Domestic stocks drifted higher in early trade, with the Sensex and the Nifty, both, scaling record high. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 188.39 points or 0.5% at 38,136.27. The Nifty 50 index was up 47.50 points or 0.41% at 11,518.25. Positive Asian stocks boosted sentiment on domestic bourses.
The S&P BSE Mid-Cap index was up 0.69%, outperforming the Sensex. The S&P BSE Small-Cap index was up 0.45%, underperforming the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1086 shares rose and 444 shares fell. A total of 60 shares were unchanged.
Overseas, Asian stocks rose following a higher finish on Wall Street last Friday as investors awaited developments on proposed US-China trade talks, while keeping a wary eye on the Chinese yuan and Turkish lira. US stocks rose on Friday on strength in technology hardware shares and optimism for a resolution in America's trade dispute with China.
Back home, Larsen & Toubro (L&T) gained 3.99% after the company announced that its board will meet on 23 August 2018, to consider a proposal for buyback of equity shares of the company. The announcement was made on Saturday, 18 August 2018.
IT major Infosys lost 2.54% after the company said that its board has accepted the resignation of M D Ranganath as the chief financial officer and key managerial personnel of the company. Ranganath will continue in his current position as chief financial officer till 16 November 2018. The board will immediately commence the search for the next chief financial officer. The announcement was made on Saturday, 18 August 2018.
Goa Carbon gained 5% after the company announced that the maintenance work at its Goa unit located at St. Jose de Areal, Salcete-Goa has been completed and the Kiln has been lit up. After preliminary heat up, feeding of raw material will commence and normal production will resume from 18 August 2018. The announcement was made after market hours on 17 August 2018.
Jet Airways (India) rose 0.38%. With reference to news quoting, "Jet Airways in talks with True Jet for subleasing of ATR Aircrafts", Jet Airways (India) clarified after market hours on 17 August 2018, that it continues to evaluate all possible alternatives to ensure optimum utilisation of its fleet. The company has been regular in making the required disclosures. It is, however, unable to comment on the reasons for the increase in its share price on the stock exchanges.
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