Market opens higher on positive global cues

Key benchmark indices were trading higher in early trade on the back of positive global cues. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 147.20 points or 0.42% at 34,860.80. The Nifty 50 index was up 44 points or 0.41% at 10,661.80.

Among secondary barometers,the BSE Mid-Cap index was up 0.46%, outperforming the Sensex. The BSE Small-Cap index was up 0.41%, underperforming the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 733 shares rose and 339 shares fell. A total of 34 shares were unchanged.

Overseas, Asian shares rose across the board after US equities were buoyed by solid earnings results and a rebound in technology stocks as US bond yields pulled back. Meanwhile, Euro was hovering near three-month lows after the European Central Bank kept interest rates unchanged.

Back home, Axis Bank was down 1.42%. The bank reported net loss of Rs 2188.74 crore in Q4 March 2018 as compared with net profit of Rs 1225.10 crore in Q4 March 2017. Total income rose 2.67% to Rs 14559.85 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 26 April 2018.

Biocon was up 0.55%. The company's consolidated net profit rose 2.27% to Rs 130.40 crore on 27.53% rise in total income to Rs 1242.10 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 26 April 2018.

Thermax was down 0.77%. The group has concluded a Rs 279 crore order from a leading public sector fertiliser company to set up captive cogeneration plant at Trombay, Maharashtra. The announcement was made after market hours yesterday, 26 April 2018.

Indian Energy Exchange was down 1.31%. The company's board of directors has decided not to go ahead with the buyback of equity shares of the company. The announcement was made after market hours yesterday, 26 April 2018.

Essel Propack was up 4.02%. The company's board of directors has recommended bonus issue of equity shares in the ratio of 1 equity share for every 1 equity share held. The announcement was made after market hours yesterday, 26 April 2018.

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