Key benchmark indices edged higher in early trade led by gains in the FMCG, realty and metal stocks. At 9:15 IST, the barometer index, the S&P BSE Sensex was up 181.14 points or 0.67% at 25,397.96. The Nifty 50 index was currently up 50.90 points or 0.66% at 7,784.35.
In overseas stock markets, Asian stocks were mixed today, 9 May 2016. Chinese stocks dropped as China's exports unexpectedly fell in April as weak demand continued to weigh on the world's second-largest economy. Exports declined 1.8% in April in dollar terms, reversing an increase of 11.5% the previous month, the General Administration of Customs said on Sunday, 8 May 2016. Imports in April fell by a sharper-than-expected 10.9% from a year earlier, compared with a 7.6% drop in March. In mainland China, the Shanghai Composite was currently down 2.23%. In Hong Kong, the Hang Seng index was currently up 0.37%.
US shares posted modest gains on Friday, 6 May 2016, mainly as the weaker-than-expected US jobs report fanned expectations that the Federal Reserve would have to hike interest rates at a very slow pace. US non-farm payrolls increased by 160,000 in April, the smallest gain since September, and below the market expectations.
Closer home, the market breadth indicating the overall health of the market was very strong. On BSE, 916 shares rose and 288 shares fell. A total of 53 shares were unchanged. The BSE Mid-Cap index was currently up 0.47%. The BSE Small-Cap index was currently up 0.6%. Both these indices underperformed the Sensex.
NTPC (up 2.25%), HDFC (up 1.58%) and Tata Motors (up 1.29%) were among the major gainers from the Sensex pack.
FMCG major, Hindustan Unilever (HUL) rose 0.42% ahead of its Q4 results today, 9 May 2016.
ITC rose after the company announced on Sunday, 8 May 2016 that the cigarette factories are commencing production progressively. The stock rose 1.75%. ITC had announced on 5 May 2016 that the company had to shut its cigarette factories from 4 May 2016 until it is in a position to comply with the interim requirements pending hearing in the Karnataka High Court after Supreme Court on 4 May 2016 passed an order transferring to the Karnataka High Court all writ petitions pending in various courts challenging the rules prescribing 85% pictorial warnings on packages of tobacco products. The Supreme Court observed that all parties should endeavour to follow the rules.
Grasim Industries gained 0.95%. The company's consolidated net profit rose 37.38% to Rs 696.09 crore on 12.66% rise in total income to Rs 10058.03 crore in Q4 March 2016 over Q4 March 2015. The result was announced on Saturday, 7 May 2016. During the year, under a court approved scheme of amalgamation, Aditya Birla Chemicals (India) (ABCIL), has been amalgamated with the company from the appointed date of 1 April 2015. In view of amalgamation of ABCIL with the company, the results for the quarter and the year ended 31 March 2016 are not strictly comparable with corresponding periods of the previous year.
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