Market jumps in early trade

Key benchmark indices jumped in early trade tracking firmness in Asian stocks. At 9:23 IST, the barometer index, the S&P BSE Sensex was up 237.83 points or 0.91% at 24,906.23. The 50-unit Nifty 50 index was up 74.55 points or 0.99% at 7,573.30. Bank and metal stocks led gains on the bourses.

The market breadth indicating the overall health of the market was very strong. On BSE, 999 shares rose and 184 shares fell. A total of 36 shares were unchanged. The BSE Mid-Cap index was currently up 0.94%. The BSE Small-Cap index was currently up 0.82%. Both these indices underperformed the Sensex.

In overseas markets, Asian stocks gained after the US Federal Reserve after its monetary policy review yesterday, 16 March 2016 reduced the number of interest rate hikes expected this year. Fewer US interest rates hikes could support demand for emerging-market assets. US stocks rose yesterday, 16 March 2016 following the US central bank's cautious message. The Fed concluded a two-day policy meeting by leaving interest rates untouched, as expected, and signalling fewer rate hikes in coming months as the United States continues to face risks from an uncertain global economy.

TCS rose 0.41% after the company announced the successful launch of Norway's first peer-to-peer mobile payment solution with DNB, the largest financial services group in Norway. Dubbed "Vipps", DNB's peer-to-peer mobile payments application is not just account holders of DNB, but can be used by any consumer. With 25% of Norway's population using 'Vipps' within six months of launch, the P2P payment solution has helped DNB become a significant player in the highly competitive mobile payments space in a short space of time. Moreover, 85% of Norwegians know about the P2P payments platform and it is the #1 downloaded app in Norway. The announcement was made after trading hours yesterday, 16 March 2016.

Wipro gained 0.52% after the company announced the launch of cargo reservations, operations, accounting and management information systems (CROAMIS), a next gen end-to-end cargo management system for the aviation industry. CROAMIS has been developed jointly between Wipro and Qatar Airways, through an innovative co-funded model. The announcement was made after trading hours yesterday, 16 March 2016.

Tata Motors rose 1.68% after the company announced that it has signed a contract to supply 25 Tata Starbus Diesel Series Hybrid Electric Bus with Full Low floor configuration, with the Mumbai Metropolitan Region Development Authority (MMRDA) - the single largest order awarded for hybrid electric vehicle technology. The announcement was made after trading hours yesterday, 16 March 2016.

Idea Cellular gained 0.81%. Idea Cellular and Videocon Telecommunications mutually agreed to terminate their earlier agreement regarding 'Transfer of Right to Use 1800 MHz Spectrum' in two service areas with immediate effect. The announcement was made before market hours today, 17 March 2016. On 24 November, 2015, the Board of Directors of Idea had empowered the company to enter into an acquisition agreement for right to use 1800 MHz spectrum of Videocon Telecommunications (VTL), in the telecom service areas of Gujarat and UP (West) for an aggregate consideration of around Rs 3310 crore, pursuant to the Department of Telecommunications (DoT) Guidelines for Trading of Access Spectrum by Access Service Providers dated 12 October, 2015. No joint intimation of this Transfer Agreement for Right to Use Spectrum under Spectrum Trading Guidelines was filed with DoT, by the parties. Also, there is no cost implication to Idea on termination of the agreement.

Meanwhile, Idea Cellular continues to aggressively launch its high speed mobile broadband 4G LTE services. Idea has launched its 4G LTE services in the tenth telecom service area of Maharashtra & Goa, from Nagpur city. The company remains on track to launch 4G LTE services in 750 key towns across 10 telecom circles latest by end of June 2016.

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