Market jumps on positive global cues

Key benchmark indices jumped in early trade, tracking positive leads from Asian markets and overnight rally on the Wall Street. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 347.98 points or 0.99% at 35,510.46. The Nifty 50 index was up 96.50 points or 0.91% at 10,681.25.

Among secondary barometers,the BSE Mid-Cap index was up 1.03%. The BSE Small-Cap index was up 1.02%.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1028 shares rose and 232 shares fell. A total of 32 shares were unchanged.

Overseas, Asian shares rose across the board on Wednesday following a strong bounce on Wall Street overnight. In US, the major indices saw their best day since March, with stocks rising on the back of upbeat earnings and robust economic data.

Meanwhile, US President Donald Trump continued his criticism of the Federal Reserve, calling it his biggest threat as it was raising rates too fast. Trump had previously said the Fed has "gone crazy" and attributed last week's plunge on Wall Street to the US central bank.

On the data front, US industrial production rose 0.3% in September, according to the Federal Reserve. The number of job openings in the US reached another all-time high of 7.1 million in August, according a report released Tuesday morning by the Labor Department. The same report showed that American workers were voluntarily quitting their jobs at a rate of 2.4% in August, matching the July reading, which was the highest since 2001.

The National Association of Home Builders Confidence Index ticked up one point to 68 in October, though it remains down from a cycle high of 74, reached in December 2017.

Back home, IT major Infosys was up 2.78%. The company announced its consolidated results under International Financial Reporting Standards (IFRS) after market hours yesterday, 16 October 2018. On a consolidated basis, Infosys' net profit rose 13.8% to Rs 4110 crore on 7.7% increase in revenues to Rs 20609 crore in Q2 September 2018 over Q1 June 2018.

Hero MotoCorp was up 0.41%. The company's net profit declined 3.39% to Rs 976.28 crore on 8.59% rise in net sales to Rs 9090.94 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 16 October 2018.

CRISIL was up 1.60%. On a consolidated basis, net profit of CRISIL rose 29.66% to Rs 90.01 crore on 3.84% rise in net sales to Rs 425.46 crore in Q3 September 2018 over Q3 September 2017. The result was announced after market hours yesterday, 16 October 2018.

NHPC was up 1.25%. The company announced after market hours yesterday, 16 October 2018, that Baira Siul Power Station (180 MW) in Himachal Pradesh has been taken under complete shutdown for six months with effect from 15 October 2018, 10:00 IST for renovation & modernization of power station for its life extension works. Revenue from continuing operation of Baira Siul Power Station was Rs 124.69 crore in the FY 2017-18 which contributes 1.798% of total revenue of company during FY 2017-18.

Lakshmi Machine Works was up 6.58%. The company announced after market hours yesterday, 16 October 2018, that its board will meet on 22 October 2018 to consider buyback of the equity shares.

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