Market gains on positive global cues

Key benchmark indices were trading higher in early trade. At 9:27 IST, the barometer index, the S&P BSE Sensex, was up 145.87 points or 0.52% at 28,005.47. The Nifty 50 index was up 35.20 points or 0.41% at 8,627.35. The Sensex crossed the psychologically important 28,000 mark.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 939 shares rose and 401 shares fell. A total of 47 shares were unchanged. The BSE Mid-Cap index was currently up 0.45%. The BSE Small-Cap index was currently up 0.41%. Both these indices underperformed the Sensex.

In overseas stock markets, most Asia stocks rose, following record high finishes in US markets. US stocks closed higher yesterday, 11 August 2016 with the three major indices -the Dow Jones Industrial Average, the Nasdaq Composite index and the S&P 500 index, closing at record highs, amid sharp gains in crude oil prices and strong quarterly results from retailers.

Bharti Airtel was down 0.13%. The company's said after market hours yesterday, 11 August 2016 that the transaction to acquire rights to use 20 megahertz (MHz) 2300 Band 4G TD spectrum of Aircel has been successfully concluded for Orissa circle following the receipt of all necessary approvals and satisfying all the conditions (including conditions stated in the Spectrum Trading Guidelines). With this, the company has completed the transaction in 7 out of 8 circles namely Tamil Nadu (including Chennai); Bihar, Jammu & Kashmir, West Bengal, Assam, North East and Orissa. Bharti Airtel in April this year said it had acquired rights to use 4G spectrum of Aircel in eight telecom circles.

Grasim Industries was down 5.27%. The company's consolidated net profit surged 63.55% to Rs 830.22 crore on 9.16% growth in total income to Rs 9278.13 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 11 August 2016. Meanwhile, Grasim Industries' board of directors at a meeting held yesterday, 11 August 2016, approved 5-for-1 stock split.

Aditya Birla Nuvo's (ABNL) was down 20.74%. The company's consolidated net profit declined 56.79% to Rs 305.15 crore on 1.62% growth in total income to Rs 3318.68 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 11 August 2016.

Meanwhile, in separate announcements, Grasim Industries and Aditya Birla Nuvo said that the board of directors of the companies have considered and approved a composite scheme of arrangement between Grasim Industries, Aditya Birla Nuvo and Aditya Birla Financial Services and their respective shareholders. The announcement was made after market hours yesterday, 11 August 2016.

Meanwhile, the India Meteorological Department (IMD) in its weekly monsoon update issued yesterday, 11 August 2016 said that for the country as a whole, cumulative rainfall during this year's monsoon season so far from 1 June to 10 August was 3% above the long period average (LPA).

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