Market opens higher on positive global cues

Key benchmark indices were trading higher in early trade, mirroring positive cues in other Asian shares. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 101.42 points or 0.30% at 33,889.96. The Nifty 50 index was up 25.75 points or 0.25% at 10,405.10.

Among secondary barometers,the BSE Mid-Cap index was up 0.40%. The BSE Small-Cap index was up 0.38%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 914 shares rose and 327 shares fell. A total of 47 shares were unchanged.

Overseas, Asian markets advanced as investors digested comments from Chinese President Xi Jinping on measures planned to further open up the Chinese economy. Those measures, which Xi brought up in his speech at the Boao Forum for Asia, included lowering import tariffs for autos and other products, as well as enforcing legal intellectual property of foreign firms.

US stock futures also edged up amid improved investor confidence. Dow Jones industrial average futures were higher by 271 points in Asia morning trade.

US stock market finished well off session highs on Monday following a report that the Federal Bureau of Investigation (FBI) officers had raided the office of Michael Cohen, Trump's longtime personal lawyer. US stocks had rallied earlier in the session as comments from Trump and administration officials alleviated fears about rising trade hostilities between the US and China.

Back home, IT major Wipro was down 1.95%. The company announced after market hours yesterday, 9 April 2018, that its fourth-quarter revenue and profitability would be hit by the insolvency proceedings of one of its telecom clients in India. The company said it has been working with the Insolvency Resolution Professional to discuss the potential outcome of its client's insolvency petition.

It is estimated that this development will have an impact on both revenue and profitability. The company is likely to see an impact on profitability at the net income level in the range of 65-75 basis points of the consolidated revenues for the quarter ended 31 March 2018, Wipro said in a statement.

Though Wipro did not name the telecom client, it said that it had initially signed a deal with the client in 2008 and had renewed the contract in 2013. Wipro added that the client had filed its insolvency petition on 28 February 2018.

HDFC was up 0.38%. The company has increased its retail prime lending rate (RPLR), on which its adjustable rate home loans (ARHL) is benchmarked, by 20 basis points, with effect from 1 April 2018. The announcement was made after market hours yesterday, 9 April 2018.

Future Supply Chain Solutions was up 4.66%. The Reserve Bank of India notified that the Foreign Portfolio Investors (FPIs) investment limit under Portfolio Investment Scheme in Future Supply Chain Solutions has increased from 24% to 49% of its paid up capital.

Max Financial Services was up 1.02%. The company said that the board considered various fund raising proposals and approved submission of such proposals received from KKR Capital Markets India, Standard Chartered Bank and TPG Global LLC & other co-investors (together the Investors) to pursue the acquisition opportunity by Max Life. The announcement was made after market hours yesterday, 9 April 2018.

Gravita India was up 2.56%. The company said it has started commercial production of PPCP Granules from its plant situated at Chittoor, Andhra Pradesh. The announcement was made after market hours yesterday, 9 April 2018.

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