Key benchmark indices were trading higher in early trade, shrugging off mixed leads from Asian markets and a decline on the Wall Street. At 9:17 IST, the barometer index, the S&P BSE Sensex, was up 132.49 points or 0.47% at 28,193.63. The Nifty 50 index was up 44.50 points or 0.51% at 8,742.10.
The market breadth indicating the overall health of the market was positive. On BSE, 926 shares rose and 241 shares fell. A total of 38 shares were unchanged. The BSE Mid-Cap index was currently up 0.51%, outperforming the Sensex. The BSE Small-Cap index was currently up 0.43%, underpeforming the Sensex.
In overseas stock markets, Asian stock markets were mixed today, 10 October 2016. Markets in Hong Kong, Japan and Taiwan are shut for public holidays. US stocks fell on Friday, 7 October 2016, to end the week lower following a report on US employment that came in below expectations but was viewed as strong enough for the US central bank to consider raising interest rates by the end of the year. The US economy added 156,000 jobs last month, while the unemployment rate ticked up to 5% as more workers entered the labor market.
RBL Bank was up 0.91%. RBL Bank, NeoGrowth Credit and Overseas PrivateInvestment Corporation (OPIC), the US Government's development finance Institution have jointly committed to provide financing for small and medium enterprises (SMEs) in the Indian retail space. The announcement was made after market hours on Friday, 7 October 2016.
RBL Bank, one of India's fastest growing private sector banks, will lend to NeoGrowth to enable it to provide loans to SMEs excluded from mainstream funding. This financing will be backed by a $5 million loan guarantee from OPIC. NeoGrowth, a non-banking finance institution, uses innovative technology to serve the funding requirements of SMEs, which do not get loans easily from commercial banks owing to their small size, inadequate credit history and lack of collateral. RBL Bank's loan will allow NeoGrowth to provide loans ranging from Rs 2 lakh to Rs 75 lakh to the retail SMEs.
JSW Steel was up 0.53%. The company announced that it has been declared a preferred bidder in 5 mines in the auctions for category C mines conducted by state government of Karnataka during the period 1 October 2016 to 6 October 2016. The estimated resources in these 5 mines as per the tender documents are around 111 million tonnes. The highest final offer price by the company to become a preferred bidder is in the range of 58.9% to 102.52% of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in Karnataka from time to time. The announcement was made after market hours on Friday, 7 October 2016.
Power Grid Corporation of India was up 0.56%. The company announced that POWERGRID Vizag Transmission, a wholly owned subsidiary of the company, secured though Tariff Based Competitive Bidding (TBCB), has successfully completed the element Srikakulam - Vemagiri 765 kV D/c line on 30 September 2016. The other element of the project Khammam - Nagarjunasagar 400kV D/C was completed in last financial year. With the completion of both the elements, the project required to be established by POWERGRID Vizag Transmission Limited has been completed. The announcement was made after market hours on Friday, 7 October 2016.
Most cement shares edged higher. Grasim Industries (up 0.81%), Ambuja Cement (up 0.22%) and UltraTech Cement (up 0.10%), edged higher. ACC was down 0.38%.
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