Key benchmark indices were trading higher in early trade. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 24.77 points or 0.08% at 32,857.71. The Nifty 50 index was up 3.95 points or 0.04% at 10,125.75.
The market breadth, indicating the overall health of the market, was strong. On BSE, 929 shares rose and 569 shares fell. A total of 69 shares were unchanged.
Overseas, Asian stocks were mixed as investors were trading cautiously after US stocks declined on Friday, 1 December 2017.
US stocks ended lower on Friday, 1 December 2017, after news surrounding former national-security adviser Michael Flynn added an element of political uncertainty into markets. The Dow Jones Industrial Average and the S&P 500 fell 0.2% each while the Nasdaq Composite Index declined 0.4%.
Media reported that Flynn, the former national security adviser, would testify that he was directed to make contact with Russians during the presidential campaign in 2016. Flynn pleaded guilty to lying to the FBI about his post-election contacts with Russia's ambassador to the US.
Meanwhile, the US Senate approved a tax overhaul on Saturday, 2 December 2017, moving Republicans and President Donald Trump a big step closer to their goal of slashing the corporate tax rate and providing temporary tax-rate cuts for most Americans.
Tata Motors was up 1.72%. The company said that its commercial and passenger vehicles sales in domestic market grew by 58% to 52,464 units in November 2017 over November 2016, due to growing demand across segments, introduction of new products and strong customer initiatives. During the above period, the company's sales from exports declined 12% to 4,927 units due to drop in volumes in key commercial vehicles international business markets such as Nepal and Sri Lanka. The announcement was made after market hours on Friday, 1 December 2017.
Hero MotoCorp was up 0.19%. The company said that its total two-wheeler sales grew by 26% to 6.05 lakh units in November 2017 over November 2016. Out of this, motorcycles sales were at 5.25 lakh units and sales of scooters stood at 80,046 units. The announcement was made after market hours on Friday, 1 December 2017.
Tata Steel was up 0.60%. The company said it had on 30 November 2017, executed definitive agreements to acquire the balance of 74% equity shares of Bhubaneshwar Power (BPPL) from JL Power Ventures for a cash consideration of Rs 255 crore. Tata Steel together with its 100% subsidiary TS Alloys held 26% equity shares in BPPL. The acquisition provides Tata Steel an opportunity to increase its captive source of power to meet its growing demand. The announcement was made after market hours on Friday, 1 December 2017.
Infosys was up 2.03%. The company announced that its board of directors has appointed Salil S. Parekh as Chief Executive Officer and Managing Director (CEO & MD) of the company effective 2 January 2018. U B Pravin Rao will step down as the interim CEO and Managing Director effective 2 January 2018 and will continue as Chief Operating Officer and a whole-time Director of the company. The announcement was made on Saturday, 2 December 2017.
Vijaya Bank was up 0.56%. The bank's board has accorded its approval for raising Rs 1300 crore by way of additional tier 1 bonds under Basel III for the FY 2017-18. The announcement was made on Sunday, 3 December 2017.
PTC Industries was up 4.20%. The company announced that the Advanced Manufacturing & Technology Centre (AMTC) project of company, situated at NH-25A, SaraiSahjadi, Lucknow, Uttar Pradesh, has commenced the commercial production of phase - I (existing capacity expansion) with effect from 1 December 2017. The announcement was made on Saturday, 2 December 2017.
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