Market edges higher in early trade

Key benchmark indices edged higher in early trade. At 9:17 IST, the barometer index, the S&P BSE Sensex was up 120.95 points or 0.39% at 31,259.16. The Nifty 50 index rose 29.90 points or 0.31% at 9,604.85.

The S&P BSE Mid-Cap index rose 0.15%. The S&P BSE Small-Cap index advanced 0.28%. Both these indices underperformed the Sensex.

Overseas, Asian stocks witnessed mixed trend as investors watched for signals from central bankers' speeches. Federal Reserve Chair Janet Yellen is due to speak in London today, 27 June 2017.

US equities closed mixed yesterday, 26 June 2017, as a rise in the financial sector helped offset losses from large-cap technology stocks.

The European Central Bank (ECB) chief Mario Draghi yesterday, 26 June 2017, defended the ECB's easy monetary policy. Draghi, speaking to university students in Lisbon, reportedly said super low rates create jobs, foster growth and benefit borrowers, ultimately easing inequality.

Closer home, the breadth, indicating the overall health of the market, was strong. On the BSE, 783 shares rose and 354 shares declined. A total of 68 shares were unchanged.

Reliance Industries (RIL) was up 0.35% after the company said on Monday, 26 June 2017 that it will seek shareholders' approval at its annual general meeting (AGM) to be held on 21 July 2017, to issue non convertible debentures aggregating to Rs 25000 crore in one or more tranches on private placement basis. The stock market was closed on Monday, 26 June 2017 due to Ramzan Id.

Infosys declined 0.29%. The company issued a press release regarding its settlement with New York Attorney General. The company said that its agreement concluded the State of New York's investigation relating to the amount of taxes the company paid in 2010-2011 without any criminal or civil charges being filed. While this investigation centered on alleged paperwork errors, the company committed no wrongdoing and denies all allegations made in this regard, Infosys said.

This settlement relates to legal issues already resolved under the 2013 settlement with the US Department of Justice, and was reached by both parties to avoid protracted litigation.

Infosys said it maintains robust policies and procedures to ensure adherence with all applicable regulations and laws. Infosys will continue to focus on boosting American innovation, hiring American workers and better serving its valued customers across the United States, it added. The announcement was made after market hours on Friday, 23 June 2017.

Sun Pharmaceutical Industries (Sun Pharma) rose 0.67% after the company and The National Institute of Virology (NIV), Pune, an institution of the Indian Council of Medical Research, Department of Health Research, Ministry of Health and Family Welfare , New Delhi today, 27 June 2017, announced that they have signed an agreement for testing phytopharmaceutical, biologic and chemical entities developed by Sun Pharma against Zika, Chikungunya and Dengue viruses.

Sun Pharma will provide drug molecules to NIV for testing against Zika, Chikungunya and Dengue in model systems. Candidate molecules with encouraging data will then be taken forward for commercial development. The announcement was made before market hours today, 27 June 2017.

Lupin was up 0.15% after the company announced on Monday, 26 June 2017 that its Founder and Chairman Desh Bandhu Gupta passed away early on 26 June 2017 in Mumbai. He was 79 years old. The stock market was closed on Monday, 26 June 2017 due to Ramzan Id.

Mahindra & Mahindra (M&M) was up 0.53% after the company said on Monday, 26 June 2017 that Mahindra Telecom Energy Management Services is incorporated as a new subsidiary company with effect from 25 June 2017.

Separately, M&M said on Monday, 26 June 2017 that Mahindra Waste Energy Solutions is incorporated as a new subsidiary company with effect from 25 June 2017. The stock market was closed on Monday, 26 June 2017 due to Ramzan Id.

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