Key benchmark indices edged higher in early trade on strong global cues. At 9:18 IST, the barometer index, the S&P BSE Sensex advanced 200.38 points or 0.59% at 33,947.16. The index crossed the 34,000 level in opening trade. The Nifty 50 index gained 63.90 points or 0.62% at 10,422.75. Global stocks gained as worries about a potential trade war waned in the aftermath of US President Donald Trump's tariff announcement on steel and aluminum.
The S&P BSE Mid-Cap index advanced 0.89%. The S&P BSE Small-Cap index rose 0.77%. Both these indices outperformed the Sensex.
Overseas, Asian stocks rallied, tracking gains in the US and Europe in the last session as concerns over a potential trade war faded.
US stocks rose yesterday, 5 March 2018, erasing earlier losses, as worries about a potential trade war waned. US President Donald Trump announced tariffs on steel and aluminum that sparked fears of a trade war.
Closer home, the breadth, indicating the overall health of the market, was quite strong. On the BSE, 1,011 shares advanced and 213 shares declined. A total of 37 shares were unchanged.
HDFC advanced 0.84% at Rs 1,805.60 after the company's board of directors approved and declared closure of the qualified institutional placement (QIP) yesterday, 5 March 2018. The board approved issue of 1.03 crore shares at Rs 1,825 per share to be allotted to eligible qualified institutional buyers in the QIP. The announcement was made after market hours yesterday, 5 March 2018.
Infosys was up 0.5% after the company announced that Allison Transmission, the world's largest manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicles and a leader in hybrid-propulsion systems for city buses, has selected Infosys to provide information technology (IT) infrastructure management services, including leveraging its proprietary artificial intelligence platform, Nia. The announcement was made after market hours yesterday, 5 March 2018.
Mahindra & Mahindra (M&M) dropped 0.42%. The company unveiled new off-road vehicle ROXOR, to consumers in the North American market. The company launched new powersports dealer network to distribute ROXOR. The announcement was made after market hours yesterday, 5 March 2018.
Reliance Industries (RIL) rose 0.9% at Rs 932.50 after the company's telecom arm Reliance Jio Infocomm app JioTV has acquired the exclusive India digital rights for the upcoming T20 cricket series Nidahas Trophy, a tri-nation T20 competition, to be played at Colombo from 6 March to 18 March 2018 between host Sri Lanka, Bangladesh and India. The announcement was made after market hours yesterday, 5 March 2018.
Bank of Baroda was up 1.73%. The bank has kept its Marginal Cost of Funds based Lending Rate (MCLR) unchanged, applicable from 7 March 2018. MCLR for overnight loans will be 7.80%, for one month will be 7.85% and for three months will be 7.95%. The MCLR on 6-month loans will be 8.15% and for one-year loans the rate would be 8.30%, the bank said. The announcement was made after market hours yesterday, 5 March 2018.
The first day of the second half of the Budget session of Parliament was washed out yesterday, 5 March 2018 as opposition parties in both Houses protested over a range of issues, from the Punjab National Bank scam to the demand for a special package for Andhra Pradesh.
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