Key benchmark indices were trading higher in early trade. At 9:23 IST, the barometer index, the S&P BSE Sensex, was up 32.06 points or 0.10% at 31343.63. The Nifty 50 index was up 7.20 points or 0.07% at 9,664.75.
The broad market depicted strength. There were almost two gainers against every loser on BSE. 703 shares rose and 359 shares fell. A total of 51 shares were unchanged.
Overseas, Asian were mixed as markets awaited MSCI's decision on the potential inclusion of mainland Chinese stocks. Investors are keeping an eye on the decision on whether to include China A-shares in the MSCI Emerging Markets Index. This will be China's fourth attempt at MSCI inclusion, after being passed over the first three times.
US stocks rose overnight with both the Dow and the S&P 500 ending at new records as technology shares rebounded from a recent bout of sharp weakness to lead the market higher. The Dow Jones Industrial Average rose 144.71 points, or 0.7%, to 21,528.99. The S&P 500 gained 20.31 points, or 0.8% to 2,453.46. The Nasdaq Composite Index rose 87.25 points, or 1.4% to 6,239.01.
Back home, Indiabulls Ventures was up 0.09%. The company said that IVL Finance, a non-public deposit taking NBFC registered with the Reserve Bank of India, a wholly owned subsidiary of Indiabulls Ventures has appointed Pinank Shah, as its CEO with immediate effect. The announcement was made after market hours yesterday, 19 June 2017.
Pinank Shah has been with Indiabulls Group for nearly 6 years. At Indiabulls Housing Finance (IHFL), Pinank Shah has been involved in various functions from time to time including credit and treasury functions and has over time gained very vast and wide experience in context to running a finance business. Prior to joining Indiabulls, Shah has worked with HDFC for about 10 years. Shah holds a Bachelor degree in Commerce from Mumbai University and a Master degree in Management Studies (Finance) from Jamnalal Bajaj Institute of Management Studies.
Tayo Rolls was up 3.52%. The company said that a meeting of the committee of the board will be held on 22 June 2017 for allotment of non-cumulative redeemable preference shares. The announcement was made after market hours yesterday, 19 June 2017.
Mindtree was up 0.23%. The company said that Magnet 360, a Mindtree company, announced the release of ConsumerConnect 360a Salesforce Fullforce Solution Accelerator for consumer goods brands. The announcement was made after market hours yesterday, 19 June 2017.
Bhushan Steel was down 9.59%. The company clarified on news item appeared in the channels captioned " SFIO grilled Bhushan Steel's CFO Nittin Johari; Allegation-Rs 5000 Cr. Re-routed Via Hawala Operators To Promoters? that at the outset the news item as aired is incorrect and wrong for the reason that there has been no 'grilling' of Nittin Johari, CFO by SFIO as mentioned. It is necessary to mention that the allegation(s) as made in news on 19th June, 2017 are completely wrong, baseless and hence, denied in their totality. The announcement was made after market hours yesterday, 19 June 2017.
SpiceJet was up 1.81%. The company and Boeing on 19 June 2017 signed a memorandum of understanding for 40 737 MAX airplanes. The agreement, valued at approximately $4.74 billion at current list prices, is split evenly between 20 new orders for the 737 MAX 10 and conversions of 20 of the low-cost carrier's 737 MAX 8 airplanes of its current order to 737 MAX 10s. The announcement was made after market hours yesterday, 19 June 2017.
SpiceJet operates a fleet of 35 Next-Generation 737s and 19 Bombardier Q400s. The carrier plans to grow its operational fleet to 100 airplanes by 2020 and looks to expand regionally with the new 737 MAX family of airplanes. SpiceJet will take delivery of its first 737 MAX in 2018.
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