Key benchmark indices edged higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex was up 147.48 points or 0.49% at 30,042.28. The Nifty 50 index advanced 30.45 points or 0.33% at 9,342.40. The Sensex crossed the psychological 30,000 level. It had closed below that level during the previous trading session.
Coming to the secondary indices, the BSE Mid-Cap index rose 0.57%, outperforming the Sensex. The BSE Small-Cap index advanced 0.43%, underperforming the Sensex.
Overseas, Asian stocks witnessed a mixed trend after the US Federal Reserve indicated it remains on track to deliver two more rate increases by year-end. US stocks closed little lower yesterday, 3 May 2017, as gains in banking shares were offset by declines in media stocks and Apple shares.
The US Federal Reserve yesterday, 3 May 2017, left monetary policy unchanged, as expected, and indicated it remains on track to deliver two more rate increases by year-end. The Fed said that it would not change its interest rate target this month. However, the Fed also stated that a recent economic slowdown was transitory, fuelling hopes among investors for future rate rises.
Closer home, the breadth, indicating the overall health of the market, was strong. On the BSE, 1,007 shares rose and 351 shares declined. A total of 64 shares were unchanged.
Among corporate news, ICICI Bank surged 5.68% at Rs 288.25 after net profit jumped 188.5% to Rs 2024.64 crore on 10.8% decline in total income to Rs 16585.76 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 3 May 2017.
Infosys was up 0.14%. Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys and The Commercial Bank, Qatar's first private bank, along with its subsidiary and associates (Group) announced the successful completion of a pilot on the first ever cloud-based blockchain network to process international remittances. The announcement was made at the fag end of market hours yesterday, 3 May 2017.
Reliance Industries (RIL) fell 0.45%. Reliance Corporate IT Park (RCITPL) - a subsidiary of RIL announced that it has signed a memorandum of understanding (MoU) with SAP SE to launch 'SARAL GST' solution for taxpayers in the GST regime.
The offering will enable taxpayers to be GST compliant and smoothly access the Government's GST System, once GST is rolled out from 1 July 2017. SARAL GST will leverage the expertise of RCITPL as GST Suvidha Provider (GSP) and SAP as Application Service Provider (ASP). The announcement was made after market hours yesterday, 3 May 2017.
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