Key benchmark indices were trading higher in early trade, tracking positive leads from Asian stocks and overnight rally on the Wall Street. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 153.53 points or 0.52% at 29,809.37. The Nifty 50 index was currently up 46.45 points or 0.50% at 9,264.40.
Among secondary barometers,the BSE Mid-Cap index was currently up 0.61%. The BSE Small-Cap index was currently up 0.57%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,031 shares rose and 297 shares fell. A total of 51 shares were unchanged.
Overseas, Asian shares gained following a relief rally in global equities after centrist candidate Emmanuel Macron won the first round of the French presidential election. US stocks rallied yesterday, 24 April 2017, as concerns over France's potential exit from the euro currency bloc eased. The Dow Jones Industrial Average jumped 216.13 points, or 1.1%, to close at 20,763.89. The S&P 500 surged 25.46 points, or 1.1%, to 2,374.15.
Macron led the field in the first round of the French presidential election on Sunday, 23 April 2017, with 23.9% of the vote, ahead of far-right candidate Marine Le Pen with 21.4%. The two will now face off in the final round 7 May 2017.
Reliance Industries (RIL) was up 2.73%. RIL's consolidated net profit excluding exceptional items rose 16.6% to Rs 8046 crore on 45.2% growth in turnover to Rs 92889 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 24 April 2017. The company's board of directors recommended a dividend of Rs 11 per share for the financial year ended 31 March 2017.
Increase in revenue is primarily on account of increase in prices of refining and petrochemical products on the back of higher oil prices. Turnover was also boosted by robust growth in retail business. Gross refining margin (GRM) rose to $11.5 per barrel in Q4 March 2017 from $10.8 per barrel each in Q3 December 2016 and in Q4 March 2016.
Reliance Jio Infocomm, a subsidiary of RIL crossed 50 million subscribers in just 83 days, and 100 million in 170 days, adding at an average rate of 6 lakh subscribers per day. Jio continues its rapid ramp-up of subscriber base and as of 31st March 2017, there were 108.9 million subscribers on the network.
Indiabulls Housing Finance was up 2.32%. The company's consolidated net profit rose 24.4% to Rs 841 crore on 21.8% rise in total revenue to Rs 3225 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 24 April 2017.
IndusInd Bank was up 0.35%. The bank's announced that it inaugurated its third branch in Jamshedpur. Expanding presence across Jharkhand, IndusInd Bank recently inaugurated its third branch in Jamshedpur, the first planned industrial city of India. The branch is located at Mango, Jamshedpur. With the inauguration of this branch, the bank now has 19 branches in the state of Jharkhand. The announcement was made after market hours yesterday, 24 April 2017.
IT major Infosys was down 0.03%. The company announced it is strengthening its engineering footprint in Eastern Europe by opening its first office and delivery center (DC) in Karlovac, Croatia. In line with the company's strategy to establish global competency centers, offering the best talent in the market and making it available to customers globally, this DC also marks expansion into Eastern Europe's established heavy engineering sector. The new facility will meet near-shoring requirements, support engineering clients worldwide, as well as offer R&D services. The Karlovac facility in Croatia is the latest location across 16 regions in Europe which Infosys has opened as part of its ongoing commitment to client servicing and local job creation. The announcement was made after market hours yesterday, 24 April 2017.
Biocon was up 5.11%. The company said that its board of directors will consider issue of bonus shares at its meeting scheduled on Thursday, 27 April 2017. The announcement was made after market hours yesterday, 24 April 2017.
Strides Shasun was up 1.51%. The company announced that its API manufacturing site at Cuddalore was recently inspected by the USFDA. This was a routine GMP inspection and the company has successfully completed the inspection with Zero 483 observations. The announcement was made after market hours yesterday, 24 April 2017.
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