Key benchmark indices surged in early trade tracking strong Asian markets and overnight rally on the Wall Street. At 9:16 IST, the barometer index, the S&P BSE Sensex was up 178.20 points or 0.69% at 25,884.13. The 50-unit CNX Nifty was up 45.75 points or 0.58% at 7,874.85. The market breadth indicating the overall health of the market was quite strong. On BSE, 689 shares rose and 139 shares declined. A total of 23 shares were unchanged. The BSE Mid-Cap index was up 0.63%. The BSE Small-Cap index was up 0.49%. Both these indices underperformed the Sensex.
In overseas markets, Asian stocks edged higher today, 16 September 2015, cheered by impressive gains on Wall Street overnight. US stocks rallied yesterday, 15 September 2015 as investors eyed some of the final data reports leading into the Federal Reserve's highly-anticipated two-day meeting that kicks off later in the global day today, 16 September 2015. The Federal Reserve policy makers will deliberate the first interest rate increase in nearly a decade. Higher US interest rates will drain liquidity from global emerging markets like India and redirect it to developed economies. The Fed has held its benchmark short-term interest rate near zero since December 2008.
Closer home, Tech Mahindra was up 0.29% at Rs 542.75. The company announced after market hours yesterday, 15 September 2015 the release of Telco360a Salesforce Fullforce Solution for Telco and Communications. With the launch of Salesforce Fullforce Solution, customers will benefit from Tech Mahindra's expertise with Salesforce in Telco and Communications. This proven solution can provide faster and more predictable deployments for partners, empowering them to connect with their customers in entirely new ways. Telco-360 provides a rich omni-channel sales and service experience for regional communication companies. It improves customer order management processes and the customer's service experience which can translate into better business results, more loyal customers and faster time-to-market.
Shares of Vedanta were up 2.84% at Rs 99.65. Shares of Cairn India were up 1.24% at Rs 146.80. Vedanta and Cairn India have received no objection from the BSE and the NSE for the proposed merger of Cairn India with Vedanta.
On the macro front, India's exports fell sharply and trade deficit widened last month, as per the latest data released by the Ministry of Commerce & Industry. Merchandise exports fell 20.66% to $21.26 billion in August 2015 over August 2014. Non-oil imports rose 7.01% to $26.38 billion whereas oil imports plunged 42.59% at $7.35 billion in August 2015 over August 2014. The trade deficit rose sharply to $12.47 billion in August 2015 from $10.66 billion in August 2014.
Meanwhile, as per the latest data released by the Reserve Bank of India (RBI), India's services exports rose 0.3% to $13.39 billion in July 2015 over July 2014, snapping decline for last four sequential months. However, India's services imports jumped 10% to $7.502 billion in July 2015. Thus, India's services trade surplus declined 9.8% to $5.884 billion in July 2015 from $6.522 billion in July 2014.
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