Key benchmark indices edged higher in early trade tracking strong global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex rose 169.63 points or 0.52% at 32,602.32. The Nifty 50 index advanced 51.90 points or 0.51% at 10,219.35. The Nifty hit record high.
The S&P BSE Mid-Cap index rose 0.55%. The S&P BSE Small-Cap index advanced 0.73%. Both these indices outperformed the Sensex.
Overseas, Asian stocks edged higher as investors digested the release of China inflation data. China's consumer price index rose 1.6% in September from a year ago. The producer price index rose 6.9% in the same period.
US stocks reached record highs on Friday, 13 October 2017 as investors bet on another strong earnings season.
Closer home, the breadth indicating the overall health of the market, was strong. On the BSE, 1,003 shares rose and 236 shares declined. A total of 42 shares were unchanged.
Reliance Industries (RIL) rose 1.17% at Rs 887 after consolidated net profit rose 12.8% to Rs 8097 crore on 20.1% growth in net sales to Rs 91481 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours on Friday, 13 October 2017.
Gross refining margin (GRM) rose to $12 per barrel in Q2 September 2017 from $11.90 per barrel in Q1 June 2017 and $10.10 per barrel in Q2 September 2016.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said the Q2 results reflect strong underlying fundamentals of refining and petrochemicals businesses. Sustained demand growth coupled with supply disruptions further tightened demand-supply balances globally during the quarter. Retail business has delivered broad based, sustainable and profitable growth through improved operational excellence, he said.
Ambani added that the strong financial results of Jio demonstrates the robust business model of Jio and the significant efficiencies that the company has built through its investment in the latest 4G technology and right business strategy.
IndusInd Bank was down 1.19% at Rs 1,729.30. Bharat Financial Inclusion (BFIL) rose 2.71% at Rs 1,030.60. IndusInd Bank and BFIL board of directors at their respective meetings held on Saturday, 14 October 2017, approved a merger of the two entities to create a stronger and more sustainable platform for financial inclusion. BFIL shareholders will receive 639 shares of IndusInd Bank for every 1,000 shares of BFIL. The announcement was made on Saturday, 14 October 2017.
Hindustan Unilever (HUL) was up 1.07% at Rs 1,260. The company announced that Srinivas Phatak, presently, Vice President, Finance Services, Unilever, will succeed P.B. Balaji as Executive Director, Finance & IT and CFO of the company with effect from 1 December 2017. He will join the board of directors of HUL and will be part of the Management Committee of HUL. The announcement was made after market hours on Friday, 13 October 2017.
On the macro front, India's merchandise exports rose by 25.67% to $28.61 billion in September 2017 over September 2016, helping the trade deficit narrow to $8.98 billion, the data released by the government after market hours on Friday, 13 October 2017 showed.
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