Key benchmark indices were trading higher in early trade on positive economic cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 113.98 points or 0.34% at 34,083.62. The Nifty 50 index was up 26.50 points or 0.25% at 10,531.30. The Sensex was trading above the psychological 34,000 mark after opening above that level.
Among secondary barometers,the BSE Mid-Cap index was up 0.64%. The BSE Small-Cap index was up 0.62%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than four gainers against every loser on BSE. 1,286 shares rose and 304 shares fell. A total of 43 shares were unchanged.
Overseas, most Asian shares rose as US jobs data pointed to firm economic growth. US stock indices closed at all-time highs on Thursday, while the Dow topped the 25,000 milestone for the first time. The Dow Jones Industrial Average rose 0.6% to finish at 25,075.13. The S&P 500 rose 0.4%. The Nasdaq Composite Index gained 0.2%.
The US ADP National Employment Report on Thursday showed US private employers added 250,000 jobs in December, the biggest monthly increase since March. Meanwhile, initial jobless claims, a tool to measure layoffs, rose 3,000 to 250,000 in the seven days ended 30 December 2017, the Labor Department said Thursday. The number of people already collecting unemployment benefits, known as continuing claims, fell 37,000 to 1.91 million.
Back home, Bharti Airtel was down 0.06%. The company announced a strategic alliance with Samsung to bring a range of affordable 4G smartphone options to customers. As a part of this alliance, four top models from Samsung's popular Galaxy J-series range will be available with attractive cashback offers, bringing down the effective price of the device and making them highly affordable for customers. All devices will come bundled with Airtel's special recharge pack of Rs 199 that offers 1 GB data per day and unlimited calling. The announcement was made after market hours yesterday, 4 January 2018.
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Bliss GVS Pharma was up 2.46%. The company announced that board of directors will meet on 11 January 2018, for considering disinvestment of subsidiary business. The announcement was made after market hours yesterday, 4 January 2018.
Indian Overseas Bank was up 6.91%. The bank said that board of directors approved to utilize the balance available in the share premium account amounting to Rs 7650.06 crore as at 31 March 2017 to write off the accumulated losses of the bank aggregating to Rs 6978.94 crore as at 31 March 2017 to present a true and fair view of the financial position of the bank and to take the same into account during current Financial Year 2017-18. The announcement was made after market hours yesterday, 4 January 2018.
South India Bank was up 0.79%. The bank said that the meeting of the board of directors of the bank is scheduled to be held on 9th January 2018 to also consider a proposal to augment the paid-up capital by issue of equity shares or other securities convertible into equity shares, through one or more modes permissible under applicable laws including but not limited to, preferential allotment, qualified institutions placement, rights issue or public issue, for an amount not exceeding Rs 20 crore in nominal value, subject to the approval of regulatory authorities if any. The announcement was made after market hours yesterday, 4 January 2018.
HCL Technologies was down 0.73%. The company announced about the termination of joint venture agreement between the company and Great American Insurance Company (GAIC). The announcement was made after market hours yesterday, 4 January 2018.
Varun Beverages was up 6.85%. The company announced that it has further deepened its relationship with PepsiCo by entering into a strategic partnership for the larger Tropicana portfolio along with Gatorade and Quaker Value-Added Dairy in territories across North and East India. This is part of VBL's strategy to expand its product portfolio through its valued relationship with PepsiCo. The announcement was made after market hours yesterday, 4 January 2018.
Take Solutions was up 1.79%. The company said that it has incorporated a step down subsidiary company Navitas Lifesciences A.A.S in Colombia on 3 January 2018. The announcement was made after market hours yesterday, 4 January 2018.
JSW Energy was up 1.60%. The company announced that it has, on 1 January 2018, incorporated a wholly owned subsidiary, JSW Solar to pursue business opportunities in the renewable energy space, energy storage systems, micro grids, etc. The announcement was made after market hours yesterday, 4 January 2018.
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