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Market drifts higher in early trade

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Key benchmark indices edged higher in early trade on easing geopolitical concerns. At 9:20 IST, the barometer index, the S&P Sensex, was up 187.72 points or 0.64% at 29,601.38. The 50 index was up 46.10 points or 0.5% at 9,185.40.

The Mid-Cap index was up 0.61%. The Small-Cap index was up 0.88%. Both these indices outperformed the

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,127 shares rose and 261 shares fell. A total of 30 shares were unchanged.

GAIL (India) (up 1.82%), Tata Steel (up 1.76%) and NTPC (up 1.26%) edged higher from the pack.

IT major TCS rose 0.09% ahead of its Q4 March 2017 result today, 18 April 2017.

Axis Bank rose 0.91%. The bank announced that it has retained the marginal cost of funds based lending rates (MCLR) at the same levels across tenors. The bank's MCLR for overnight loans will be 7.9%, for one month will be 7.9% and for three months will be 8.05%.

The MCLR on 6-month loans will be 8.15% and for one-year loans the rate would be 8.25%, the bank said. MCLR for two-year loans would be at 8.3% and loans with three-year maturity would carry an MCLR of 8.35%, the bank said. The new loans will be priced at the published internal benchmark MCLRs as mentioned above with effect from 18 April 2017. The announcement was made after market hours yesterday, 17 April 2017.

On the macro front, the initial monsoon forecast will be declared later today, 18 April 2017. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.

Overseas, Asian stocks were trading on a mixed note amid easing geopolitical concerns. US stocks rose the most in six weeks yesterday, 17 April 2017 as concerns eased about major events that threaten global growth.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 18 2017. 09:27 IST