Market opens higher

Key benchmark indices were trading higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 111.06 points or 0.32% at 34,561.83. The Nifty 50 index was up 11.50 points or 0.11% at 10,596.20.

Among secondary barometers,the BSE Mid-Cap index was up 0.36%. The BSE Small-Cap index was up 0.33%. Both these indices outperformed the Sensex.

The market breadth indicating the overall health of the market was positive. On BSE, 821 shares rose and 424 shares fell. A total of 57 shares were unchanged.

Overseas, Asian shares were mixed. US stocks ended on a mixed note as investors grappled with rising bond yields and a mixed bag of earnings reports. The closely watched yield on the 10-year Treasury note climbed, settling just below the psychologically important 3% level.

 

The Chicago Fed national activity index for March declined to 0.10 from 0.98 in February.

Preliminary readings of the manufacturing and services purchasing managers' indexes for April showed that IHS Markit flash manufacturing PMI rose to 56.5 in April from 55.6, while the flash reading for services showed a climb to 54.4 in April from 54.

Meanwhile, existing-home sales in the US increased 1.1% in March from the previous month to a seasonally annual rate of 5.60 million.

Back home, Bharti Infratel was up 1.64%. The company's net profit rose 3.05% to Rs 334.80 crore on 5.78% rise in total income to Rs 1718.20 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 23 April 2018.

LIC Housing Finance was down 1.36%. The company's net profit rose 1.92% to Rs 593.33 crore on 7.43% rise in total income to Rs 3934.11 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 23 April 2018.

Reliance Infrastructure was up 1.26%. The company's net profit surged 62.15% to Rs 332.23 crore on 5.97% rise in total income to Rs 2772.99 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 23 April 2018.

Swaraj Engines was up 1.59%. The company's net profit rose 16.95% to Rs 17.87 crore on 15.23% rise in total income to Rs 189.40 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 23 April 2018.

Astron Paper & Board Mill was up 3.56%. The company has entered in to MOU with the promoters of Balaram Papers to take over the existing plant located at Ganeshpura, Ta-Kadi, Dist-Mehsana- 382705, Gujarat and the details of purchase consideration & modus operandi will be intimated as soon as it is finalised. The announcement was made after market hours yesterday, 23 April 2018.

Music Broadcast was up 1.03%. The board of directors of Music Broadcast has considered and approved acquisition of Radio Business Undertaking of Ananda Offset, engaged in Radio Broadcasting Business under brand name Friends 91.9 FM through slump sale subject to regulatory approvals. The announcement was made after market hours yesterday, 23 April 2018.

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