Shares jump in opening trade

Key benchmark indices were trading higher in early trade on strong global cues. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 240.33 points or 0.67% at 36,221.26. The Nifty 50 index was up 59.65 points or 0.55% at 10,861.80. The Sensex was trading above 36,000 mark. The Nifty was trading above 10,800 mark.

Among secondary barometers,the BSE Mid-Cap index was up 0.45%. The BSE Small-Cap index was up 0.28%.

The market breadth, indicating the overall health of the market, was strong. On BSE, 652 shares rose and 250 shares fell. A total of 32 shares were unchanged.

Overseas, Asian shares rose on Wednesday, as investors remained cautiously optimistic Beijing and Washington could move forward on a trade deal. Investors will be watching out for developments on the US-China trade front after negotiations between the world's two largest economies extended into an unscheduled third day.

US stocks closed higher for a third straight session Tuesday as optimism over US-China trade talks bolstered sentiment.

On the US data front, small-business optimism fell in December, according to the National Federation of Independent Business small-business optimism index, which decreased 0.4 points to a seasonally adjusted level of 104.4, its lowest in 14 months.

The number of new job openings fell to its lowest level since June, at 6.89 million, down from 7.13 million in October, the Labor Department reported Tuesday.

The Census Bureau was scheduled to release data on the trade deficit Tuesday morning, but the release was delayed due to the government shutdown.

Oil prices also extended gains on hopes of progress in the trade talks. In the global commodities markets, Brent crude oil futures rose $1.39 a barrel or 2.42% to settle at $58.72 a barrel during the previous trading session.

Back home, IT major Infosys was up 1.82%. The company announced that its board will consider proposals, including but not limited to, buyback of fully paid-up equity shares of the company, payment of special dividend, for implementation of the Capital Allocation Policy at its meeting to be held on 11 January 2019. The outcome of the board meeting will be disseminated to the stock exchanges after conclusion of the board meeting on January 11, 2019. The announcement was made after market hours yesterday, 8 January 2019.

NMDC was down 2.63%. The company board approved the proposal to buyback of not exceeding 10,20,40,815 equity shares (representing 3.23% of the total number of equity shares in the paid-up share capital of the company) at Rs 98 per equity share for an aggregate consideration not exceeding Rs 1000 crore from all the equity shareholders of the company, as on the record date, on a proportionate basis through a tender offer route. The announcement was made after market hours yesterday, 8 January 2019.

Tata Steel was up 0.53%. The company said that standalone steel production was marginally up in Q3 December 2018 over Q3 December 2017 with steady plant utilization. Sales volume was lower due to seasonal headwinds, particularly in terms of softer Automotive demand, and inventory replenishment. The announcement was made after market hours yesterday, 8 January 2019.

Oriental Bank of Commerce was up 0.94%. The bank said that the board of directors of the bank approved the proposal for raising capital for an amount upto Rs 5500 crore through issuance of equity shares to the government of India on preferential basis. Separately, the Bank sold 0.8425% equity stake in NSDL e- Governance Infrastructure out of 3.125% equity stake held prior to the sale. The announcement was made after market hours yesterday, 8 January 2019.

Kridhan Infra was up 8.53%. The company announced that its Singapore Subsidiary - Swee Hong together with its step-down subsidiaries, has successfully secured a contract from the Public Utilities Board worth SG$ 32.5 million (Rs 167.6 crore) in aggregate for construction of link sewers for the DTSS Phase 2 Project at Old Choa Chu Kang Road/ Jalan Bahar, in Singapore. The announcement was made after market hours yesterday, 8 January 2019.

Meanwhile, India's GDP is expected to grow at 7.3% in the fiscal year 2018-19, and 7.5% in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and investment growth. The World Bank said India will continue to be the fastest growing major economy in the world.

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