Key benchmark indices edged higher in early trade on positive Asian stocks. At 9:25 IST, the S&P BSE Sensex was up 53.74 points or 0.19% at 28,274.72. The Nifty 50 index was currently up 10.40 points or 0.12% at 8,754.35.
In overseas stock markets, Asian stocks rose bolstered by overnight rise in oil prices. US stocks rose yesterday, 5 October 2016 on positive economic data. September ISM non-manufacturing came in stronger than expected at 57.1. Factory orders also increased slightly in August, while the trade deficit in the US widened more than expected in August, and mortgage applications increased 2.9 percent last week.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,076 shares gained and 405 shares fell. A total of 62 shares were unchanged. The BSE Mid-Cap index was up 0.29%. The BSE Small-Cap index was up 0.48%. Both these indices outperformed the Sensex.
Indian Oil Corporation (IOCL) rose 1.71% after the company fixed 19 October 2016 as the record date for 1:1 bonus issue. The announcement was made after market hours yesterday, 5 October 2016.
Oil India rose 1.13% after the announcing that the company led Indian consortium has successfully completed two landmark acquisitions in Russia. The Indian consortium led by Oil India including Indian Oil Corporation (IOCL) and Bharat PetroResources (BPRL), a 100% subsidiary of BPCL have successfully completed two landmark acquisitions of producing upstream assets in Russia. The consortium acquired 29.9% stake in LLC Taas-Yuryakh Neftegazodobycha (Taas Yuryakh) and 23.9% stake in JSC Vankorneft (Vankorneft) from Rosneft Oil Company, the national oil company of Russia.
Power Grid Corporation of India (PGCIL) rose 0.66% after announcing that POWERGRID Unchahar Transmission, a wholly owned subsidiary of the company has successfully completed the project comprising the element Unchahar-Fatehpur 400 kV D/c line and declared commercial operation on 1 October 2016. The announcement was made after market hours yesterday, 5 October 2016.
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