Sensex, Nifty scale record high in early trade

Key benchmark indices saw a gap-up opening triggered by positive Asian stocks. At 9:23 IST, the barometer index, the S&P BSE Sensex, was up 199.38 points or 0.54% at 37,184.02. The Nifty 50 index was up 53.85 points or 0.48% at 11,221.15. The Sensex and the Nifty scaled record high in early trade.

The S&P BSE Mid-Cap index was up 0.52%. The S&P BSE Small-Cap index was up 0.39%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 804 shares rose and 325 shares fell. A total of 45 shares were unchanged.

Overseas, Asian stocks edged higher following a series of steps by China shifting to stimulus mode. US equity indexes closed mostly lower Thursday thanks to Facebook Inc.'s historic plunge, as gains in the energy and industrial sectors weren't enough to offset the social network's meltdown.

Back home, ICICI Bank shed 0.47% ahead of its June 2018 quarterly result today, 27 July 2018.

Reliance Industries rose 0.46% ahead of its June 2018 quarterly result today, 27 July 2018.

Bharti Airtel rose 0.41%. On a consolidated basis, Bharti Airtel's net income fell 73.5% to Rs 97 crore on 8.6% decline in total revenues to Rs 20080 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 26 July 2018.

ITC gained 2.86%. The company's net profit rose 10.1% to Rs 2818.68 crore on 6.9% increase in net sales to Rs 10554.66 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 26 July 2018.

Hindalco Industries jumped 4.68% after the company announced that its wholly-owned subsidiary, Novelis Inc, announced signing of a definitive agreement to purchase Aleris Corporation, a global aluminium rolled products major, headquartered in the United States, for $2.58 billion in a debt finance deal. The announcement was made after market hours yesterday, 26 July 2018.

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