Key benchmark indices edged higher in early trade as positive Asian cues boosted sentiment. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 176.08 points or 0.58% at 30,498.20. The Nifty 50 index was up 38.40 points or 0.41% at 9,483.80. Both the Sensex and the Nifty hit record high levels in early trade.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,099 shares rose and 542 shares fell. A total of 73 shares were unchanged.
Overseas, Asian stocks were trading higher after a surge in oil lifted US stock indexes to fresh highs. In US, the S&P 500 and the Nasdaq Composite closed at fresh records yesterday, 15 May 2017 as a jump in oil prices to a two-week high lifted Wall Street sentiment. Crude rose for a fifth day, topping $49 a barrel, after Saudi Arabia and Russia supported an extension of output cuts.
The Dow Jones Industrial Average rose 85.33 points, or 0.4%, to close at 20,981.94.
The S&P 500 index added 11.42 points, or 0.5%, to finish at 2,402.32. The Nasdaq Composite Index gained 28.44 points, or 0.5%, to end at 6,149.67.
In economic data, a gauge of New York-area manufacturing slumped into negative territory for the first time since the presidential election. The Empire State manufacturing index for May fell to negative 1, from positive 5.2 in April. Separately, sentiment among home builders rebounded in May, buoyed by optimistic views of demand for housing.
Back home, Reliance Industries (up 2.19%), Bharti Airtel (up 2.79%) and TCS (up 1.65%) edged higher from the Sensex pack.
Tata Steel rose 0.76% to Rs 459.20 ahead of its Q4 result today, 16 May 2017.
Infosys rose 0.44%. Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys and MauBank, a leading bank in the Republic of Mauritius announced the bank's successful adoption of Finacle's leasing solution for its strategic leasing services business. The announcement was made after market hours yesterday, 15 May 2017.
Yes Bank rose 0.24%. Yes Bank announced the appointment of Debjani Ghosh as an additional (non executive) director on the board of the bank with effect from 15 May 2017. The shareholders' of the bank would consider the appointment of Debjani Ghosh as an independent director on the board in the ensuing Annual General Meeting (AGM) of the bank scheduled on 6 June 2017. The announcement was made after market hours yesterday, 15 May 2017.
On the macro front, India's merchandise exports grew in double digits in dollar terms for the third consecutive month in April. Data released by the government yesterday, 15 May 2017 showed that exports grew 19.77% in April to $24.63 billion while imports rose 49.07% to $37.88 billion, leaving a trade gap of $13.24 billion.
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