Markets open higher in early trade
12/01/2018 09:18
The key domestic benchmark indices opened higher in the morning trading session tracking strong cues and firm trend across global markets.

The sustained fund inflows from foreign investors may boost investor sentiments as the government eased foreign direct investments (FDIs) ownership rules in sectors such as retail, civil aviation, and realty.

The investors may react to third quarter earnings report of Tata Consultancy Services (TCS) as net profit slipped 3.9 per cent year-on-year to Rs 65.45 billion, while its revenues grew at higher-than-expected rate of 2.7 per cent to Rs 317.7 billion on the back of large deals and increasing contribution in digital verticals from clients such as Nielsen and Rolls Royce. Following earnings report from TCS, rival Infosys will release its Oct-Dec quarter financial report today after market hours.

On the IPO front, Apollo Micro Systems shares got 9 times subscription on Day 2 of the bidding process. The company, which caters primarily to the defence and aerospace sectors, received bids for 3,72,44,150 shares against the total issue size of 41,44,955 shares, data available with the NSE showed.

At 09:20 a.m, the Bombay Stock Exchange bellwether Sensex was at 34617.59 up by 114.10 points or by 0.33 per cent, while the NSE Nifty was at 10685.50 up by 34.30 points or by 0.32 per cent.

The top gainers of the BSE Sensex pack were IndusInd Bank Ltd. (Rs. 1718.00,+1.14 per cent), Infosys Ltd. (Rs. 1087.00,+1.06 per cent), Tata Motors Ltd. (Rs. 257.00,+1.04 per cent), Tata Motors Ltd. (Rs. 438.90,+1.02 per cent), Tata Consultancy Services Ltd. (Rs. 2815.05,+0.96 per cent), among others.

Meanwhile, Housing Development Finance Corporation Ltd. (Rs. 1723.20,-1.01 per cent), HDFC Bank Ltd. (Rs. 1865.35,-0.25 per cent), Hindustan Unilever Ltd. (Rs. 1376.00,-0.22 per cent), Mahindra & Mahindra Ltd. (Rs. 764.35,-0.07 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 588.00,-0.07 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 753 shares traded, 555 shares advanced, 163 shares declined while 35 were unchanged.

On the global front, Asian stocks were trading higher tracking the strong lead from Wall Street, while the Wall Street closed higher in the previous trading session as rising oil prices lifted energy stocks and investors bet on a strong US corporate earnings season.