Key indices made a good start to session registering decent gains in early trade tracking firm Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex was up 126.22 points or 0.42% at 30,059.47. The Nifty 50 index rose 32.60 points or 0.35% at 9,349.45. The Sensex regained psychological 30,000-mark in early trade. IT and metal stocks led gains in early trade.
The BSE Mid-Cap index rose 0.67%. The BSE Small-Cap index gained 0.61%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,032 shares rose and 348 shares fell. A total of 57 shares were unchanged.
Overseas, Asian stocks rose with local drivers outpacing global geopolitical concerns. Markets had a muted reaction to the unexpected firing of James Comey, the director of the Federal Bureau of Investigation by US President Donald Trump. Markets were closed in Singapore, Malaysia and Thailand for public holidays.
Moon Jae-in's victory in the South Korea's presidential election yesterday, 9 May 2017 removed a major overhang from the market.
China's April producer price inflation cooled more than expected. The producer price index (PPI) rose 6.4% from a year earlier, slower than economists' expectations and easing further from the previous month's gain of 7.6%. China's consumer inflation accelerated in April, as higher non-food prices helped outweigh continued falls in food prices, official data showed. The consumer price index increased 1.2% in April from a year earlier, compared with a 0.9% gain in March.
US stocks closed near session lows yesterday, 9 May 2017 as the Dow Jones industrials Average and S&P 500 index finished lower and the tech-heavy Nasdaq Composite Index carved out a new record while investors sifted through mostly upbeat earnings reports against a backdrop of falling oil prices.
A reading of job openings in March was cut from February, while a report on wholesale inventories showed a gain of 0.2% in March. In other economic data, small-business sentiment fell for the third straight month in April to a reading of 104.5.
Back home, Lupin rose 0.5%. The company issued clarification to the media news after market hours yesterday, 9 May 2017 the USFDA issued Form 483 citing eight observations to its Aurangabad facility after an inspection. The inspection was completed on 26 April 2017. The company is in the midst of putting together a response to address the observations.
Hero MotoCorp rose 0.19% ahead of its Q4 results today, 10 May 2017.
Zee Entertainment Enterprises gained 0.79% ahead of its Q4 results today, 10 May 2017.
Bharti Airtel dropped 0.19% after consolidated net profit fell 69.22% to Rs 470.60 crore on 12.12% decline in net sales to Rs 21934.60 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 9 May 2017.
Hindustan Unilever (up 2.2%), Mahindra & Mahindra (up 1.27%) and Maruti Suzuki India (up 0.78%) were the major gainers from the Sensex pack.
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