Market opens higher

Key benchmark indices were trading higher in early trade. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 28.84 points or 0.10% at 28,401.07. The Nifty 50 index was up 14.45 points or 0.17% at 8,741.05.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 770 shares rose and 289 shares fell. A total of 59 shares were unchanged. The BSE Mid-Cap index was currently down 0.05%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.43%, outperforming the Sensex.

In overseas stock markets, Asian stocks were mixed as investors grappled with the seemingly diminishing ability of major central banks to stimulate growth, while a tumble in crude oil inflamed already heightened risk aversion. In US, the Dow industrials and the S&P 500 closed in negative territory yesterday, 14 September 2016, in the wake of slumping crude-oil prices, erasing earlier gains for the major benchmarks, while the tech-heavy Nasdaq bucked the losing trend.

State Bank of India was up 0.25%. The bank announced after market hours yesterday, 14 September 2016 that it has concluded the issue of $300 million AT1 Basel III compliant non-convertible, perpetual non call 5 year subordinated, unsecured note/bonds at a coupon 5.5% payable semi-annually, under bank's $10 billion RegS MTN Programme. The notes will be issued through bank's Dubai International Financial Centre Branch on 22 September 2016 and will be listed on Singapore Stock Exchange.

Hero MotoCorp was down 1.15%. The stock turned ex-dividend today, 15 September 2016 for final dividend of Rs 32 per share for the year ended 31 March 2016.

Oil India was down 0.23%. The stock turned ex-dividend today, 15 September 2016 for final dividend of Rs 8 per share for the year ended 31 March 2016.

NBCC (India) was up 1.65%. The company reported 16.39% rise in consolidated net profit to Rs 47.09 crore on 16.61% rise in total income from operations (net) to Rs 1273.26 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 14 September 2016.

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