News Mid-Session

Market jumps on positive global cues
07-Jun-18   09:21 Hrs IST

Key benchmark indices were trading higher in early trade, tracking positive leads from Asian markets and overnight rally on the Wall Street. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 239.36 points or 0.68% at 35,418.24. The Nifty 50 index was up 62.25 points or 0.58% at 10,746.90.

Among secondary barometers, the BSE Mid-Cap index was up 0.71%. The BSE Small-Cap index was up 0.88%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 890 shares rose and 243 shares fell. A total of 30 shares were unchanged.

Overseas, Asian shares rose following overnight gains on Wall Street, which saw the Dow Jones industrial average close above 25,000.

In US, the Dow Jones Industrial Average recorded its best daily gain since mid April as a rally in bank shares amplified a broad-market run-up that has been supported by gains in internet and technology shares. Market participants attributed Wednesday's rally to rising government bond rates. Higher rates tend to benefit the business of financials.

A rise in the yield of the benchmark 10-year Treasury note was supported by remarks from European Central Bank (ECB) senior officials, which showed the central bank remained on track to debate the timetable for ending its asset purchases soon.

Underlying strength in the euro area economy was making ECB confident that inflation will move toward target. The institution would next week discuss how it will wind down its 30 billion euro (about $35 billion) monthly-purchase program.

On the data front, the US trade deficit shrank 2.1% in April and tumbled to a seven-month low. Meanwhile, the productivity of American businesses rose at a revised 0.4% annual pace in the first quarter instead of 0.7% as originally reported. Output—or goods and services produced—climbed 2.7% instead of 2.8%, while unit-labor costs, or how much it costs to make each product, rose by 2.9%, a bit higher than the preliminary 2.7% estimate.

Back home, Majesco was up 0.17%. The company announced that a new start-up selected Majesco Core Suite for P&C platform on the Majesco Cloudlnsurer platform to support their market launch and growth strategies in a SaaS model. The announcement was made during market hours yesterday, 6 June 2018.

Lemon Tree Hotels was up 1.42%. The company has signed a License Agreement for a 104 room property at Gwalior, Madhya Pradesh under the company's brand 'Lemon Tree Hotel'. The hotel is expected to be operational by June, 2020. Carnation Hotel Private, the hotel management arm of the company will be operating and marketing this hotel. The announcement was made during market hours yesterday, 6 June 2018.

HCL Infosystems was up 3.35%. Apple India said that the distribution agreement for iPhone and other Apple products with HCL Infosystems will end on 30 March 2019. The announcement was made during market hours yesterday, 6 June 2018.

McLeod Russel India was up 0.58%. The company said that it has decided to dispose of certain tea estates of the company in Assam, namely Moran Tea Estate, Lepetkatta Tea Estate, Attabarrie Tea Estate and Sepon Tea Estate for Rs 141 crore. The company has entered into a Memorandum of Understanding with Luxmi Tea Company, having registered office at Kolkata on 6 June 2018. The announcement was made during market hours yesterday, 6 June 2018.

Sadbhav Infrastructure Project was up 1.95%. The company said that board of directors of the company considered issuance of securities up to Rs 3000 crore. The announcement was made during market hours yesterday, 6 June 2018.

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