Market opens higher

Key benchmark indices edged higher in early trade. At 9:16 IST, the barometer index, the S&P BSE Sensex was up 69.78 points or 0.25% at 28,129.72. The Nifty 50 index was currently up 21.25 points or 0.25% at 8,671.55.

In overseas stock markets, Asian stocks witnessed a mixed trend ahead of Federal Reserve Chairwoman Janet Yellen's speech tomorrow, 26 August 2016, which could provide hints about the timing of the next rate hike from the Fed. US stocks closed lower yesterday, 24 August 2016, with healthcare stocks leading declines while investors eagerly awaited a speech from Federal Reserve Chairwoman Janet Yellen. Yellen is due to speak tomorrow, 26 August 2016, at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming. Minutes from the Federal Open Market Committee's (FOMC) July meeting showed officials were split on whether an increase in interest rate was needed soon.

Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 727 shares rose and 292 shares declined. A total of 37 shares were unchanged. The BSE Mid-Cap index was currently up 0.34%. The BSE Small-Cap index was currently up 0.3%. Both these indices outperformed the Sensex.

Cement stocks were mixed. Ambuja Cements (up 0.49%) and ACC (up 0.92%) edged higher. UltraTech Cement (down 0.26%) edged lower.

Grasim Industries was down 0.56%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Bosch rose 0.06% at Rs 23,684.25 after the company said it has fixed 6 September 2016 as the record date for the proposed buyback offer of the company. The announcement was made after market hours yesterday, 24 August 2016.

InterGlobe Aviation was down 0.18% at Rs 876.95. With reference to news report stating that Tigerair will take back the 12 jets subleased to Indigo, InterGlobe Aviation clarified that Tiger Airways has not asked for any of the airplanes leased to the company to be returned before the end of the contracted lease terms. The expiry of the lease of the first of these airplanes is during the second half of the calendar year 2017. The announcement was made after market hours yesterday, 24 August 2016.

InterGlobe Aviation is the operator of low cost passenger airline IndiGo which is India's largest airline with a market share of 38.1% in June 2016.

Britannia Industries was up 0.87% at Rs 3,466.40. With respect to news report stating that ITC has moved court over Britannia copying Sunfeast biscuit packaging, Britannia Industries clarified that ITC has filed a suit against Britannia Industries at Delhi High Court alleging that Britannia is copying the color combination of ITC's "Sun Feast Farmlite Digestive- All Good" Biscuit Packs for its "Nutri Choice Digestive Zero" biscuit packs. The matter came up for hearing before Delhi High Court on 22 August 2016 and 24 August 2016. The next date of hearing is 31 August 2016. No injunction (stay) has been granted as of now. As the matter is sub-judice, the company cannot comment further on this matter, Britannia Industries said. The announcement was made after market hours yesterday, 24 August 2016.

Shares of index heavyweight and cigarette major ITC were up 0.54% at Rs 251.55.

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