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Market drifts higher in early trade

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Trading for the week began on an upbeat note as the key benchmark indices drifted higher in early trade. At 9:30 IST, the barometer index, the S&P Sensex, was up 140.03 points or 0.46% at 30,328.18. The 50 index was up 34.35 points or 0.37% at 9,435.25. The market reacted positively to macroeconomic data released with changes in new base-year series for wholesale price index (WPI) and index of industrial production (IIP). Gains in most Asian stocks also boosted sentiment on the domestic bourses.

The Mid-Cap index was up 0.55%. The Small-Cap index was up 0.51%. Both these indices outperformed the

The market breadth, indicating the overall health of the market, was strong. On the BSE, 996 shares rose and 348 shares fell. A total of 58 shares were unchanged.

Overseas, most Asian stocks were trading higher as investors continued to shake off reasons to worry. On the macro front, official data released today, 15 May 2017 showed Chinese industrial output and retail sales rose less than expected in April, adding to concerns over the strength of the world's second-largest economy.

Over the weekend, North Korea tested a new type of missile, and a global cyberattack hit computers in business, government and health care.

Meanwhile, a G7 communique issued on Saturday, 13 May 2017 said the group would use all policy tools - fiscal, structural and monetary - to boost economic growth. Several officials raised concerns about risks to global growth from the Trump administration's stance on trade and tax policy.

US markets ended narrowly mixed on Friday, 12 May 2017 as investors digested weak retail sales and data as well as disappointing earnings updates from the likes of Nordstrom and J C Penney. A gauge of US consumer sentiment unexpectedly increased in May, offering some respite.

Back home, ICICI Bank (up 2.17%), Tata Steel (up 1.83%) and ONGC (up 1.35%) edged higher from the pack.

Idea Cellular fell 1.9% after the company reported consolidated net loss of Rs 327.70 crore in Q4 March 2017, compared with net profit of Rs 451.70 crore in Q4 March 2016. Revenue from operations declined 14.26% to Rs 8126.10 crore in Q4 March 2017 over Q4 March 2016. The result was announced on Saturday, 13 May 2017.

Hero MotoCorp shed 0.62% after the company issued clarification to the stock exchanges with regard to its recent announcement of change in its statutory auditors. The company had announced on 10 May 2017 regarding the appointment of BSR & Co. LLP, as statutory auditors in place of existing auditors Deloitte Haskins & Sells, subject to approval of shareholders at the ensuing annual general meeting (AGM).

With regard to the aforesaid announcement, Hero MotoCorp submitted further details of audit firm BSR & Co. LLP viz. the firm's registration number, registered office and other information like other affiliates to the firm. The announcement was made after market hours on Friday, 12 May 2017.

NBCC (India) rose 0.64% after the company said it has secured the total business of Rs 315.24 crore in the month of April 2017. The announcement was made after market hours on Friday, 12 May 2017.

On the macro front, the market reacted to macroeconomic data released by the government after market hours on Friday, 12 May 2017 with changes in new base-year series for Wholesale Price Index (WPI) and Index of Industrial Production (IIP). The base year for and IIP was revised to 2011-12.

Newly released inflation was sharply lower to 3.9% in April from 5.3% in March. The new IIP series recorded a higher-than-expected growth of 2.7% in March compared to 1.9% in February. CPI (Consumer Price Index) inflation slipped to a record low of 2.99% in April compared to 3.89% in March.

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

First Published: Mon, May 15 2017. 09:31 IST