Market edges higher in early trade

Key benchmark indices edged higher in early trade. At 9:16 IST, the barometer index, the S&P BSE Sensex rose 33.55 points or 0.11% at 31,558.23. The Nifty 50 index advanced 28.50 points or 0.29% at 9,865.90.

The S&P BSE Mid-Cap index rose 0.48%. The S&P BSE Small-Cap index advanced 0.43%. Both these indices outperformed the Sensex.

Overseas, most Asian shares edged lower on geopolitical concerns as US-South Korea military drills begin. US equities closed off their session lows on Friday, 18 August 2017 after Steve Bannon, one of President Donald Trump's top advisors, left the administration. Reports suggested that tension between Bannon and other top advisors to Trump, including Chief Economic Advisor Gary Cohn and National Security Advisor H.R. McMaster, had been festering inside the White House.

As per reports, joint US-South Korea military exercises take place from 21 August to 31 August 2017. This exercise comes on the back of a ramp up in geopolitical tensions earlier this month after a heated exchange of rhetoric between President Donald Trump and Pyongyang.

Closer home, the breadth, indicating the overall health of the market, was strong. On the BSE, 752 shares rose and 297 shares declined. A total of 55 shares were unchanged.

Infosys was down 3.87% at Rs 887.35. The company's board at its meeting held on Saturday, 19 August 2017, approved a proposal to buyback upto 11.30 crore shares, aggregating up to 4.92% of the paid-up equity capital, at Rs 1,150 per share. The maximum buyback size is Rs 13000 crore. The buyback price is at a premium of 24.58% over the stock's closing price of Rs 923.10 on the BSE on Friday, 18 August 2017.

HDFC rose 0.57% at Rs 1,744.95 after the company's subsidiary HDFC Standard Life Insurance Company on Friday, 18 August 2017 filed a draft red herring prospectus (DRHP) with the Securities & Exchange Board of India (Sebi) for an initial public offer (IPO) of up to 29.98 crore shares of Rs 10 each. The announcement was made after market hours on Friday, 18 August 2017.

Adani Ports and Special Economic Zone (APSEZ) was up 0.28%. The company announced that the National Company Law Tribunal (NCLT), Bench at Ahmedabad, vide its order pronounced on 18 August 2017, has sanctioned the scheme of arrangement between APSEZ and Adani Harbour Services and their respective shareholders and creditors. The announcement was made after market hours on Friday, 18 August 2017.

ICICI Bank rose 2.27% at Rs 299.70 after the bank announced revision in interest rates on savings bank accounts with effect from 19 August 2017. Interest rate on deposits below Rs 50 lakh revised to 3.5%. Interest rate on deposits of Rs 50 lakh and above remains unchanged at 4%. The announcement was made after market hours on Friday, 18 August 2017.

The Reserve Bank of India (RBI) Governor Urjit Patel on Saturday, 19 August 2017 reportedly called for recapitalisation of state-run banks to help them resolve the non-performing assets (NPAs) issue in a time-bond manner. The government and the RBI are working together to comprehensively address the issue through a multi-pronged approach, he said.

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