Key indices remained firm in early afternoon trade as gains in Asian stocks boosted sentiment. At 12:25 IST, the barometer index, the S&P BSE Sensex advanced 166.45 points or 0.5% at 33,525.18. The Nifty 50 index rose 46.80 points or 0.45% at 10,345.55.

Sighting firm Asian cues, market opened with modest gains and held firm in morning trade. Stocks extended gains in mid-morning trade and traded firm in early afternoon trade.

The S&P BSE Mid-Cap index rose 0.42%, underperforming the Sensex. The S&P BSE Small-Cap index advanced 0.66%, outperforming the Sensex.

The breadth, indicating the overall health of the market, was strong. On BSE, 1,536 shares rose and 883 shares declined. A total of 142 shares were unchanged.

Yes Bank gained 1.33% after the bank said that it raised $400 million through two syndicated loan transactions in Taiwan and Japan-comprising of $250 million from Taiwanese banks and 16.5 billion Japanese Yen ($150 million) from Japan. The announcement was made during market hours today, 21 November 2017.

Most metal & mining stocks gained for the fourth day in a row. JSW Steel (up 0.85%), Bhushan Steel (up 0.79%), Hindustan Copper (up 2.04%), Vedanta (up 0.88%), Hindalco Industries (up 1.01%), Hindustan Zinc (up 0.97%), Tata Steel (up 2.05%), Steel Authority of India (Sail) (up 1.04%), and NMDC (up 0.52%) gained. Jindal Steel & Power (down 0.34%) and National Aluminum Company (down 1.7%) declined.

Shares of logistics companies gained after the Finance Ministry granted infrastructure status to logistics sector. Gateway Distriparks (up 3.86%), Transport Corporation of India (up 2.21%), Gati (up 1.99%), Sical Logistics (up 2.6%), Allcargo Logistics (up 2.4%), VRL Logistics (up 1.95%), Blue Dart Express (up 0.55%), Aegis Logistics (up 0.51%) and Snowman Logistics (up 2.21%), edged higher.

The logistics sector has been granted Infrastructure status. The need for integrated logistics sector development has been felt for quite some time in view of the fact that the logistics cost in India is very high compared to developed countries. High logistics cost reduces the competitiveness of Indian goods both in domestic as well as export market. Development of logistics would give a boost to both domestic and external demand thereby encouraging manufacturing and 'job creation'. This will in turn be instrumental in improving country's GDP.

The inclusion of 'Logistics Sector' in the harmonized master list of infrastructure sub-sectors was considered in the 14th Institutional Mechanism (IM) meeting held on 10 November 2017. It was recommended by the institutional mechanism and subsequently approved by the Union Finance Minister, Arun Jaitley. Logistics Infrastructure is included by insertion of a new item in the renamed category of 'Transport and Logistics', with a footnote stating that Logistics Infrastructure means and includes multi-modal logistics park comprising Inland Container Depot (ICD) with minimum investment of Rs 50 crore and minimum area of 10 acre, cold chain facility with minimum investment of Rs 15 crore and minimum area of 20,000 square feet (sq ft), and/or warehousing facility with investment of minimum Rs 25 crore and minimum area of 1 lakh sq ft, the statement added.

It will enable the logistics sector to avail infrastructure lending at easier terms with enhanced limits, access to larger amounts of funds as external commercial borrowings (ECB), access to longer tenor funds from insurance companies and pension funds and be eligible to borrow from India Infrastructure Financing Company (IIFCL).

MIRC Electronics surged 15.25% after the company reported turnaround results in Q2 September 2017 after market hours yesterday, 20 November 2017. MIRC Electronics reported net profit of Rs 12.04 crore in Q2 September 2017, compared with net loss of Rs 9.92 crore in Q2 September 2016. Revenue from operations rose 29.13% to Rs 201.09 crore in Q2 September 2017 over Q2 September 2016.

Quess Corp gained 5.32% after the company's board approved acquisition of 51% equity stake in Tata Business Support Services for cash consideration of upto Rs 153 crore. The announcement was made after market hours yesterday, 20 November 2017.

Quess Corp announced that it has signed a definitive agreement with Tata Sons and Tata Capital to acquire a 51% stake in Tata Business Support Services (TBSS). Tata Sons will hold the remaining 49%. The transaction is expected to close in the next few weeks and following the conclusion of the deal, the company is also expected to rebrand itself, Quess Corp said.

TBSS is a customer experience management company, with over 10 years of sectoral expertise. The company serves diverse third-party clients in the BFSI, auto & manufacturing, telecom & media, retail and in emerging industries, in India and abroad.

Overseas, Asian stocks gained as investors took heart from further evidence of strength in the global economy. US stock market closed higher yesterday, 20 November 2017, as investors continued to focus on corporate earnings and prospects for tax cuts. The leading economic index surged 1.2% in October and suggested no letup in a steadily growing US economy with the end of the year fast approaching.

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