Key indices edge higher in early trade

Key benchmark indices edged higher in early trade tracking gains in Asian markets and overnight rally on Wall Street. At 9:19 IST, the barometer index, the S&P BSE Sensex was up 141.84 points or 0.53% at 26,666.39. The Nifty 50 index was currently up 37.55 points or 0.46% at 8,165.40.

In overseas stock markets, Asian stocks edged higher following overnight gains on Wall Street as jitters eased after the UK's vote to leave the European Union (EU) spurred global sell-off. US stocks registered strong gains yesterday, 28 June 2016, lifted by gains in oil prices, as investors looked for bargains after the Brexit sell-off.

Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 853 shares rose and 129 shares declined. A total of 46 shares were unchanged. The BSE Mid-Cap index was currently up 0.56%. The BSE Small-Cap index was currently up 0.7%. Both these indices outperformed the Sensex.

Telecom stocks edged higher. Idea Cellular (up 0.96%), Reliance Communications (up 0.52%) and Bharti Airtel (up 0.39%) gained.

Bharti Infratel was up 0.86%. Bharti Infratel is a telecom tower arm of Bharti Airtel.

L&T was up 1.08% at Rs 1,489 after the company announced before market hours today, 29 June 2016 that the Red Herring Prospectus filed by the company's subsidiary L&T Infotech with the Registrar of Companies, Maharashtra, for an offer for sale (OFS) of shares by L&T has been approved on 28 June 2016. The offer will open for subscription on 11 July 2016 and close on 13 July 2016.

HDFC Bank was down 0.5% at Rs 1,162 as the stock turned ex-dividend today, 29 June 2016, for dividend of Rs 9.50 per share for the year ended 31 March 2016. Before turning ex-dividend, the stock offered a dividend yield of 0.81% based on the closing price of Rs 1,167.85 on BSE yesterday, 28 June 2016.

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