Market gains on positive global cues

Key benchmark indices edged higher in early trade on positive global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 87.28 points or 0.34% at 25,847.38. The Nifty 50 index was up 31.30 points or 0.40% at 7,837.90.

The market breadth indicating the overall health of the market was positive. On BSE, 867 shares rose and 309 shares fell. A total of 62 shares were unchanged. The BSE Mid-Cap index was up 0.39%. The BSE Small-Cap index was up 0.48%. Both these indices outperformed the Sensex.

In overseas markets, Asian markets rose today, 17 November 2015, as a weakening yen lifted Japanese shares and higher oil prices boosted the energy sector. US stocks rose overnight, shrugging off concerns the market would be affected by the weekend terrorist attacks in Paris.

ICICI Bank was up 1.85% to Rs 272.15. The bank's board of directors at its meeting held yesterday, 16 November 2015, approved the sale of 6% out of ICICI Bank's shareholding in ICICI Prudential Life Insurance Company, comprising the sale of 4% to Premji Invest & its affiliates and 2% to Compassvale Investments, an indirectly wholly-owned subsidiary of the Singapore-based investment company, Temasek. The proposed transaction values ICICI Prudential Life Insurance Company at Rs 32500 crore. Upon completion of the transaction, ICICI Bank will hold approximately 68% share of ICICI Prudential Life Insurance Company while Prudential Plc, ICICI Bank's joint venture partner, will maintain its current share of approximately 26%, ICICI Bank said in a statement. The announcement was made after market hours yesterday, 16 November 2015.

Subex was down 0.78% to Rs 10.15. The company said it has allotted 43.11 lakh equity shares pursuant to the conversion of $1 million out of the company's $48.43 million bonds that are outstanding under the $127,721,000, 5.7% secured convertible bonds due 2017 on 16 November 2015. Post the conversion, foreign currency convertible bonds (FCCBs) aggregating to $47.43 million are outstanding under the aforesaid bonds. The announcement was made after market hours yesterday, 16 November 2015.

Karnataka Bank was up 0.64% to Rs 125.05. The bank said that as a major customer acquisition initiative and with an intention to take the banking to the door steps of the general public, the bank has launched a nationwide special current account and savings bank account campaign for a period of three and half months from 16 November 2015 to 29 February 2016. Under this all India campaign, Karnataka Bank intends to open more than 5 lakhs current & savings accounts by undertaking door to door canvassing by its entire work force. The announcement was made after market hours yesterday, 16 November 2015.

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