Key benchmark indices were trading higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 24.67 points or 0.08% at 31,795.56. The Nifty 50 index was up 14.50 points or 0.15% at 9,911.80.
Among secondary barometers,the BSE Mid-Cap index was up 0.22%. The BSE Small-Cap index was up 0.36%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 833 shares rose and 362 shares fell. A total of 41 shares were unchanged.
Overseas, most Asian markets edged higher after a rally in the dollar was halted on political turbulence while investors digested the release of the Federal Reserve's minutes.
In US, shares closed slightly higher on Wednesday, 16 August 2017, but backlash from the business community against President Donald Trump kept gains in check. The S&P 500 gained 0.14% to close at 2,468.11. The Dow Jones industrial average closed 0.12% higher at 22,024.87. The Nasdaq composite advanced 0.19% to 6,345.11.
US President Donald Trump unexpectedly said on Wednesday, 16 August 2017, he was disbanding two advisory councils comprising prominent business executives. The move came after several members of Trump's Strategic and Policy Forum and Manufacturing Jobs Initiative councils stepped down following the president's Tuesday press conference in which the president blamed "both sides" for violence at a white nationalist rally in Virginia.
Minutes from the Federal Open Market Committee's July meeting released on Wednesday, 16 August 2017, also supported the move lower in the greenback. While some Fed members said they were worried over the tightening labor market, others voiced their concern over low inflation rates in the US. The minutes also showed the central bank was prepared to trim its massive balance sheet, although the announcement of a start date was left for an upcoming meeting.
IT major Infosys was up 3.01%. The company announced that the board of directors of the company will consider a proposal for buyback of equity shares at its meeting to be held on 19 August 2017. The announcement was made after market hours yesterday, 16 August 2017.
Shoppers Stop was down 0.66%. The company said that with effect from yesterday, 16 August 2017, the company has closed 'Shoppers Stop' store at Shyamala Towers - Chennai, due to lower than expected businesses and its low profitability. During the last financial year, sales from this store was 0.35% of the turnover of the company. With this closure, the company has now 79 'Shoppers Stop' (including six airport stores) stores under its operations. The announcement was made after market hours yesterday, 16 August 2017.
Indian Hotels Company was up 2.06%. The company scheduled a board meeting on 21 August 2017 for considering various fund raising options. The announcement was made after market hours yesterday, 16 August 2017.
Yes Bank was down 0.11%. The bank with effect from 1st September 2017 has revised its savings account interest rate slabs for resident & non-resident customers. The new slabs were: 5% per annum for savings balances less than Rs 1 Lakh, 6% (unchanged) for balances of Rs 1 lakh to less than Rs 1 crore and 6.25% per annum for balances above Rs 1 crore. The announcement was made after market hours yesterday, 16 August 2017.
United Bank of India was up 1.08%. The bank said that it has reduced deposit rates for deposit upto Rs 1 crore from 6.25% to 6.1% per annum. Deposit rate for more than Rs 1 crore has been reduced from 4.5% to 4.35% and amount upto Rs 50 lakh has been revised downwards from 4% to 3.5% effective 18 August 2017. The announcement was made after market hours yesterday, 16 August 2017.
Piramal Enterprises was up 0.61%. The company said that Decision Resources Inc. wholly owned subsidiary of Piramal Enterprises in USA has acquired 100% of common and preferred stock of Context Matters Inc. The closing date of acquisition is 16 August 2017. Context Matters is a health economics data and technology company delivering global market access insights to the life sciences industry. The announcement was made after market hours yesterday, 16 August 2017.
Majesco was up 1.04%. Majesco, USA, (Majesco) the Insurance arm and a subsidiary of Majesco announced about the tier one customer expanding its strategic partnership with Majesco to provide additional services including development, testing and business analysis for their multi-year modernization program. The announcement was made after market hours yesterday, 16 August 2017.
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