The Indian markets have opened on a strong note Thursday after snapping a five-session losing streak yesterday. Global cues remain positive, while the rupee opened marginally lower on expectations of an early rate hike from the U.S. Federal Reserve.
The Asian markets are trading mostly higher, tracking firm cues from Wall Street overnight and as weak Chinese data spurred hopes for more aggressive stimulus measures.
Closer home, the benchmark 30-share BSE Sensex is up 120 points or 0.43 percent at 28,019, with 24 of its components advancing. The broader Nifty index is up 47 points or 0.56 percent at 8,476.
Biocon is rallying 2 percent. The biotechnology major has filed a prospectus with market regulator SEBI for the initial public offering of its research arm Syngene.
Yes Bank is climbing 3.2 percent. The private sector lender said it has received board approval to raise up to $1 billion by selling shares in local or overseas markets to shore up its capital base.
TCS is moving up 0.9 percent. The country's largest software services exporter partnered with Solace Systems to enable customers to quickly and cost effectively implement big data, mobility and Internet of Things (IoT) initiatives.
Gammon India is gaining 3 percent. The company plans to issue zero-coupon unsecured compulsorily convertible debentures to its promoters.
Crompton Greaves is up 0.9 percent on reports a consortium led by U.S. private equity firm Advent International Corp. plans to buy its consumer electric business.
Info Edge sharesare up nearly 5 percent. Its arm Zomato has entered the online ordering space as a mobile-only offering.
Jet Airways is rallying 3 percent. The airline said it would seek shareholder approval next month to raise up to $400 million through issue of securities on a private placement basis.
HDFC Bank is adding a percent while Cairn India is tumbling 2.5 percent ahead of their Q4 results due out later in the day.
Mahindra & Mahindra is edging down 0.3 percent after it opened the extended automotive manufacturing facility at its plant in Zaheerabad, Telangana.
The benchmark indexes Sensex and Nifty rose 0.8 percent and 0.6 percent, respectively, on Wednesday after Jayant Sinha, Minister of State for Finance, told foreign portfolio investors in a conference call that the government was committed to a stable tax regime and MAT would not be levied on funds that have invested through countries with whom India has double tax avoidance agreements.
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