Market opens higher

Key benchmark indices were trading higher in early trade on bargain hunting after recent losses. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 151.39 points or 0.40% at 37,796.29. The Nifty 50 index was up 32.40 points or 0.29% at 11,388.15.

Among secondary barometers,the BSE Mid-Cap index was up 0.44%. The BSE Small-Cap index was up 0.43%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 812 shares rose and 366 shares fell. A total of 49 shares were unchanged.

Overseas, Asian shares were mixed as tremors from the collapse of the Turkish lira ebbed a little. Ahead, a barrage of economic data out of China is expected later in the day. US stocks settled with small losses Monday, with the S&P 500 and the Dow Jones Industrial Average down for a fourth straight session as the ongoing turmoil in Turkey dampened investors' appetite for riskier assets.

 

Back home, Tata Steel was up 2.93%. On a consolidated basis, Tata Steel reported 109.98% rise in profit after tax to Rs 1934 crore on 22.14% rise in turnover to Rs 37833 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours yesterday, 13 August 2018.

Oil India was up 0.02%. The company reported 56.19% rise in net profit to Rs 703.22 crore on 41.5% rise in total income to Rs 3517.23 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours yesterday, 13 August 2018.

Shaily Engineering Plastics was down 3.50%. The company reported 29.57% rise in net profit to Rs 5.74 crore on 27.78% rise in total income to Rs 89.43 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours yesterday, 13 August 2018.

Kirloskar Pneumatic Company was down 0.25%. The company said it has received Letter of Award (LOA) for design, engineering, supply, installation and commissioning of 3 2.5 LSCMD gas compression facilities on LSTK basis from Oil and Natural Gas Corporation for an aggregate value of Rs 63.34 crore. The announcement was made after market hours yesterday, 13 August 2018.

Navneet Education was up 3.30%. The company said that the meeting of the board of directors of the company is scheduled on 20 August 2018 to consider and approve proposal of buy back of the fully paid up equity shares of the company. The announcement was made after market hours yesterday, 13 August 2018.

On the macro front, the all-India general Consumer Price Index (CPI) inflation dipped to nine-month low of 4.17% in July 2018 (new base 2012=100), compared with 4.92% in June 2018. The CPI inflation figure for June 2018 is revised downwards to 4.9% from 5.0% reported earlier. The corresponding provisional inflation rate for rural area was 4.11% and urban area 4.32% in July 2018 as against 4.93% and 4.85% in June 2018. The data was announced after market hours yesterday, 13 August 2018.

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