Key benchmark indices were trading higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 52.20 points or 0.17% at 30,417.45. The Nifty 50 index was up 1 point, or 0.01% at 9,387.15.
Among secondary barometers,the BSE Mid-Cap index was down 0.18%. The BSE Small-Cap index was down 0.02%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 610 shares rose and 575 shares fell. A total of 61 shares were unchanged.
Overseas, most Asian shares were trading higher as investors looked ahead to US Federal Reserve views on interest rate hike prospects and await an upcoming OPEC meeting. Investors are awaiting the release of minutes from the Fed from its previous meeting for details on the probability of a rate hike in June.
China's Shanghai Composite was down 0.36%. Moody's Investors Service downgraded China's credit rating to A1 from Aa3, changing its outlook to stable from negative, citing concerns efforts to support growth will spur debt growth across the economy.
In US, shares closed higher yesterday, 23 May 2017, marking a fourth straight session in the green following the White House's release of its 2018 budget proposal. On the economic data front, US flash PMI reading for services and manufacturing for May were mixed. Manufacturing PMI dipped to an 8-month low, while services PMI rose to a 4-month high.
Tata Motors was up 4.20%. The company's consolidated net profit fell 16.79% to Rs 4336 crore on 2.86% fall in revenues to Rs 77272 crore in Q4 March 2017 over Q4 March 2016. The result was declared after market hours yesterday, 23 May 2017. Consolidated profit was lower due to translation impact from Pound to Indian Rupee.
Karnataka Bank was up 0.40%. The bank has entered into a distribution agreement to sell the mutual fund products of HDFC Capital Asset Management (HDFCAML). Mahabaleswara MS, Managing Director and Chief Executive Officer of Karnataka Bank said that investment in mutual funds will provide an opportunity to those customers who are uncomfortable in investing directly in stock markets. The announcement was made after market hours yesterday, 23 May 2017.
JB Chemicals & Pharmaceuticals was down 2.74%. The company's net profit fell 16.6% to Rs 42.14 crore on 1.17% fall in total income to Rs 319.02 crore in Q4 March 2017 over Q4 March 2016. The result was declared after market hours yesterday, 23 May 2017. Meanwhile, JB Chemicals & Pharmaceuticals board of directors has approved the buy-back of up to 12.50 lakh shares at Rs 400 per share for a total consideration not exceeding Rs 50 crore, through the tender offer route on a proportionate basis.
NCC was down 4.89%. The company reported 26.11% fall in net profit to Rs 63.71 crore on 13.54% rise in total income to Rs 2186.50 crore in Q4 March 2017 over Q4 March 2016. The result was declared after market hours yesterday, 23 May 2017. The result was declared after market hours yesterday, 23 May 2017.
Sunteck Realty was up 1.91%. The company announced that a meeting of the board of directors of the company will be held on 8 June 2017, to consider stock split. The announcement was made before market hours today, 24 May 2017.
Himatsingka Seide was up 2.79%. The company's net profit rose 31.91% to Rs 43.57 crore on 55.67% rise in net total revenue to Rs 404.05 crore in Q4 March 2017 over Q4 March 2016. The result was declared after market hours yesterday, 23 May 2017.
Redington India was down 0.32%. The company said that Redington Gulf FZE (RGF), a step down subsidiary of the company acquired additional 10% stake from shareholder of Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret A.S, Turkey (Linkplus) for a consideration of $0.99 million. With this the total stake of RGF in Link plus is 90%.
Redington India had earlier announced that Redington Gulf FZE (RGF), acquired 70% and subsequently 10% stake in Linkplus. The announcement was made after market hours yesterday, 23 May 2017.
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