Key benchmark indices were trading higher in early trade on value buying. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 81.09 points or 0.24% at 34,380.56. The Nifty 50 index was up 27 points or 0.26% at 10,328.05.
The market breadth, indicating the overall health of the market, was positive. On BSE, 694 shares rose and 367 shares fell. A total of 39 shares were unchanged.
Overseas, Asian shares were mixed on Wednesday after a mixed finish on Wall Street overnight. US stocks closed mostly lower Tuesday after a volatile session as investors continued to fret over the implication of higher bond yields on equities. The Nasdaq, however, snapped a three-day losing streak in line with a rebound in technology shares.
US President Donald Trump said Tuesday that he did not like the Federal Reserve's decision to continue hiking interest rates. The US central bank last raised its benchmark interest rate by a quarter point in September, while raising its expectations for economic growth for this year and next.
On the US data front, the National Federation of Independent Business small-business optimism index fell 0.9 point in September, falling from a 45-year high to a seasonally adjusted level of 108.8.
Back home, National Aluminium Company (Nalco) was up 6.39%. The company said that its board will meet on 12 October 2018 to consider the proposal for buyback of the fully paid-up equity shares of the company.
Tata Motors was up 2.69%. The group global wholesales in September 2018, including Jaguar Land Rover, were at 1,23,577 units, higher by 6%, as compared to September 2017. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in September 2018 were at 52,018 units, higher by 25%, over September 2017. Global wholesales of all passenger vehicles in September 2018 were at 71,559 units, lower by 4%, compared to September 2017. Global wholesales for Jaguar Land Rover were 52,987 vehicles (*JLR number for September 2018 includes CJLR volumes of 4,853 units). Jaguar wholesales for the month were 18,876 vehicles, while Land Rover wholesales for the month were 34,111 vehicles. The announcement was made after market hours yesterday, 9 October 2018.
Graphite India jumped 5%. The company said it has decided to halt operations in its Bengaluru graphite electrode plant by halting the furnaces in a sequential manner by October end, during the ongoing revamp work for the replacement of roof sheets. The revamping work will be completed by November end. The company said that it will make up for the production loss and expects total production level to remain unchanged from other production facilities. The announcement was made after market hours yesterday, 9 October 2018.
Bharat Forge was down 0.12%. BF-NTPC Energy Systems (BF-NTPC) is a 51:49 joint venture (JV) company between Bharat Forge and NTPC (jv partners), incorporated in June 2008 for business of manufacturing, buying & selling equipment relating to power sector. Since its incorporation BF-NTPC has not commenced any business activity, both JV partners have decided to close down BF-NTPC. Accordingly, BF-NTPC has initiated a voluntary liquidation process under Insolvency and Bankruptcy Code, 2016 read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 by passing special resolution in its extra-ordinary general meeting held on 9 October 2018. The announcement was made after market hours yesterday, 9 October 2018.
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