Key indices were trading with modest gains in morning trade as firmness in global stocks supported gains on the bourses. At 10:20 IST, the barometer index, the S&P BSE Sensex, gained 98.95 points or 0.29% at 33,700.63. The Nifty 50 index rose 32.20 points or 0.31% at 10,420.95.
The S&P BSE Mid-Cap index rose 0.79%. The S&P BSE Small-Cap index gained 1.1%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers for every loser on BSE. 1,668 shares rose and 476 shares fell. A total of 104 shares were unchanged.
Auto stocks extended recent gains. Mahindra & Mahindra (M&M) (up 0.86%), Ashok Leyland (up 0.61%), Maruti Suzuki India (up 0.94%), Eicher Motors (up 2.07%), Bajaj Auto (up 0.92%), Hero MotoCorp (up 0.91%), Tata Motors (up 1.53%) and TVS Motor Company (up 0.66%) gained.
Telecom stocks were mixed. Reliance Communications (up 0.51%), Tata Teleservices (Maharashtra) (up 3.92%) and MTNL (up 0.99%) gained. Idea Cellular declined 0.16%.
Bharti Airtel declined 0.75%. The company said that through its subsidiaries it has entered into a definitive agreement with Millicom International Cellular S. A. under which Airtel Rwanda will acquire 100% equity interest in Tigo Rwanda. The acquisition will consolidate the Rwandan telecom market and position Airtel as a strong number 2 operator in Rwanda. The announcement was made before market hours today, 19 December 2017.
The consideration for the transaction is based on the approximately 6 times earnings before interest, tax, depreciation and amortization (EBITDA) multiple payable over 2 years. The agreement is subject to regulatory and statutory approvals.
Shares of Bharti Infratel gained 0.56%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Gandhi Special Tubes rose 9.72% to Rs 381.50 after the company said it will seek shareholders' approval to buyback 8.80 lakh shares at Rs 500 each. The announcement was made after market hours yesterday, 18 December 2017. The buyback offer is 5.99% of the paid-up equity share capital of the company.
Kridhan Infra surged 13.24% to Rs 112.50 on BSE after the Government of Singapore bought bulk shares of the company in an open market transaction yesterday, 18 December 2017. Government of Singapore bought 8.95 lakh shares of Kridhan Infra at Rs 92 per share in a bulk deal on the BSE yesterday, 18 December 2017. Mustray Impex & Services sold 20 lakh shares at Rs 92.21 a piece.
Overseas, most Asian stocks gained after a record-setting session on Wall Street on bets that US lawmakers would pass sweeping tax legislation. Japan's government revised up its growth projections for the current and next fiscal years, forecasting the economy to expand 1.9% and 1.8% respectively on the back of steady improvement in domestic demand, the Cabinet Office said.
US stocks closed at all-time highs yesterday, 18 December 2017, as investors eagerly awaited a vote on a bill that would cut corporate taxes. A slew of corporate deals also helped lift sentiment.
Congress is reportedly expected to vote as early as today, 19 December 2017, on a plan that would slash the federal corporate tax rate to 21% from 35%. Passing the bill would mark a big legislative win for Republicans, who have been pushing to revamp the US tax code for most of 2017.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
