Benchmarks rise on positive global cues

Key benchmark indices were trading higher in early trade, backed by positive global cues. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 199.89 points or 0.56% at 36,007.17. The Nifty 50 index was up 56.40 points or 0.52% at 10,836.20. The Sensex was trading above 36,000 mark. The Nifty was trading above 10,800 mark.

Among secondary barometers,the BSE Mid-Cap index was up 0.38%. The BSE Small-Cap index was up 0.38%.

The market breadth, indicating the overall health of the market, was strong. On BSE, 640 shares rose and 228 shares fell. A total of 38 shares were unchanged.

Overseas, Asian shares were trading higher following a turbulent session on Wall Street. In US, stocks erased heavy losses to end higher in a late-session turnaround that saw the Dow Jones Industrial Average end more than 800 points above its session low. The rebound came after stocks initially struggled to build on the previous session's sharp rally.

On the US data front, first-time claims for unemployment benefits fell by 1,000 to 216,000 in the week ended December 22, the Labor Department said Thursday. Further, the Conference Board said its consumer-confidence index dropped to 128.1 this month from a revised 136.4 in November.

Back home, Kansai Nerolac Paints was up 1.25%. The company has entered into Share Purchase Agreement (SPA) to acquire 100% equity stake in Perma Construction Aids as on the closing date ( i.e. the day on which the transaction would be consummated) for a total consideration of Rs 29.10 crore. This is subject to adjustments for borrowings, working capital and fixed assets as at the closing date. The announcement was made after market hours yesterday, 27 December 2018.

Ashoka Buildcon was up 1.21%. The company said that the committee of the board of directors approved the allotment of 1,500 Un-Secured, Redeemable, Listed, Rated Non-Convertible Debentures (Debentures) of the face value of Rs 10 lakh aggregating Rs 150 crore on a private placement basis. The coupon rate is 9.80% per annum, payable annually. The company will use the proceeds for refinancing of existing debt, capital expenditure, long term working capital and for general corporate purposes. The announcement was made after market hours yesterday, 27 December 2018.

Lemon Tree Hotels was up 8.72%. The company agreed to enter into a joint venture with Magnolia Grove Investment, an affiliate of Warburg Pincus group. The joint venture company i.e., Hamstede Living will construct, acquire, develop, operate and lease short- and long-stay real estate projects, with a primary focus on student housing, co-living for working professionals/adults and multi-family users. The announcement was made after market hours yesterday, 27 December 2018.

Hindustan Construction Company (HCC) was down 0.98%. The company received applications worth Rs 551.38 crore pursuant to its rights issue of equity shares. Valid applications were received for 110.74% of the aggregate issue of up to 49,75,76,833 equity shares of face value of Re 1 each at an issue price of Rs 10 per share. Upon completion of the rights issue, the paid-up share capital of the company stands enhanced to Rs 151.30 crore from Rs 101.55 crore and the promoter/ promoter group shareholding in the company has increased to 33.12% from 27.80%. The announcement was made after market hours yesterday, 27 December 2018.

United Bank of India was up 8.41%. The Central Government has informed its decision to invest Rs 2159 crore in the equity capital of the United Bank of India by Preferential Allotment. The announcement was made after market hours yesterday, 27 December 2018.

On the economic front, India's fiscal deficit in the first eight months of FY2018-2019 rose to Rs 7.17 lakh crore, hitting around 115% of the budgeted target for the current financial year, government data showed. The government had set a fiscal deficit target of Rs 6.24 lakh crore for FY2019.

Powered by Capital Market - Live News