Key benchmark indices edged higher in early trade on positive Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 30.19 points or 0.1% at 31,745.83. The Nifty index was up 15 points or 0.15% at 9,786.05.
The S&P BSE Mid-Cap index was up 0.26%. The S&P BSE Small-Cap index was up 0.39%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 992 shares rose and 376 shares fell. A total of 60 shares were unchanged.
Overseas, Asian stocks were trading higher as investors hold on to their big bets ahead of the earnings season in the US. The Nasdaq and the S&P 500 finished higher yesterday, 10 July 2017 as a pair embattled sectors, technology and energy, drew bidders, while the Dow industrials closed fractionally lower .
Back home, Tata Motors (up 2%), M&M (up 1.05%) and Lupin (up 0.98%) edged higher from the Sensex pack.
State Bank of India (SBI) gained 1.02% after the executive committee of the central board has given the final approval for divestment of 8 crore shares in SBI Life through an initial public offering (IPO). The shares being offered for sale by SBI will be available at a price that would be fixed and determined by SBI Life, SBI, and BNP Paribas Cardiff, in consultation with the book-running lead managers, SBI said.The announcement was made after market hours yesterday, 10 July 2017.
Bharti Airtel fell 1.04%. The company announced the launch of Project Next - its digital innovation program aimed at transforming customer experience across all of its services and touch points. The announcement was made at the fag end of market hours yesterday, 10 July 2017.
Airtel said it plans to invest up to Rs 2000 crore over the next 3 years under Project Next to launch several exciting digital innovations to step change the simplicity and interactivity of the Airtel customer experience. Project Next complements Airtel's massive investments towards building a future ready network under Project Leap.
IndusInd Bank rose 0.25%. The private sector bank is scheduled to announce Q1 June 2017 earnings today, 11 July 2017.
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