Market drifts higher in early trade

Key benchmark indices edged higher in early trade on positive Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 40.90 points or 0.16% to 26,254.34. The Nifty 50 index was currently up 22.80 points or 0.28% at 8,055.65.

In side indices, the BSE Mid-Cap index was currently up 0.53%. The BSE Small-Cap index was currently up 0.74%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,037 shares rose and 248 shares fell. A total of 37 shares were unchanged.

Overseas, Asian stocks were trading higher. US stocks rose in a thinly traded session yesterday, 27 December 2016 with the Nasdaq hitting its latest in a series of records as the market's recent upward bias continued, helped by a gain in technology shares. In the latest economic data, Consumer confidence in December jumped to 113.7 from a revised 109.4 in November, hitting its highest level since 2001.

Back home, Wipro (up 1.5%), Mahindra & Mahindra (up 0.96%) and Lupin (up 0.75%) were the major gainers from the Sensex pack.

TCS rose 0.7% after the company announced that VersaCoId Logistics Services, Canada's largest end-to-end supply chain solutions company for temperature sensitive products has selected TAP, TCS' procure to pay cloud solution, to manage their operating costs with greater efficiency. The announcement was made after market hours yesterday, 27 December 2016.

Akzo Nobel India rose 0.18% after the company announced that it has inaugurated a first-of-its-kind specialty coatings production facility and colour laboratory in Noida, Uttar Pradesh, to service its customers in the consumer electronics, automobile and cosmetics industry. The announcement was made after market hours yesterday, 27 December 2016.

With an investment of Euro 0.4 million or Rs 3 crore, the new site will manufacture 600 kilolitre of coatings annually, thus catering to the localisation drive undertake by many large companies. Already commissioned, the facility is in its first phase, the second phase is likely to be completed by the end of 2016, with scope for further expansion.

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