Key benchmark indices edged higher in early trade tracking positive sentiment in Asian stocks. At 9:16 IST , the barometer index, the S&P BSE Sensex was up 203.24 points or 0.74% at 27,733.21. The gains for the Nifty 50 index were lower than those for the Sensex in percentage terms. The Nifty was currently up 41.85 points or 0.49% at 8,562.25.
In overseas stock markets, Asian stocks edged higher tracking a rebound in oil prices. US stocks registered small losses yesterday, 17 October 2016, amid falling oil prices, as investors digested a number of corporate results, key economic data and remarks from a key Federal Reserve official. Fed Vice Chair Stanley Fischer reportedly warned of the dangers of low interest rates, suggesting they could lead to longer and deeper recessions, making the economy more vulnerable.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,008 shares rose and 162 shares declined. A total of 47 shares were unchanged. The BSE Mid-Cap index was currently up 0.73%. The BSE Small-Cap index was currently up 0.69%.
Both these indices underperformed the Sensex.
Telecom stocks edged higher. Idea Cellular (up 0.07%) and Reliance Communications (up 0.43%) rose. Bharti Airtel (down 0.41%) edged lower.
Bharti Infratel was up 0.29%. Bharti Infratel is a telecom tower arm of Bharti Airtel.
Axis Bank rose 1.47% at Rs 526.50. The bank said it has reduced its lending rates based on marginal cost of funds based lending rate (MCLR) by 5 basis points across all tenors effective from 18 October 2016. Axis Bank said that the bank's MCLR for overnight loans will be 8.8%, the rate for one month will be 8.85% and for three months it will be 9.05%. The MCLR on 6-month loans will be 9.15% and for one-year loans the rate will be 9.2%, the bank said. MCLR on two-year loans will be 9.3% and for three-year loans the rate will be 9.35%. The announcement was made after market hours yesterday, 17 October 2016.
Separately, Axis Bank announced after market hours yesterday, 17 October 2016 that it has received request for redemption of $46 million - 7.167% Callable Hybrid Tier I Notes on 16 November 2016. The Notes were issued on 15 November 2006.
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