, Reliance Communications 2.86%, Idea Cellular 1.15% and MTNL rose 0.22%.
Shares of Bharti Infratel gained 0.56%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Prakash Industries rose 2.58% after the company said that its board of directors at its meeting held yesterday, 15 February 2018 has approved issue of 1 crore convertible equity warrants at Rs 208 each, convertible into equity shares, aggregating to Rs 208 crore on preferential basis to promoter and promoter group.
The company's board of directors also approved issue of 12.50 lakh convertible equity warrants at Rs 208 each, convertible into equity shares, aggregating to Rs 26 crore on preferential basis to Chartered Finance & Leasing. The announcement was made after market hours yesterday, 15 February 2018.
On the macroeconomic data front, merchandise exports increased 9.1% to $24.38 billion in January 2018 over a year ago. Meanwhile, merchandise imports surged 26.1% to $40.68 billion. The trade deficit jumped 64.6% to $16.30 billion in January 2018 from $9.9 billion in January 2017.
Overseas, it is a shortened week for greater China markets, with mainland China markets remaining shut from 15 to 21 February 2018 and Hong Kong markets shut from 16 to 19 February 2018 for the Lunar New Year. Most of the other Asian markets are also closed for a holiday.
US stocks rose for the fifth day in a row yesterday 15 February 2018, led by technology stocks. They have now recovered about half their losses during the market's dramatic plunge earlier this month on worries over higher inflation and rising treasury yields. In economic news, the Labor Department said US wholesale prices rose 0.4% in January, the biggest increase since November.
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