Market opens higher on positive Asian stocks

Key benchmark indices opened higher on positive Asian stocks. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 88.38 points or 0.32% at 27,559.19. The 50-unit CNX Nifty was up 21.80 points or 0.26% at 8,317.25.

The market breadth indicating the overall health of the market was strong. On BSE, 952 shares rose and 493 shares fell. A total of 60 shares were unchanged. The BSE Mid-Cap index was up 0.27%. The BSE Small-Cap index was up 0.3%. Both these indices underperformed the Sensex.

In overseas markets, Asian stocks were trading higher after China unexpectedly cut interest rates and lenders' reserve requirements on Friday, 23 October 2015 to support its ailing economy. The People's Bank of China cut the benchmark interest rate by 0.25 percentage points to 4.35%, and the reserve requirement ratio for commercial banks was cut by 0.5 percentage points to 17.5%. This is the sixth cut in the last 12 months. A tech share rally drove US stocks up sharply for a second day on Friday, 23 October 2015 as earnings from companies including Microsoft beat analysts' expectations, while healthcare shares rebounded from recent losses.

Bharti Airtel rose 0.57%. Bharti Airtel's consolidated net profit rose 10.08% to Rs 1522.70 crore on 4.33% growth in total income to Rs 23851.90 crore in Q2 September 2015 over Q2 September 2014. The result was announced during market hours today, 26 October 2015.

HDFC shed 0.19% ahead of its Q2 September 2015 result today, 26 October 2015.

TCS rose 0.09%. TCS after market hours on Friday, 23 October 2015, announced that it has partnered with Symantec Corporation, a global leader in information protection and security software, to provide analytics driven security services. The partnership will enable customers to leverage business opportunities, reduce costs and improve productivity through the combination of TCS' security industry expertise with Symantec's security technologies, TCS said in a statement.

Power Grid Corporation of India (PGCIL) rose 0.22%. With regard to news item titled "Power Grid wins Rs.8000-cr transmission project in AP", PGCIL after market hours on Friday, 23 October 2015 said that the news item refers to the transmission system for strengthening of transmission system beyond Vemagiri Project under tariff based competitive bidding for which PGCIL had submitted its bid. The financial bids for the project were opened on 21 October 2015. However, PGCIL has not received any letter of intent (LoI)/formal communication from the competent authority declaring as the successful bidder for the transmission project. Once LoI/formal communication is received from the competent authority, the same will be informed to the stock exchanges, PGCIL said. PGCIL further said it is not aware as to how the cost of Rs 8000 crore for the project has been arrived at in media reports.

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