Key benchmark indices edged higher in early trade tracking positive global cues. At 9:18 IST, the barometer index, the S&P BSE Sensex advanced 151.60 points or 0.46% at 33,401.90. The Nifty 50 index rose 38.80 points or 0.38% at 10,304.45.
The S&P BSE Mid-Cap index rose 0.39%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.62%, outperforming the Sensex.
Overseas, Asian stocks edged higher following strong finish on the Wall Street on Friday. US equities closed higher on Friday, 8 December 2017, following the release of a stronger-than-expected jobs report. The US economy added 228,000 jobs last month, according to the Bureau of Labor Statistics. The unemployment rate held steady at 4.1%.
Closer home, the breadth, indicating the overall health of the market, was strong. On the BSE, 1,158 shares rose and 309 shares declined. A total of 69 shares were unchanged.
Axis Bank rose 1.39% at Rs 550 after the bank said its shareholders have given an approval to a proposal to raise equity and equity-linked capital of Rs 11626 crore from a set of marquee investors including entities affiliated with Bain Capital Private Equity, other investors advised by Capital Research and the bank's promoter, Life Insurance Corporation of India (LIC). The announcement was made after market hours on Friday, 8 December 2017.
UltraTech Cement advanced 1.73% at Rs 4,225.85 after the company said that its board at a meeting held on 9 December 2017, approved the setting up of a 3.5 MTPA integrated cement plant at Pali, Rajasthan, at an investment of around Rs 1850 crore. Commercial production from the plant is expected to commence by June 2020.
The board also approved a proposal for an increase in the investment limits by registered foreign portfolio investors (RFPIs) including foreign institutional investors (FIIs) from the existing limit of 30% of the paid-up equity share capital upto 40% of the paid-up equity share capital of the company. The announcement was made on Saturday, 9 December 2017.
Power Grid Corporation of India (PGCIL) was up 0.44% at Rs 203.80 after the company said its board at a meeting held on 8 December 2017, accorded approval for two investment proposals aggregating to Rs 268.53 crore. The announcement was made after market hours on Friday, 8 December 2017.
Indiabulls Housing Finance fell 0.22% at Rs 1,204.60. The company said that it has sold its 100% shareholding in Indiabulls Life Insurance Company, presently a non-operational company with no business or license, to SORIL Holdings and Ventures (SHVL), at face value for an aggregate cash consideration of Rs 5 lakh. This transaction between the company and SHVL, being related parties, is at arms' length. The announcement was made on Saturday, 9 December 2017.
Among other news, Gujarat recorded a polling of 68% in the first phase of assembly elections for 89 assembly constituencies held on Saturday, 9 December 2017. The second phase polling will take place on 14 December 2017 in 93 assembly constituencies. Counting of votes will take place on 18 December 2017. The Gujarat assembly has 182 seats.
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