Key benchmark indices edged higher in early trade tracking positive global cues. At 9:16 IST, the barometer index, the S&P BSE Sensex rose 122.26 points or 0.39% at 31,414.11. The Nifty 50 index advanced 40.85 points or 0.42% at 9,806.40.
The S&P BSE Mid-Cap index rose 0.65%. The S&P BSE Small-Cap index advanced 0.67%. Both these indices outperformed the Sensex.
Overseas, Asian stocks edged higher following overnight gains on Wall Street. US stocks closed higher yesterday, 22 August 2017 on renewed hopes of US tax reform. Reports suggested that President Donald Trump's top aides and congressional leaders have made significant strides in shaping a tax overhaul, moving far beyond the six-paragraph framework pushed out in July that stoked fears about their ability to deliver on one of the GOP's (Republican Party) top priorities. There is broad consensus on some of the best ways to pay for cutting both the individual and corporate tax rates, reports suggested.
Meanwhile, the annual Jackson Hole Economic Policy Symposium is scheduled for this Friday in Wyoming. Representatives from the central banks of more than 40 countries will attend the annual gathering, hosted by the Federal Reserve Bank of Kansas City.
Closer home, the breadth indicating the overall health of the market, was strong. On the BSE, 712 shares rose and 180 shares declined. A total of 28 shares were unchanged.
Adani Ports & Special Economic Zone (up 1.51%), Bharti Airtel (up 1.41%), Hero MotoCorp (up 1.15%), NTPC (up 0.75%) and TCS (up 0.72%) edged higher. Hindustan Unilever (down 0.73%) declined.
Power Grid Corporation of India (PGCIL) was down 0.64% at Rs 218.05. The company said it will seek shareholders' nod for raising borrowing limits to Rs 1.80 lakh crore from Rs 1.50 lakh crore at present. It will also seek shareholders' nod to raise funds upto Rs 20000 crore from domestic market under private placement in up to 20 tranches. The company's shareholders will meet at the annual general meeting on 19 September 2017. The announcement was made after market hours yesterday, 22 August 2017.
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