Market opens higher on positive Asian cues

Key benchmark indices were trading higher in early trade on positive Asian cues. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 169.41 points or 0.53% at 31,856.93. The Nifty 50 index was up 53.15 points or 0.53% at 9,987.95.

Among secondary barometers,the BSE Mid-Cap index was up 0.71%. The BSE Small-Cap index was up 0.73%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than three gainers against every loser on BSE. 1046 shares rose and 270 shares fell. A total of 32 shares were unchanged.

Overseas, Asian shares edged higher after North Korean dictator Kim Jong Un decided to hold a party over the weekend rather than launch another missile. The United States and its allies had been bracing for another long-range missile launch by North Korea in time for the 69th anniversary of North Korea's founding on Saturday, 9 September 2017.

Investors, however, remained cautious over the possible economic impact of Hurricane Irma in the US as it chewed its way up the Florida coast, knocking out electricity to 3 million homes and businesses statewide.

US equity benchmarks ended Friday, 8 September 2017, on a mixed note, with both the S&P 500 and the Nasdaq Composite in the red but the Dow Jones Industrial Average slightly higher as Hurricane Irma made landfall in Florida over the weekend. Tensions with North Korea also weighed on investors' minds, as the market fears the country will test a ballistic missile to commemorate its founding on Saturday. The S&P 500 slipped 0.1% to 2,462. The tech-focused Nasdaq Composite Index weakened 0.7% to 6,357. The Dow finished the week more or less flat at 21,789.

Back home, Mahindra & Mahindra was up 0.95%. The company announced the launch on e-Alfa mini electric rickshaw for passenger movement on 8 September 2017. A complete 3 wheeler, specifically designed for pollution free last mile connectivity, it boasts of the tough and rugged Mahindra DNA. It is attractively priced at Rs 1.12 lakhs (ex-showroom Delhi). The announcement was made after market hours on Friday, 8 September 2017.

Bharat Heavy Electricals (Bhel) was up 1.13%. The company announced that it has fixed 30 September 2017 as the record date for the purpose of issuance of 1:2 bonus issue. The announcement was made after market hours on Friday, 8 September 2017.

Cyient was up 1.39%. The company said that its step down subsidiary, Cyient Defense Services Inc., USA has signed definitive agreement to acquire 100% stake in B&F Design Inc. New Britain, Connecticut, USA, in all cash transaction. The announcement was made on Sunday, 10 September 2017.

Vindhya Telelinks was down 1.62%. The company said that board meet will be held on 15 September 2017 to approve proposal for issuance of bonds/redeemable non-convertible debentures/other debt securities on private placement basis totalling Rs 50 crore. The announcement was made on Sunday, 10 September 2017.

Onward Technologies was up 3.92%. The company has entered into a partnership with Dassault Systes India Business Transformation channel to accelerate the adoption of Dassault Systes portfolio of applications and industry solution experiences based on the 3DEXPERIENCE platform in the Indian sub-continent market. The agreement will enable Onward Technologies to expand its offerings from engineering services to industry solutions. The announcement was made after market hours on Friday, 8 September 2017.

IL&FS Engineering and Construction Company was down 0.26%. The company has received letter from Paschimanhal Vidyut Vitran Nigam Limited, Meerut (PVVNL) for termination of contract for rural electrification works (RE works) of villages of Moradabad district. As per the company, the termination is illegal. Accordingly, the company is in the process of initiating legal/ contractual actions against the termination to protect its rights and entitlements in terms of the provisions of the contract. The announcement was made after market hours on Friday, 8 September 2017.

Jenburkt Pharmaceuticals was up 3.70%. The company announced that the board of directors of the company at a meeting held on 9 September 2017 approved the buyback of shares for an amount not exceeding Rs 12 crore at a price of Rs 576 per share, which is 22.37% of the fully paid-up equity share capital and free reserves as per the latest audited balance sheet of the Company for the financial year ended on 31 March 2017. The buyback offer will comprise a purchase of up to 2.08 lakh equity shares, representing 4.48% of the paid up equity capital of the company. The announcement was made on Saturday, 9 September 2017.

Powered by Capital Market - Live News