Key benchmark indices edged higher in early trade tracking gains in Asian stocks. At 9:20 IST, the barometer index, the S&P BSE Sensex was up 160.04 points or 0.57% at 28,062.70. The Nifty 50 index was currently up 45.25 points or 0.53% at 8,652.70. The Sensex regained the psychological 28,000 mark. Oil and banking stocks led gains on the bourses.
In overseas stock markets, Asian stocks rose tracking overnight gains in US stocks as commodities prices rebounded. US stocks finished higher yesterday, 29 August 2016 on increased prospects for Federal Reserve rate increases in 2016. Investors continued to weigh remarks by Federal Reserve Chairwoman Janet Yellen, who said late last week in Jackson Hole, Wyo., that an improving US economy had strengthened the case for a rate increase. The Fed last December delivered its first rate increase in nearly a decade. The focus is now on US nonfarm-payroll data for August due coming Friday, 2 September 2016.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 853 shares rose and 189 shares declined. A total of 38 shares were unchanged. The BSE Mid-Cap index was currently up 0.49%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.64%, outperforming the Sensex.
Coal India rose 0.42% after the company said that it has fixed 9 September 2016 as the record date for the purpose of buyback of equity shares. The announcement was made after market hours yesterday, 29 August 2016. The company's board on 11 July 2016, approved buyback of shares at a price of Rs 335 per share for an aggregate consideration not exceeding Rs 3650 crore through the tender offer route. The company's promoters would participate in the buyback.
Zee Entertainment Enterprises (Zee) gained 1.04% after the company in its clarification with regard to news item titled "Sony likely to buy Ten Sports from Zee Entertainment for about Rs 2000 crore" said that the company is at an advanced stage of discussion for sale of the sports business with potential buyers. However, owing to confidentiality provisions, the company is unable to comment on specific details or timelines, Zee said. Appropriate disclosures will be made as and when any reporting event arises, the company added. The company issued the clarification after market hours yesterday, 29 August 2016.
Mahindra & Mahindra (M&M) gained 0.49% after the company announced the incorporation of a subsidiary company, Bristlecone Middle East DMCC, for providing business consulting, software implementation and related support services. The announcement was made after market hours yesterday, 29 August 2016.
Wipro rose 0.3% after the company announced a partnership with Stibo Systems, a global leader in multi-domain Master Data Management (MDM) solutions. The announcement was made after market hours yesterday, 29 August 2016. As part of the partnership, the two companies will collaborate to offer MDM solutions. This partnership is aimed at building trust-worthy data foundations to help joint customers derive accurate insights as they embrace digital transformation, Wipro and Stibo Systems said in a joint press release.
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Asian Paints (up 1.01%), ICICI Bank (up 1.04%) and Lupin (up 0.89%) were the major gainers from the Sensex pack.
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