Key benchmark indices edged higher in early trade tracking positive global cues. At 9:16 IST, the barometer index, the S&P BSE Sensex, rose 81.93 points or 0.25% at 33,433.50. The Nifty 50 index advanced 28.65 points or 0.28% at 10,271.30.
Overseas, Asian stocks edged higher after moderate gains on Wall Street overnight following the implementation of US tariffs on steel and aluminum. US stocks closed higher yesterday, 8 March 2018 after President Donald Trump implemented steel and aluminum import tariffs that excluded Canada and Mexico, two key US trade partners.
Trump signed a proclamation yesterday, 8 March 2018 authorizing the tariffs at 25% on steel imports and 10% on aluminium, the same level he promised when he revealed the plan on 1 March. The aluminium and steel import tariffs will take effect in 15 days, as per reports.
In Europe, the European Central Bank (ECB), at its monetary policy meeting yesterday, 8 March 2018, kept its broader policy unchanged. The central bank said it could still extend its 2.55 trillion euro ($3.16 trillion) bond purchase scheme beyond September if needed.
Back home, the breadth, indicating the overall health of the market, was strong. On the BSE, 736 shares advanced and 317 shares declined. A total of 38 shares were unchanged.
Infosys was up 0.39%. The company issued a clarification with regard to media articles in relation to the alleged fraud concerning the Income Tax department and the First Information report (FIR) by the Central Bureau of Investigation (CBI) in relation to these allegations. Infosys said it is not named as an accused party in the said FIR. So far it has not been contacted by the CBI in connection with this matter. Infosys will co-operate with law enforcement agencies as and when it is approached, it added. The announcement was made after market hours yesterday, 8 March 2018.
TCS rose 0.28% after announcing that its flagship product TCS BaNCS has gone live in Gansu Bank, China. This go-live expands TCS BaNCS' footprint in China with three other large credit unions that are already fully operational in addition to 20 other financial large banks and financial institutions in the country. The announcement was made after market hours yesterday, 8 March 2018.
Bharti Airtel advanced 0.59% after the company's announcement that a meeting of committee of directors is scheduled on 13 March 2018, to consider issue of listed, unsecured, rated, redeemable, non-convertible debentures (NCDs Series I and II) aggregating upto Rs 3000 crore on private placement basis. The announcement was made after market hours yesterday, 8 March 2018.
In political news, the Telugu Desam Party (TDP), ally of National Democratic Alliance (NDA), has pulled out its two ministers from the Narendra Modi cabinet yesterday, 8 March 2018, in protest against the injustice to Andhra Pradesh. However, the party decided to continue supporting the NDA. The action by the TDP, which has sixteen members in the Lok Sabha and six in Rajya Sabha, will have no impact on the stability of the Modi government which has sufficient numbers in Parliament but will be seen as a big political setback as TDP is the first pre-poll ally to pull out of the Centre in nearly four years.
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