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Market moves higher in early trade on positive Asian stocks

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Key benchmark indices edged higher in early trade on positive Asian stocks. At 9:22 IST, the barometer index, the S&P Sensex, was up 80.56 points or 0.3% at 26,733.37. The 50 index was currently up 22.70 points or 0.28% at 8,247.20.

Overseas, Asian stock markets rose as investor sentiment was boosted by news that the Organization of Petroleum Exporting Countries (OPEC) reached a deal yesterday, 30 November 2016 to cut oil production. The agreement marks the first time since 2008 that OPEC has agreed to curtail production and comes as a supply glut has weighed on prices. US stocks ended on a mixed note yesterday, 30 November 2016 in a volatile session of trade. Stocks retreated from their earlier highs after the Beige Book suggested there were no signs of any post-election euphoria and that the economy was expanding moderately.

Closer home, the breadth indicating the overall health of the market was strong. On BSE, 797 shares rose and 258 shares declined. A total of 41 shares were unchanged. The Mid-Cap index was currently up 0.36%. The Small-Cap index was currently up 0.48%. Both these indices outperformed the

GAIL (India) (up 3.08%), ONGC (up 2.99%) and ICICI Bank (up 0.89%) were the top gainers from the 30-share pack.

Index heavyweight Reliance Industries (RIL) rose 1.13% to Rs 1,004.

Wipro rose 0.44% after the company announced that it has signed an agreement for divestment of its EcoEnergy division viz. Wipro EcoEnergy on slump sale basis, for a consideration of $70 million. The buyer is Chubb Alba Control Systems (Chubb Alba), an indirect subsidiary of United Technologies Corporation (UTC). The sale is expected to be closed in early 2017, subject to requisite approvals. The announcement was made after market hours yesterday, 30 November 2016.

RBL Bank rose 0.58% after the bank announced that the Reserve Bank of India (RBI), vide its letter dated 30 November 2016, has granted in-principle approval for opening of 'international financial services centre banking unit' at Gujarat International Finance Tech-City (GIFT), Gujarat. The announcement was made after market hours yesterday, 30 November 2016.

Among macro economic data, Markit Economics will announce the India Manufacturing Purchasing Managers' Index (PMI) data for November 2016 today, 1 December 2016. The seasonally adjusted Nikkei India Manufacturing PMI climbed to a 22-month peak to 54.4 in October from 52.1 in September.

The gross domestic product (GDP) rose at 7.3% in the second quarter ended September 2016. GDP expanded by 7.1% in the first quarter ended June 2016 and at 7.6% in the second quarter ended September 2015, data released after market hours yesterday, 30 November 2016 from the Central Statistics Office showed.

The output of eight core infrastructure sector comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) has posted healthy 6.6% growth in October 2016 over October 2015. Its cumulative growth during April to October 2016-17 was 4.9%, data released after market hours yesterday, 30 November 2016 showed.

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

First Published: Thu, December 01 2016. 09:15 IST