Market opens slightly higher

Domestic stocks were trading with small gains in early trade amid divergent trend in index pivotals. At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 16.07 points or 0.05% at 33,927.88. The Nifty 50 index was up 9.85 points or 0.09% at 10,500.60.

Trading could be volatile during the day as traders roll over positions in the futures & options (F&O) segment from the near month December 2017 series to January 2018 series. The December 2017 derivatives contracts expire today, 28 December 2017.

Among secondary indices, the S&P BSE Mid-Cap index rose 0.25%. The S&P BSE Small-Cap index gained 0.27%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was strong. On the BSE, 1,168 shares rose and 502 shares fell. A total of 69 shares were unchanged.

Overseas, Asian markets were little changed after an oil rally fizzled and copper prices soared overnight. US stocks eked out a positive close yesterday, 27 December 2017 with gains in real estate and utilities offsetting declines in energy and telecommunications stocks.

Back home, Tata Steel (up 1.05%), Sun Pharmaceutical Industries (up 0.48%) and Hindustan Unilever (up 0.31%) edged higher from the Sensex pack.

State Bank of India (SBI) rose 0.59% to Rs 316 after the bank announced that the central board at a meeting held on 27 December 2017 accorded approval to raise additional tier 1 capital by way of issuance of Basel III compliant debt instrument in dollars and/or in rupees to the tune of Rs 8000 crore from domestic/international market including masala bonds (rupee denominated) till 31 March 2017. The announcement was made after market hours yesterday, 27 December 2017.

Maruti Suzuki India (MSIL) rose 0.1% after the company entered into an agreement with the Government of NCT of Delhi to set up state-of-the-art automated driving test centres across 12 locations in the city. A memorandum of agreement (MoA) was signed between the Department of Transport, NCT of Delhi and MSIL. As per the MoA, MSIL will set up automated driving test centres comprising scientifically laid driving test tracks, advanced high definition cameras and an integrated IT system, as approved by the Transport Department. The announcement was made after market hours yesterday, 27 December 2017.

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