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Market opens higher on bargain hunting

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Key benchmark indices were trading higher in early trade on bargain hunting following a steep sell off in the previous session. At 9:20 IST, the barometer index, the Sensex, was up 89.82 points or 0.26% at 34,434.73. The Nifty 50 index was up 33 points or 0.32% at 10,463.35.

Among secondary barometers,the Mid-Cap index and the Small-Cap index were up by 0.40% each. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 639 shares rose and 279 shares fell. A total of 41 shares were unchanged.

Overseas, most Asian shares declined as the trade dispute between the US and remained in focus. US stocks closed higher Wednesday, after the minutes from the Federal Reserve's 2 May 2018 meeting appeared to have reassured investors that the central will not be too aggressive with raising interest rates. Stocks were under pressure earlier as geopolitical and trade concerns continued to dent investor sentiment.

The started an investigation into automobile imports to determine whether they threaten to impair the national security of the The new US probe will be carried out under Section 232 of the Trade Expansion Act of 1962. That section of the law authorizes the to determine the effects of imports of any article on the national security of the

Meanwhile, Federal Reserve officials would be content to let inflation briefly run above their 2% target as the economy continues to recover, according to minutes from the central bank's most recent meeting. Following the May 1-2 session, the policymaking (FOMC) said it was not raising rates yet but added the word symmetric to describe its inflation goal. The summary released Wednesday indicates a substantial level of debate over how the Fed should approach inflation. The minutes also pointed to an interest rate hike at the June meeting amid debate over how close the Fed might be getting to the end of this rate-hiking cycle

On the US data front, the purchasing managers index for May inched up to 56.6 from 56.5 in the previous reading. Separately, Markit's PMI for services rose to 55.7 from April's 54.6. New-home sales came in at a 662,000 seasonally adjusted rate in April.

Back home, was down 0.73%. The company's consolidated net profit dropped 49.84% to Rs 2175.16 crore on 18.33% rise in total income to Rs 91644.49 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 23 May 2018.

was up 1.58%. The board of directors of approved raising of funds upto Rs 2000 crore either by way of QIP, FPO, ADR, GDR, rights issue, debt issue, preferential issue, FCCB etc. or any other method for issue of fund including Non-Convertible Debt upto an aggregate amount of Rs 1500 crore by way of private placement in one or more tranches and by way of equity shares and/or any other securities convertible into equity shares for an aggregate amount not exceeding Rs 500 crore in one or more tranches. The announcement was made after market hours yesterday, 23 May 2018.

MEP Infrastructure Developers was up 6.57%. The board of directors of MEP Infrastructure Developers approved to increase the limits for investment in the equity share capital of the company by registered foreign portfolio investor (including FlIs) from 24% to 100% of the company's total paid-up equity share capital of the company. The announcement was made after market hours yesterday, 23 May 2018.

was down 4.68%. The company reported net loss of Rs 1036 crore in Q4 March 2018 as compared to net profit of Rs 602.42 crore in Q4 March 2017. Total income fell 3.45% to Rs 6055.15 crore in Q4 March 2018 over Q4 March 2017.

was up 3.37%. The company's net profit jumped 173.86% to Rs 254.47 crore on 0.5% rise in total income to Rs 953.25 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 23 May 2018.

On the political front, (Secular) chief HD took oath as on Wednesday, 23 May 2018. The southern state got its second CM in a week after BJP's BS resigned moments before floor test in the Assembly on last Saturday, 19 May 2018.

was administered the oath of office and secrecy by in front of the Vidhana Soudha. Following Kumaraswamy, senior G Parameshwara took oath as Karnataka's deputy CM. 22 of Karnataka's 34 ministries will be from the while the JD(S) will head the 12 others. The portfolios will be decided after the floor test which is reportedly scheduled on Friday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 24 2018. 09:18 IST