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Market opens on a firm note on upbeat Asian stocks

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Trading for the week began on a firm note following upbeat Asian stocks. At 9:21 IST, the barometer index, the Sensex, was up 268.47 points or 0.81% at 33,575.61. The was up 80 points or 0.78% at 10,306.85. Gains were led by heavyweights ITC, and

The Mid-Cap was up 0.56%. The Small-Cap index was up 0.64%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 951 shares rose and 253 shares fell. A total of 55 shares were unchanged.

Overseas, Asian stocks edged higher as trade-war concerns took a backseat to economic optimism following a US jobs report Friday, 9 March 2018 that showed the American continued to strengthen without the prior month's rapid wage gains that stoked inflation fears.

In US, the Dow Jones Industrial Average closed back above 25,000 and the Index ended at a record on Friday, 9 March 2018 as Wall Street appeared to shake off worries about tariffs on and aluminum to focus on an unexpectedly strong jobs report. Shares also got a boost from news that US accepted an invitation to meet North Korean leader Kim Jong Un, which followed a narrower-than-expected tariff plan from the Thursday, 8 March 2018 that eased speculation of a trade war.

In economic data, the US created 313,000 new jobs in February, the biggest gain since mid-2016 and a reflection of the strongest labor market in two decades. The unemployment rate held at 4.1%, the fifth straight month at that level. The subdued rise in wage growth for the month helped to ease worries about runaway inflation.

Back home, index heavyweights (up 1.77%), (up 1.49%) and (up 1.39%) edged higher from the Sensex pack.

Reliance Industries' (RIL) rose 0.98% to Rs 921. RIL's step-down subsidiary, (RRL), has subscribed to 19.04 lakh common shares of (KTI) at $3.675 per share, for cash aggregating to $7 million, translating to 16% of equity stake of KTI on a fully diluted basis. KTI is an emerging mobile provider incorporated in the State of Delaware, USA in 2014. The announcement was made after market hours on Friday, 9 March 2018.

Separately, RIL said that its telecom arm Infomm's (RJio) Live TV app JioTV has introduced India's first for consumers watching the ongoing tri-nation Nidahas trophy which is being shown exclusively on JioTV in With this, JioTV consumers can interact with the game while watching it - a revolution in the Live TV space, RIL said. The announcement was made after market hours on Friday, 9 March 2018.

shed 0.74%. The company announced that it was declared as the successful bidder under tariff-based competitive bidding to establish transmission system for 'New WR-NR 765 kV Inter-Regional Corridor' on build, own operate and maintain (BOOM) basis. The Letter of Intent (1-01) was received on 1 March 2018. The transmission system traverses in the state of and and includes 765kV transmission line. The announcement was made after market hours on Friday, 9 March 2018.

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

First Published: Mon, March 12 2018. 09:23 IST
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