Stocks were trading with modest gains in early trade led by L&T and HDFC Bank. At 9:29 IST, the barometer index, the S&P BSE Sensex, was up 86.51 points or 0.27% at 31,749.25. The Nifty index was up 29.70 points or 0.3% at 9,959.60.
The S&P BSE Mid-Cap index was up 0.47%. The S&P BSE Small-Cap index was up 0.63%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,074 shares rose and 371 shares fell. A total of 48 shares were unchanged.
Overseas, Asian stocks were trading on a mixed note as investors braced for damage that Hurricane Irma may inflict on Florida. China on Friday reported August exports were up 5.5% from a year ago in dollar terms, while imports were up 13.3% in dollar terms. China on Friday also reported August exports were up 6.9% in yuan terms while imports were up 14.4% in yuan terms from a year ago, Chinese customs data showed.
US stock indexes ended slightly lower yesterday, 7 September 2017 as investors sold financials, consumer-discretionary and telecommunication shares. On the data front, the number of Americans filing for unemployment benefits jumped to its highest level in more than two years last week amid a surge in applications in hurricane-ravaged Texas, but the underlying trend remained consistent with a firming jobs market.
Initial claims for state unemployment benefits soared by 62,000 to a seasonally adjusted 298,000 for the week ended Sept. 2, the highest level since April 2015, the Labor Department said on Thursday.
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The European Central Bank (ECB) held interest rates steady at 0% on Thursday. ECB President Mario Draghi said the central bank would be prepared to make a decision on its quantitative easing program at its October meeting. For now, the central bank's net asset purchases of 60 billion euro a month would continue to the end of the year or beyond, if necessary, Draghi said.
Meanwhile, the threat from North Korea lingers. US President Donald Trump said it's not inevitable that the US will wind up in a war with North Korea over its continued development of nuclear weapons, though military action remains an option. Pyongyang may test a missile this weekend to coincide with its founding day on 9 September 2017.
Back home, L&T (up 1.2%), Tata Steel (up 1.04%) and Coal India (up 0.69%) edged higher from the Sensex pack.
ICICI Bank rose 0.1% after the bank said it has fixed the price band for the proposed initial public offer (IPO) of its insurance subsidiary viz. ICICI Lombard General Insurance Company at Rs 651 to 661 per share. The announcement was made after market hours yesterday, 7 September 2017.
TCS rose 0.37%. TCS and GE's Power Services business (PS), together completed a complex integration of field service technician information into a Services Data Lake. The platform improves financial process efficiency for power generation asset service operations by integrating disparate data of service work orders and case management from multiple product and service lines including parts, services and repairs. The announcement was made after market hours yesterday, 7 September 2017.
Cadila Healthcare rose 0.21% after the company said that at the end of inspection of its Moraiya facility from 31 August to 7 September 2017 by the US drug regulator, no observation (483) was issued to the company. The clarification was issued on news report after market hours yesterday, 7 September 2017.
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