Key benchmark indices were trading higher in early trade, dismissing negative global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 38.22 points or 0.14% at 27,748.74. The Nifty 50 index was up 9.70 points or 0.11% at 8,519.80.
The market breadth indicating the overall health of the market was strong. On BSE, 375 shares rose and 166 shares fell. A total of 26 shares were unchanged. The BSE Mid-Cap index was currently up 0.23%. The BSE Small-Cap index was currently up 0.24%. Both these indices outperformed the Sensex.
In overseas markets, Asian stocks were trading lower after Bank of Japan (BoJ) chief Haruhiko Kuroda dashed hopes for so-called "helicopter money", triggering the yen's steepest rally in a month and weakening the outlook for exporters in Tokyo. Japan's Nikkei 225 was down 0.89%.
According to a media interview, recorded mid-June but broadcast yesterday, 21 July 2016, BOJ Governor Haruhiko Kuroda ruled out the idea of using helicopter money - or directly underwriting the budget deficit - to combat deflation. BoJ holds meeting on 29 July 2016.
In US, the Dow industrials yesterday, 21 July 2016, snapped a nine-day string of gains, as a hot equity market cooled ahead of key central-bank meetings.
Meanwhile, the European Central Bank (ECB) held rates unchanged yesterday, 21 July 2016, and emphasized that it intends to keep rates at current or lower levels for an "extended period" and that its program of monthly bond buys would run until at least March 2017, and possibly beyond.
Cigarette major ITC was up 1.34% after the company's net profit rose 10.09% to Rs 2384.67 crore on 8.61% increase in total income to Rs 13673.58 crore in Q1 June 2016 over Q1 June 2015. The result was announced after trading hours yesterday, 21 July 2016.
HDFC was flat at Rs 1,332. The company announced after market hours yesterday, 21 July 2016, that it has completed the issue of rupee denominated bonds aggregating to Rs 3000 crore yesterday, 21 July 2016.
ONGC was down 0.07%. ONGC Videsh Vankorneft, a subsidiary of ONGC Videsh has raised $1 billion through debt instruments issued in global markets. The company raised $400 million through senior unsecured notes due 2022 and $600 million of senior unsecured notes due 2026. The notes are guaranteed by ONGC and have been assigned a Baa2 rating by Moody's and BBB- by S&P. The transaction is the largest achieved by an Indian insurer in 2016 and the First Dual tranche insurance from India in 2016, ONGC Videsh is a wholly owned subsidiary of ONGC. The announcement was made after trading hours yesterday, 21 July 2016.
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