Key benchmark indices were trading higher in early trade, mirroring positive cues from global markets. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 288.32 points or 0.75% at 38,540.12. The Nifty 50 index was up 86.10 points or 0.74% at 11,643.20.
Among secondary barometers,the BSE Mid-Cap index was up 0.62%. The BSE Small-Cap index was up 0.59%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 995 shares rose and 258 shares fell. A total of 54 shares were unchanged.
Overseas, Asia markets were trading higher after US stocks jumped on Friday following comments by the US Federal Reserve Chairman Jerome Powell. This also follows an announcement by China's central bank regarding the yuan's daily midpoint the same day.
In US, the S&P 500 and Nasdaq Composite reached all-time highs on Friday as Netflix shares rose. Sentiment was also boosted by strong earnings and solid economic data being reported earlier last week.
Last Friday, Powell delivered a speech at the Jackson Hole Symposium in Wyoming, where leading central bankers met to discuss the future of monetary policy. He said "further, gradual" rate hikes were likely in the future, noting the economy is "strong" and able to withstand tighter monetary policy.
Powell's comments came hours after the People's Bank of China announced that it was tweaking its methodology for the fixing of the yuan's daily midpoint in an effort to stabilize the currency market.
Back home, Reliance Industries (RIL) was up 0.49%. Reliance Brands, a subsidiary of the RIL, has purchased an additional 3.07% equity holding in Genesis Colors (GCL) for about Rs 8.32 crore, taking its total stake in GCL to 49.46%. The announcement was made after market hours on Friday, 24 August 2018.
GCL was incorporated in November, 1998 and is in the business of retailing and wholesale of branded readymade garments, bags, footwear and accessories directly and through its subsidiary/Joint Ventures. This acquisition will add to the existing portfolio of branded fashion retail outlets.
Dewan Housing Finance Corporation was up 0.58%. The company proposed to issue Secured Redeemable Non Convertible Debentures amounting to Rs 1000 crore plus a greenshoe option of upto Rs 1000 crore on private placement basis. The announcement was made after market hours on Friday, 24 August 2018.
JK Paper was up 0.66%. The company said that some of the contract workers at Unit JKPM at Distt. Rayagada, Odisha, have resorted to illegal and unlawful stoppage of work, which has resulted in disruption of production since early morning on Saturday, 25 August 2018. The matter is being handled by the labour department and local administration, Government of Odisha. The announcement was made on Saturday, 25 August 2018.
V2 Retail was up 0.47%. The company has opened its 67th store at Chas, Jharkhand. This is 5th store in the state. The company's 67 V2 Retail stores are now spread across 17 states and 61 cities. The announcement was made on Saturday, 25 August 2018.
Bodal Chemicals was up 1.51%. The company has acquired land aggregating to about 27876.36 Sq Mtrs, for future expansion and new projects. The company has already made necessary payments for acquisition/purchase of land and the same has been transferred in name of the Bodal Chemicals, by Gujarat Industrial Development Corporation authority. The announcement was made on Saturday, 25 August 2018.
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