Key benchmark indices were trading higher in early trade, backed by strong global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 178.64 points or 0.46% at 38,872.75. The Nifty 50 index was up 52.75 points or 0.45% at 11,744.70.
Among secondary barometers,the BSE Mid-Cap index was up 0.32%. The BSE Small-Cap index was up 0.39%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 746 shares rose and 278 shares fell. A total of 46 shares were unchanged.
Overseas, shares in Asia advanced amid hopes global tariff tensions were abating as the United States and Mexico made a deal to overhaul the North American Free Trade Agreement. US stocks gained Monday, with the S&P 500 and the Nasdaq closing at records for a second straight session, as the market rallied on enthusiasm over a new trade deal between the US and Mexico.
On Monday, the United States and Mexico announced that a deal had been agreed upon after months of negotiations between the two countries over the future of the North American Free Trade Agreement. The new deal, which President Donald Trump has said would be called The United States-Mexico Trade Agreement, is expected to last 16 years and will be reviewed every six years pending its approval by Congress, according to US Trade Representative Robert Lighthizer.
On the US data front, a measure of the US economy from the Chicago Federal Reserve slowed in July from June's robust performance, owed in large part to lighter output at the nation's factories. The Chicago Fed's index of national economic activity registered at a positive 0.13 last month, down from an upwardly revised positive 0.48 in June.
Back home, Jet Airways (India) was down 2.77%. The company reported net loss of Rs 1323 crore in Q1 June 2018 as compared to net profit of Rs 53.50 crore in Q1 June 2017. Total income rose 1.9% to Rs 6066.91 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours yesterday, 27 August 2018.
Also Read
Oriental Bank of Commerce was up 0.43%. The bank said that the meeting of the board of directors of the bank is scheduled on 30 August 2018 to consider and approve the raising of capital from the market through QIP for an amount not exceeding Rs 1000 crore. The announcement was made after market hours yesterday, 27 August 2018.
Karnataka Bank was up 0.54%. The bank has entered into an agreement with Bank Bazaar for digital home loan sourcing. The announcement was made after market hours yesterday, 27 August 2018.
JBF Industries was up 4.99%. JBF Industries and KKR Jupiter Advisors (KKR) have entered into a binding understanding. Based on the Term Sheet executed on 14 August 2018 wherein KKR has agreed to buy out a 100% stake of JBF Petrochemicals. The total debt of $464 million in JBF Petrochemicals will now no longer be consolidated in the accounts of JBF Industries. This will eliminate all contingent liabilities in the form of guarantees provided to the lenders of the PTA project for a loan of $464 million and interest thereon. The financial closure of JBF Petrochemicals is scheduled by 30 September 20l8. The announcement was made after market hours yesterday, 27 August 2018.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content