Strong market breadth

Key benchmark indices displayed diverging trend in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 22.97 points or 0.07% at 31,313.71. The Nifty 50 index was down 3.50 points or 0.04% at 9,626.50.

Among secondary barometers,the BSE Mid-Cap index was up 0.08%. The BSE Small-Cap index was up 0.21%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than two gainers against every loser on BSE. 704 shares rose and 349 shares fell. A total of 35 shares were unchanged.

Overseas, Asian shares were mixed, but remained on track for a weekly gain, while crude oil prices pulled away from this week's 10-month lows.

In US, stocks closed mostly lower as weak financials and consumer staples shares eclipsed a rally in the healthcare and biotechnology sectors. Health-care stocks were among the biggest gainers as lawmakers released a discussion draft of the health-care bill that aims to cut Medicaid and eliminate penalties for people who don't buy insurance, among other changes. The Dow Jones Industrial Average slipped 12.74 points to end at 21,397.29. The Nasdaq Composite Index bucked the trend for a second day to edge up 2.73 points to close at 6,236.69.

A report on weekly jobless claims showed that fewer than 250,000 Americans applied for unemployment benefits in mid-June. Initial jobless claims rose by 3,000 to 241,000 in the seven days stretching from 11 June to 17 June 2017, Labor Department said.

Back home, Adani Ports & Special Economic Zone was down 0.11%. The company said that its finance committee approved the issuance of fixed rate senior unsecured notes aggregating $500 million and has approved the pricing tenure and other terms of the note. The notes will mature on 30 July 2017. The announcement was made after market hours yesterday, 22 June 2017.

HDFC was down 0.31%. The company has executed a subscription agreement with International Finance Corporation (IFC), Washington whereby IFC would subscribe to the rupee denominated bonds to be issued overseas by the company upto an amount of Rs 1300 crore, subject to the approval of the Reserve Bank of India. The announcement was made after market hours yesterday, 22 June 2017.

V-Mart Retail was down 0.36%. The company has opened two stores in the State of Uttar Pradesh and Madhya Pradesh. With this, the total number of stores increases to 148 stores. The announcement was made after market hours yesterday, 22 June 2017.

La Opala RG was up 2.60%. The company announced that suspension of activities at the company's Madhupur plant has been lifted, following an amicable settlement with the Workers Union on 21 June 2017. The operations at the plant are expected to resume gradually on a planned basis, which will reach full normalcy by 10 July 2017. The announcement was made after market hours yesterday, 22 June 2017.

Quess Corp was up 1.93%. The company has signed the definitive agreements to acquire 46% equity in Heptagon Technologies, on 21 June 2017. The transaction entails a cash consideration of Rs 9.77 crore.

Separately, Quess Corp announced that on 21 June 2017 Quesscorp Holdings, wholly owned subsidiary of the company has entered into definitive agreement to acquire 51% shareholding in Comtel Pro, a private limited company incorporated under the laws of Singapore. The announcement was made after market hours yesterday, 22 June 2017.

Shriram EPC was up 9.22%. The company announced that it has won multiple orders under its water management business amounting to Rs 165 crore. The announcement was made after market hours yesterday, 22 June 2017.

The first order amounting to Rs 83.37 crore from City Corporation Davanagere, involves designing, building and improving bulk water supply for 24X7 water supply to Davanagere city and O&M of the Bulk Water Supply Scheme for 3 months. The ADB funded project is to be executed over a period of 30 months with 3 months for O&M.

The second order amounting to Rs 82.56 crore from Tamil Nadu Water Supply & Drainage Board (TWAD Board) entails implementation of Water supply scheme in Hosur Mu.

Sakthi Sugars was down 1.72%. The company announced that consequent to issue and allotment of further equity shares by Sakthi Auto Component (SACL) Associate Company, the Company's shareholding in the share capital of SACL stands reduced from 25.93% to 22.67%. The announcement was made after market hours yesterday, 22 June 2017.

Separately, Shakti Sugar had given corporate guarantee for the loan availed by Orlandofin BV, Netherlands, erstwhile wholly owned subsidiary of the Company, amounting to EUR 40 million. As this loan has been fully settled by the borrower, the corporate guarantee given by the Company has been released and discharged.

Mindtree was up 2.13%. The company proposes to buyback equity shares. The Board will consider the proposal on 28 June 2017. The announcement was made after market hours yesterday, 22 June 2017.

Indiabulls Real Estate was up 2.63%. The company said that it proposes to issue secured, redeemable, non-convertible debentures of face value Rs 10 lakh each aggregating Rs 500 crore, on a private placement basis. The announcement was made after market hours yesterday, 22 June 2017.

EID Parry India was up 1.31%. The company said that Parry Nutraceuticals (a division of EID Parry and part of the Murugappa Group) has forged a partnership with Synthite Industries, to apply proprietary patented technologies for extraction of Phycocyanin, a natural blue pigment found in Spirulina. The announcement was made after market hours yesterday, 22 June 2017.

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