Market opens higher on positive global cues

Key benchmark indices were trading higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 59.63 points or 0.20% at 29,469.15. The Nifty 50 index was currently up 22.50 points or 0.25% at 9,123.30. Positive global cues and robust inflow from foreign portfolio investors in Indian equities yesterday, 28 March 2017, boosted investors' sentiment.

Among secondary barometers,the BSE Mid-Cap index was currently up 0.13%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.40%, outperforming the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 946 shares rose and 363 shares fell. A total of 59 shares were unchanged.

Overseas, Asia markets were mostly higher, following gains in US equities on the back of a strong consumer confidence survey with markets awaiting the formal move by the UK to start an historic split with the European Union.

US markets rose yesterday, 28 March 2017, after the Consumer Board Consumer Confidence Index hit 125.60 in March, up from 116.1 in February, and the strongest reading since 2001.

British Prime Minister Theresa May will file formal Brexit divorce papers today, 29 March 2017, pitching the United Kingdom into the unknown and triggering years of uncertain negotiations that will test the endurance of the European Union, the media reported.

Back home, Hindustan Zinc was down 2.78% to Rs 290.20 on turning ex-dividend today, 29 March 2017, for special dividend of Rs 27.50 per share for the year ending 31 March 2017.

Coffee Day Enterprises was up 0.36%. The company said that step-down subsidiary of the company 'Way2Wealth Brokers Private Limited' has transferred entire 100% shares in its subsidiary namely Way2Wealth Illuminati Pte. to Alphagrep Securities, a fellow subsidiary with effect from 28 March 2017. The announcement was made after market hours yesterday, 28 March 2017.

Balasore Alloys was down 0.77%. The company said that the committee for preferential issue of warrants of the board of directors will be held on 31 March 2017 for allotment of 1 crore shares at Rs 21.50 per shares in lieu of 1 crore convertible warrants to the promoters on preferential basis pursuant to the authority given by the shareholders through postal ballot notice on 26 September 2016.

The company said that out of the 2.30 crore convertible warrants the remaining 1.30 crore warrants shall be converted into equity shares in the financial year 2017-18. The announcement was made after market hours yesterday, 28 March 2017.

Karnataka Bank was up 0.07%. The bank announced that it opened its 759th and 760th branch at Bengaluru. The announcement was made after market hours yesterday, 28 March 2017.

On the economic front, the government has listed the Goods and Services Tax (GST) Bills for discussion and passage in the Lok Sabha today, 29 March 2017. Eight hours have been allocated by the Speaker for the discussion on the bills. Finance Minister Arun Jaitley had tabled the four GST-related bills - the Central Goods and Service Tax (CGST), Integrated Goods and Service Tax (IGST), Union Territories-GST (UT GST) and GST Compensation Bills - in Lok Sabha yesterday, 28 March 2017.

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