Market starts day's trade with small gains

Key benchmark indices edged higher in early trade as firmness in Asian stocks supported gains. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 53.34 points or 0.21% at 25,913.51. The Nifty 50 index was currently up 21.90 points or 0.27% at 7,987.40. IT and metal stocks led gains on the bourses.

The market breadth indicating the overall health of the market was strong. On BSE, 953 shares rose and 329 shares fell. A total of 66 shares were unchanged. The BSE Mid-Cap index was currently up 0.29%. The BSE Small-Cap index was currently up 0.57%. Both these indices outperformed the Sensex.

In overseas stock markets, Asian stocks gained as the Thanksgiving break in the United States pegged the dollar's relentless surge that had sucked capital out of most emerging markets. US markets remained closed yesterday, 24 November 2016, on Thanksgiving holiday and trading will end early today, 25 November 2016 there.

Tata Steel (up 1.09%), Bharti Airtel (up 0.98%) and Infosys (up 0.78%) were the major gainers from the Sensex pack.

Yes Bank gained 0.7% after the company announced that it has partnered with the Gujarat State Road Transport Corporation (GSRTC) to digitize payments of bus tickets for its customers. Under the partnership, Yes Bank will install over 125 PoS (point-of-sale) terminals to facilitate booking of tickets through credit and debit cards at all the GSRTC bus depots. Yes Bank is already live with 50 terminals as on date and will achieve a number of 125 in the next couple of weeks as part of the first phase of implementation. The announcement was made after market hours yesterday, 24 November 2016.

Wipro gained 0.52% after the company announced that it completed the acquisition of Appirio on 23 November 2016. As mentioned in the media presentation submitted as part of results for Q2 September 2016, impact of the Appirio acquisition is expected to reflect in the financials of Wipro for Q3 December 2016, the company said. The announcement was made after market hours yesterday, 24 November 2016.

Dr Reddy's Laboratories gained 0.27% after the Central Government yesterday, 24 November 2016, based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 241st meeting held on 27 October 2016, approved foreign direct investment (FDI) proposal of the company to acquire Imperial Credit, an Indian non banking financial company (NBFC) for Rs 36 crore.

State Bank of India rose 0.38% to Rs 262.70 after the bank announced that the committee of directors for capital raising of the bank, in its meeting held on 24 November 2016, accorded its approval to fix the issue price at Rs 269.59 per share and accordingly, to issue 21.07 lakh equity shares, ranking pari-passu with the existing equity shares of the bank, in all respects, including payment of dividend, if any, on preferential basis to government of India, for a consideration of Rs 5680.99 crore subject to the approvals. The announcement was made before market hours today, 25 November 2016.

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