Trading for the week began on a positive note as the key benchmark indices edged higher in early trade. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 48.94 points or 0.13% at 38,694.01. The Nifty 50 index was up 6.55 points or 0.06% at 11,687.05.
The S&P BSE Mid-Cap index was up 0.3%. The S&P BSE Small-Cap index was up 0.35%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 929 shares rose and 452 shares fell. A total of 56 shares were unchanged.
Overseas, Asian stocks were trading on a mixed note. US stocks closed mixed on Friday, 31 August 2018 as the Trump administration and Canada were said to plan on resuming trade talks next week after discussions Friday ended with no deal.
Back home, Maruti Suzuki India fell 0.63% after the company said that its total sales declined 3.4% to 158,189 lakh units in August 2018 over August 2017. The announcement was made on Saturday, 1 September 2018.
Mahindra & Mahindra (M&M) rose 0.24%. M&M announced that its auto sales for August 2018 stood at 48,324 vehicles, compared to 42,207 vehicles during August 2017, a growth of 14%. The announcement was made on Saturday, 1 September 2018.
Wipro jumped 5.74% after the company announced that it has won a 10-year engagement to provide a comprehensive suite of solutions and services to Lincolnshire, Illinois-based Alight Solutions LLC, a leader in technology-enabled health, wealth, HR and finance solutions. This deal will result in revenues of $1.5 to $1.6 billion for Wipro over the tenure. This is Wipro's largest win to date. The announcement was made on Sunday, 2 September 2018.
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This engagement will enable the digital transformation of Alight's offerings across health, wealth, HR and finance solutions, and enhance the employee experience of Alight's clients by leveraging Wipro's industry-leading strengths in digital technologies, cognitive automation and data analytics.
On the macro front, India's Gross Domestic Product (GDP) growth accelerated sharply to nine-quarters high level of 8.2% in the quarter ended June 2018, while showing consistent improvement from a low of 5.6% in the quarter ended June 2017. The data was released by the government after market hours on Friday, 31 August 2018.
The production of eight core infrastructure industries comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP) increased 6.6% in July 2017 over July 2017. The cumulative output improved 5.8% in April-July 2018-19. The data was released by the government after market hours on Friday, 31 August 2018.
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