Indices trade with modest gains in early trade

Key benchmark indices were trading with modest gains in early trade tracking firmness in most Asian stocks after domestic bourses opened for trade after a long weekend due to holiday. At 9:30 IST, the barometer index, the S&P BSE Sensex gained 153 points or 0.47% at 32,542.96. The Nifty 50 index rose 57.65 points or 0.57% at 10,204.20. IT and metal stocks led initial gains on the bourses.

The S&P BSE Mid-Cap index rose 0.36%. The S&P BSE Small-Cap index advanced 0.41%. Both the indices underperformed the Sensex.

The breadth, indicating the overall health of the market, was very strong. On the BSE, 1,056 shares rose and 490 shares declined. A total of 57 shares were unchanged.

Adani Ports & Special Economic Zone (up 2.18%), Bharti Airtel (up 2.05%) and Reliance Industries (up 1.52%) gained from the Sensex pack.

HCL Infosystems rose 1.47% after the company said it will raise Rs 499.09 crore from its existing shareholders by way of rights issue. The total number of equity shares to be issued is 10.61 crore. The company said the rights issue will be offered at a price of Rs 47, including a premium of Rs 45. The record date for the purpose of determining the shareholders eligible to apply for the equity shares in the rights issue is 1 November 2017.

It further said the board has decided that the rights entitlement ratio is fixed at a ratio of 10 rights equity share for every 21 equity share held by eligible shareholders of the company. The announcement was made on Friday, 20 October 2017. The Indian stock market was shut on Thursday, 19 October 2017, on account of Diwali Laxmi Pujan and again on Friday, 20 October 2017, on account of Diwali Balipratipada.

Overseas, most Asian stocks gained as the dollar spiked to more than three-month highs against the yen following a snap election in Japan on Sunday, 22 October 2017. Japanese Prime Minister Shinzo Abe's ruling coalition secured a two-thirds "super majority" after winning 312 out of 465 seats available at Sunday's election, as per reports. Abe's solid win at the polls points to a continuation of fiscal and hyper-easy monetary policies under his Abenomics program.

Wall Street stocks surged to fresh records Friday, 20 October 2017, after US lawmakers took a key step toward enacting the tax reform plan sought by President Donald Trump. Investors were cheered by a party-line 51-49 vote in the Senate for a federal budget plan that permits the legislative body to pass the tax cut plan with a simple majority vote instead of a 60-person supermajority.

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