Key benchmark indices edged higher in early trade with the two key benchmark indices hitting record highs. At 9:16 IST, the barometer index, the S&P BSE Sensex, rose 123.70 points or 0.36% at 34,627.19. The Nifty 50 index advanced 33.25 points or 0.31% at 10,684.45.
Overseas, Asian stocks edged higher after strong lead from Wall Street. US stocks surged to close the session at record highs yesterday, 11 January 2018 as investors bet economic growth would pick up steam.
Back home, the breadth, indicating the overall health of the market, was strong. On the BSE, 1,056 shares advanced and 256 shares declined. A total of 48 shares were unchanged.
TCS was down 1.16% at Rs 2,756. The company's consolidated net profit rose 1.31% to Rs 6545 crore on 1.18% growth in net sales to Rs 30904 crore in Q3 December 2017 over Q2 September 2017. The result was announced after market hours yesterday, 11 January 2018.
Separately, TCS today, 12 January 2018, announced that it has entered into an agreement with Transamerica, a leading provider of life insurance, retirement and investment solutions, to enable the transformation of administration of its US insurance and annuity business lines. The multi-year agreement is worth more than $2 billion in revenues, and is expected to be completed by the second quarter of 2018, the company said. The announcement was made before market hours today, 12 January 2018.
State Bank of India (SBI) advanced 0.6% at Rs 303.80 after the bank said that the proposal will be submitted to executive committee of central board (ECCB) on 17 January 2018, for approval for issuance of long term bonds of Rs 20000 crore for financing of infrastructure and affordable housing in domestic and overseas market instead of Rs 5000 crore as intimated earlier. The announcement was made after market hours yesterday, 11 January 2018.
On the macro front, the government is scheduled to announce industrial production data for November 2017 today, 12 January 2018. India's industrial production increased by 2.2% year-on-year in October, easing from an upwardly revised 4.1% gain in September.
The government will also announce today, 12 January 2018, inflation data based on consumer price index (CPI) for December 2017. Consumer prices increased 4.88% year-on-year in November, higher than 3.58% in October.
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