Key benchmark indices drifted higher in early trade on positive Asian stocks. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 42.02 points or 0.14% at 29,332.16. The Nifty 50 index was up 7.25 points or 0.08% at 9,093.55.
The BSE Mid-Cap index was up 0.21%. The BSE Small-Cap index was up 0.41%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 895 shares rose and 308 shares fell. A total of 71 shares were unchanged.
Overseas, most Asian stocks were trading higher, despite a delay in US President Donald Trump's attempt to repeal and replace the Affordable Care Act, as markets maintained cautious optimism ahead of a planned final vote.
US stocks closed slightly lower yesterday, 23 March 2017 as a delay in a closely watched health-care vote raised questions about the President Donald Trump's administration's ability to win passage of its ambitious legislative agenda.
The vote to dismantle the Affordable Healthcare Act, which was previously set for Thursday, is now expected to occur Friday. Traders see the success or failure of the legislation as a bellwether for Trump's ability to deliver on tax reform and infrastructure spending plans.
Investors also grappled with mixed economic data. Filings for unemployment benefits rose to a seven-week high, while purchases of new homes increased in February to a seven-month high.
Back home, ICICI Bank (up 1.97%), Asian Paints (up 0.7%) and State Bank of India (up 0.61%) edged higher from the Sensex pack.
Bharti Airtel gained 1.57% after the company announced that it has entered into a definitive agreement with Tikona Digital Networks (Tikona) to acquire Tikona's 4G business including broadband wireless access (BWA) spectrum and 350 sites, in five telecom circles for about Rs 1600 crore.
The acquisition will be funded in the way of cash and debt. The indicative time period for the completion of the acquisition is up to 60 days. Airtel plans to roll-out high speed 4G services on the newly acquired spectrum in the five circles immediately after the closure of the transaction. The announcement was made after market hours yesterday, 23 March 2017.
BPCL fell 1.04%. BPCL announced that the board of directors have declared second interim special dividend of Rs 12 per share for the year ending 31 March 2017 (FY 2017). The board fixed 27 March 2017 as record date to determine the eligibility of the shareholders to receive the second interim special dividend. The announcement was made after market hours yesterday, 23 March 2017.
Yes Bank rose 0.82% after the bank announced that its capital raising committee yesterday, 23 March 2017, passed resolutions approving and adopting the preliminary placement document dated 23 March 2017, in connection with the qualified institutional placement (QIP) and authorizing the opening of the QIP on 23 March 2017. The floor price for the QIP is fixed at Rs 1,498.95 per equity share.
The bank may at its discretion offer a discount of up to 5% on the floor price in the QIP. The capital raising committee of the board of directors of the bank on 29 March 2017, would consider and determine the price for equity share of the bank to be issued in the QIP. The announcement was made after market hours yesterday, 23 March 2017.
Siemens rose 0.96% after the company announced that it has won an order worth about Rs 187.4 crore from Bangladesh Rural Electrification Board (BREB), Dhaka. The project includes construction of new 33/11 kV Air Insulated Switchgear substations in Dhaka, Chittagong and Sylhet. BREB is an electricity distribution provider under the Government of Bangladesh responsible for providing electricity to the rural parts of Bangladesh.
All the products and solutions delivered for the project have been manufactured in factories at Siemens India. The announcement was made after market hours yesterday, 23 March 2017.
On the economic front, India's current account deficit (CAD) at US$ 7.9 billion (1.4% of GDP) in Q3 of 2016-17, was higher than US$ 7.1 billion (1.4% of GDP) in Q3 of 2015-16 and US$ 3.4 billion (0.6% of GDP) in the preceding quarter. The data was released by government after market hours yesterday, 23 March 2017.
Despite a slightly lower trade deficit on a year-on-year (y-o-y) basis, the CAD widened primarily on account of a decline in net invisibles receipts. Net services receipts moderated on a y-o-y basis, primarily owing to the fall in earnings from software, financial services and charges for intellectual property rights.
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