Key benchmark indices advanced in early trade tracking positive global stocks after a recent sell-off. At 9:18 IST, the barometer index, the S&P BSE Sensex was up 242.81 points or 0.71% at 34,438.75. The Nifty 50 index advanced 98.45 points or 0.94% at 10,596.70.
Among secondary indices, the S&P BSE Mid-Cap index advanced 1.57%. The S&P BSE Small-Cap index rose 2.34%. Both these indices outperformed the Sensex.
Overseas, Asian stocks edged higher after positive closing on Wall Street. US stocks closed on a higher note yesterday, 6 February 2018, albeit with wild swings witnessed during the day's trading, after two huge sell-offs in a row. The wild moves were attributed to a combination of factors like interest-rate fears, computer-driven trading and the obscure volatility funds that use leverage.
Closer home, the breadth, indicating the overall health of the market, was strong. On the BSE, 1,334 shares rose and 200 shares declined. A total of 36 shares were unchanged.
Hero MotoCorp advanced 1.42% after net profit rose 4.3% to Rs 805.43 crore on 14.8% growth in net sales to Rs 7305.49 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours yesterday, 6 February 2018.
Hero MotoCorp's chairman, managing director and chief executive officer, Pawan Munjal, said that the company grew on all key performance parameters including revenue, PAT and earnings before interest, taxes, depreciation and amortization (EBITDA) during the quarter, bucking the severe headwinds on the commodities front. With an enhanced focus on the premium segment and scooters, the company is confident of carrying the growth momentum forward, Munjal added.
Yes Bank was up 1.02% after the bank said it has successfully completed issuance of its maiden $600 million bond issue in the international debt markets. The bond issuance is for a tenor of 5 years and is rated Baa3 by Moody's Investors Service. The bonds received an overwhelming response from international investors, Yes Bank said. The proceeds will be used to fund the bank's IFSC Banking Unit (IBU) in Gift City and expand IBU's rapidly growing business opportunities, it added. The announcement was made before market hours today, 7 February 2018.
Bharti Airtel was up 2.09%. With respect to news article appearing in media titled "SC issues notice to Bharti Airtel, Vodafone, Idea on CCI's challenge", Bharti Airtel said that the media report deals with the developments in a special leave petition (SLP) filed by Competition Commission of India (CCI) in Supreme Court against an order of Bombay High Court which had quashed an order passed by CCI. The Supreme Court has issued notice and scheduled the next hearing on 19 February 2018, Airtel added. The announcement was made after market hours yesterday, 6 February 2018.
On the macro front, the Reserve Bank of India's (RBI) two-day Monetary Policy Committee (MPC) meeting concludes later today, 7 February 2018 for the sixth bi-monthly monetary policy statement for 2017-18. The central bank is likely to keep its policy rate on hold, but could toughen its warnings against inflation. The MPC is expected to tilt towards a hawkish tone from its neutral tone following higher fiscal targets, oil price increases and higher minimum support prices (MSP) for crops.
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