Market opens higher on positive global cues

Key benchmark indices were trading higher in early trade, tracking positive leads from Asian markets and overnight gains on the Wall Street. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 178.35 points or 0.49% at 36,698.31. The Nifty 50 index was up 59.25 points or 0.54% at 11,067.30.

Among secondary barometers,the BSE Mid-Cap index was up 0.57%. The BSE Small-Cap index was up 0.50%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 619 shares rose and 203 shares fell. A total of 31 shares were unchanged.

Overseas, Asian shares were trading higher, tracking overnight gains in the US market following upbeat remarks from Federal Reserve Chairman Jerome Powell during his congressional testimony.

US stocks closed higher on Tuesday, extending a recent upswing after Fed's Powell indicated the US central bank would not move too quickly in changing monetary policy, and that it would be flexible in the face of changing conditions. Traders also digested the latest round of corporate earnings, which came in mixed but nevertheless showed strong growth.

Appearing in front of the Senate Banking Committee, Powell said the best way forward is to keep gradually raising the federal-funds rate for now. In a cautious note, however, Powell said that it is difficult to predict the ultimate outcome of current discussions over trade policy as well as the size and timing of the economic effects of the recent changes in fiscal policy.

On the US data front, industrial production rose 0.6% in June to more than offset a similarly sized decline in May. The National Association of Home Builders' monthly confidence index was unchanged at 68 in July.

Back home, HDFC Bank was up 0.86%. The board of directors of HDFC Bank at its meeting held on 20 December 2017, and approval accorded by the shareholders of the bank for the preferential allotment, the Committee has approved the price of Rs 2,174.09 per share, at which 3.90 crore shares by way of the preferential allotment will be offered to Housing Development Finance Corporation (HDFC). The announcement was made after market hours yesterday, 17 July 2018.

Zee Entertainment Enterprises was up 1.78%. The company reported 31.27% rise in consolidated net profit to Rs 325.88 crore on 11.1% rise in total income to Rs 1823.54 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours yesterday, 17 July 2018.

Rallis India was up 2.07%. The company reported 20.62% rise in consolidated net profit to Rs 54.58 crore on 29.49% rise in total income to Rs 578.01 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours yesterday, 17 July 2018.

CRISIL was up 1.24%. The company reported 14.69% rise in consolidated net profit to Rs 77.13 crore on 9.05% rise in total income to Rs 453.41 crore in Q2 June 2018 over Q2 June 2017. The announcement was made after market hours yesterday, 17 July 2018.

PNC Infratech was up 4.19%. The company informed signing of concession agreement on 16 July 2018 between National Highways Authority of India and PNC Challakere (Karnataka) Highways Private [Special Purpose Vehicle] incorporated for implementation of project of Four Laning of Challakere to Hariyur section of NH 150 A, in Karnataka on Hybrid Annuity Mode. The announcement was made after market hours yesterday, 17 July 2018.

On the political front, the Monsoon Session of Parliament will begin today, 18 July 2018 and will conclude on 10 August 2018. The Session will provide a total of 18 sittings spread over a period of 24 days. Government has listed a substantive legislative business for the session. This includes 48 items, including 46 Bills and two financial matters. The bills prioritised by the government include The Muslim Women (Protection of Rights on Marriage) Bill or the anti-instant triple talaq bill and The Constitution (123rd Amendment) Bill, that gives Constitutional status to the National Commission for Backward Classes.

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