Key benchmark indices were trading higher in early trade on positive Asian cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 68.36 points or 0.19% at 36,610.63. The Nifty 50 index was up 7.90 points or 0.07% at 11,061.70.
Among secondary barometers,the BSE Mid-Cap index was flat. The BSE Small-Cap index was up 0.10%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 718 shares rose and 463 shares fell. A total of 40 shares were unchanged.
Overseas, Asian shares were trading higher. US stocks surrendered earlier gains to close lower on 26 September 2018 after the US Federal Reserve raised interest rates by 25 basis points, as widely anticipated, and indicated its intent to tighten once more in December.
Monetary-policy makers unanimously voted to hike the benchmark interest rate by a quarter-point to a range of 2% to 2.25% and predicted another hike by December and three more in 2019. The Fed also dropped the phrase that its policy remains "accommodative."
US Federal Reserve Chairman Jerome Powell told the media that the US Fed did not see inflation surprising to the upside. Powell also discussed the issue of trade tariffs and the ongoing trade war between the US and China, saying the Fed had heard a "rising chorus of concerns from businesses all over the country."
Back home, Hero MotoCorp was up 0.50%. The company will make an upward revision in the ex-showroom prices of its motorcycles and scooters, effective 3 October 2018. The revision has been necessitated by the increasing commodity costs and currency depreciation. The price hike will translate to an increase of up to Rs 900, although the exact quantum of the increase will vary, basis the model and the specific market. The announcement was made after market hours yesterday, 26 September 2018.
State Bank of India (SBI) was up 1.14%. The company announced that Executive Committee of Central Board (ECCB) in its meeting held on 26 September 2018 approved divestment of 86,20,000 equity shares constituting 4% stake in SBI General lnsurance Company at a total consideration of Rs 481.73 crore to Axis New Opportunities AIF-l (Axis AMC) and PI Opportunities Fund-I (Premji) subject to all regulatory approvals. The announcement was made after market hours yesterday, 26 September 2018.
HCL Technologies (HCL) was up 0.73%. The company announced a five-year infrastructure services deal with global diversified mining business Anglo American. The multi-year deal will see HCL continue to support Anglo American through the adoption of cloud; reducing Anglo Americans global data center footprint through the continued consolidation of its on-premise infrastructure and partial migration to an Infrastructure-as-a-Service operating model. HCL will also continue to provide regional and local service desk support and end-user computing services. The announcement was made after market hours yesterday, 26 September 2018.
Torrent Power was up 0.50%. The company said it participated in the competitive bidding process (by way of E-reverse auction process) conducted by Solar Energy Corporation of India (SECI) on 25 September 2018 for setting-up of 1200 MW ISTS connected wind power projects, and emerged as one of the winning bidders for capacity of 115 MW project. The announcement was made after market hours yesterday, 26 September 2018.
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