Market gains in early trade

Key benchmark indices edged higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex was up 77.67 points or 0.27% at 28,420.68. The gains for the Nifty 50 index were higher than the Sensex's gains in percentage terms. The Nifty was currently up 31.95 points or 0.37% at 8,776.30. Realty and bank stocks led gains on the bourses.

In overseas stock markets, Asian stocks were mixed. US stocks slipped yesterday, 30 August 2016, as the dollar strengthened on expectations that the Federal Reserve was moving closer to raising interest rates. US consumer confidence rose to an 11-month high in August, with households more upbeat about the labour market, data showed overnight. The focus is now on US nonfarm-payroll data for August due on Friday, 2 September 2016.

Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 827 shares rose and 304 shares declined. A total of 55 shares were unchanged. The BSE Mid-Cap index was currently up 0.45%. The BSE Small-Cap index was currently up 0.44%. Both these indices outperformed the Sensex.

TCS declined 0.73%. The company announced that it has developed an innovative digital solution to connect Intelligent LEDs, to GE's Predix operating system for the industrial Internet through Intel Atom-based gateways, providing critical analytics to save significant time and costs in the manufacturing process. The announcement was made after market hours yesterday, 30 August 2016.

Maruti Suzuki India rose 0.39%. The stock turned ex-dividend today, 31 August 2016, for final dividend of Rs 35 per share for the year ended 31 March 2016.

ONGC fell 0.39% after the stock turned ex-dividend today, 31 August 2016, for final dividend of Rs 3.25 per share for the year ended 31 March 2016.

Housing Development Finance Corporation (HDFC) rose 0.47% after the company said it is aiming to raise Rs 500 crore by issuing Rupee denominated bonds to overseas investors. The issue will open today, 31 August 2016 and will close tomorrow, 1 September 2016. The bonds will be listed on the London Stock Exchange (LSE). The announcement was made after market hours yesterday, 30 August 2016.

UltraTech Cement gained 3.46% after the Reserve Bank of India (RBI) notified yesterday, 30 August 2016, that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 30% of the paid up capital of Ultra Tech Cement under the Portfolio Investment Scheme (PIS). The purchases could be made through primary market and stock exchanges. RBI stated that the company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs.

Kotak Mahindra Bank gained 1.65% after the bank announced that the Reserve Bank of India has informed the bank that it has granted approval to Canada Pension Plan Investment Board (CPPIB) for acquiring shares in excess of 5% and below 10% of the paid up capital of the bank. The announcement was made after market hours yesterday, 30 August 2016.

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