Key benchmark indices were trading higher in early trade on positive Asian cues. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 138.71 points or 0.45% at 31,195.11. The Nifty 50 index was up 38.80 points or 0.40% at 9,626.85.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 781 shares rose and 214 shares fell. A total of 43 shares were unchanged.
Overseas, Asian stocks were trading higher as markets geared up ahead of Brexit negotiations between the UK and the European Union, and as French President Emmanuel Macron's party won a parliamentary majority at the weekend.
Britain and the rest of the European Union (EU) go into the negotiations in Brussels later today, 19 June 2017, to decide the status of expats, the UK's 'divorce bill' and the Northern Ireland border, besides other compensatory issues. The UK is set to leave the EU by the end of March 2019.
In US, the Dow Jones Industrial Average on Friday, 16 June 2017, notched its 21st record of 2017 led by a late-stage rise in energy shares, as Amazon announced plans to buy Whole Foods. However, the tech-heavy Nasdaq Composite ended lower and booked a second-straight weekly loss. The Dow Jones Industrial Average gained 24.38 points, or 0.11%, to 21,384.28a new all-time high. The S&P 500 ended less than a point higher at 2,433.14. The Nasdaq Composite Index fell 13.74 points, or 0.2%, to 6,151.76.
Back home, Tata Steel was up 1.54%. The company announced that it proposes to sell 8.36 crore shares of face value of Rs 2 each of Tata Motors to Tata Sons. The transaction is expected to be executed on or after 23 June 2017 at or around the prevailing price on the date of proposed sale, subject to no material market movements in price since the date of this disclosure.
The announcement was made on Saturday, 17 June 2017.
Power Grid Corporation of India was up 0.33%. POWERGRID Warora Transmission, a 100% subsidiary of Power Grid Corporation of India, secured through Tariff Based Competitive Bidding, has successfully completed an element Gadarwara STPS - Jabalpur Pool 765 kV D/C transmission line and declared the element for commercial operation on 31 May 2017. The announcement was made after market hours on Friday, 16 June 2017.
Dr Reddy's Laboratories was down 0.63%. The company announced that the audit of its Formulations Srikakulam Plant (SEZ) Unit I, Andhra Pradesh, by the USFDA, has been completed on 16 June 2017. The company has been issued a Form 483 with one observation. The announcement was made after market hours on Friday, 16 June 2017.
Axis Bank was up 0.39%. The bank has revised Marginal Cost of Funds based Lending Rate (MCLR) rates in the short tenors. The 1 year MCLR stands unchanged at 8.25%. New rates are effective from 17 June 2017. The announcement was made after market hours on Friday, 16 June 2017.
NTPC was up 0.62%. The company has commissioned 225 megawatts (MW) out of 250 MW of Mandsaur Solar Power Project of NTPC. With this, the installed capacity of NTPC's solar power projects has become 845 MW. The total installed capacity of NTPC on standalone basis has become 44419 MW and that of NTPC group has become 51635 MW. The announcement was made after market hours on Friday, 16 June 2017.
On the domestic economic front, the GST Council on Sunday, 18 June 2017, put a fix to nagging issues and the government put at rest speculation about a possible delay in GST rollout, paving the way for the landmark tax reforms to kick in from 1 July 2017. The government will reportedly let companies to file late returns for the first two months to let them adapt to a new system.
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