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Market drifts higher in early trade

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Key benchmark indices edged higher in early trade on positive Asian stocks. At 9:25 IST, the barometer index, the S&P Sensex, was up 71.21 points or 0.24% at 29,493.60. The 50 index was up 34.10 points or 0.37% at 9,170.50.

The Mid-Cap index was up 0.48%. The Small-Cap index was up 0.61%. Both these indices outperformed the

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,070 shares rose and 239 shares fell. A total of 38 shares were unchanged.

Overseas, Asian stocks were trading higher after Bank of Japan's (BOJ) Governor Haruhiko Kuroda maintained an accommodative monetary policy and on optimism for a US tax overhaul. US stocks closed higher yesterday, 20 April 2017 on rising expectations for first-quarter corporate profits.

Speaking a week before the BOJ monetary policy, Governor Haruhiko Kuroda said that the Bank of Japan will continue with very accommodative monetary policy and maintain the current pace of asset purchases for some time. While Japan's economy is doing better than thought a few months ago, the inflation rate is still quite sluggish, Kuroda said in New York yesterday, 20 April 2017.

Markets are awaiting several economic indicators from Europe later in the session, including Eurozone manufacturing and services figures for April and British retail sales for March, to be followed by US manufacturing and services data for April and existing home sales for March.

Back home, ACC fell 0.72% ahead of its Q1 results today, 21 April 2017.

HDFC Bank rose 0.41% ahead of its Q4 results today, 21 April 2017.

Reliance Industries (RIL) rose 0.87% after the compnay announced the successful and flawless commissioning of the second and final phase of Para-Xylene (PX) comprising of PX Crystallizers trains, Trans-alkylation and Aromatic Extraction units at Jamnagar. The announcement was made after market hours yesterday, 20 April 2017.

Tata Steel gained 0.85% after the company's board at a meeting held yesterday, 20 April 2017, reviewed the performance, capital structure and financing plan of the company. Based on the review and pursuant to the existing shareholders approval, the board approved issue of debt securities of up to Rs 9000 crore in the form either of non-convertible debentures on private placement basis or foreign currency or rupee denominated bonds or a combination thereof in one or more tranches. The funds will primarily be deployed towards re-financing the existing debt, capex/working capital requirements and general corporate purposes. The board of directors also authorized the finance committee of the board to determine and approve the timing and terms of such issue of securities. The announcement was made after market hours yesterday, 20 April 2017.

State Bank of India (SBI) rose 0.44% after the bank said it has decided to serve notice of redemption to holders of $400 million Hybrid Tier 1 Notes issued pursuant to SBI, acting through its Nassau branch's $2000 million Medium Term Note programme for the redemption of the Notes on 15 May 2017. The announcement was made after market hours yesterday, 20 April 2017.

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

First Published: Fri, April 21 2017. 09:24 IST