Domestic stocks nudged higher in early trade, extending their prior four-day winning trend. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 52.41 points or 0.17% at 31,724.12. The Nifty 50 index was up 10.40 points or 0.1% at 9,925.30.
The S&P BSE Mid-Cap index was up 0.64%. The S&P BSE Small-Cap index was up 0.7%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,070 shares rose and 367 shares fell. A total of 54 shares were unchanged.
Overseas, Asian stocks were trading with small gains in holiday-thinned trade. Stock markets in Hong Kong, China, and South Korea were closed for holidays. US stocks posted modest gains yesterday, 4 October 2017 extending their recent streak of advances that's taken all major benchmarks to record levels. The Dow Jones Industrial Average eked out a small gain of 19.97 points, or 0.1%, to 22,661.57. The Nasdaq Composite Index meanwhile, advanced 2.91 points, or less than 0.1%, to 6,534.63, as gains were limited by a slump in technology shares. The S&P 500 rose 3.16 points, or 0.1%, to 2,537.74.
In US economic news, Markit's September figure for its services purchasing managers index dipped to 55.3 in September from 56 in August. The Institute for Supply Management's index of non-manufacturing activity rose to 59.8 in September, compared with 55.3 in the prior period and marked its highest level since mid-2005. A reading of 50 or greater indicates expansion.
Back home, Dr Reddy's Laboratories (up 1.61%), NTPC (up 1.25%) and Cipla (up 0.92%) edged higher from the Sensex pack.
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Wipro rose 0.06% after the company announced that it has signed a definitive agreement to acquire Cooper, an award-winning design and business strategy consultancy. Cooper will become part of Designit, Wipro Digital's strategic design arm, further strengthening its design and innovation capabilities, expanding its reach in North America and adding capabilities in professional design education. The acquisition is subject to customary closing conditions and is expected to be closed in the third quarter of fiscal 2017-18. The announcement was made before market hours today, 5 October 2017.
ICICI Bank rose 0.36% after the bank said that the committee of executive directors of the bank approved the allotment of 4,750 Basel III compliant unsecured subordinated perpetual additional Tier 1 bonds aggregating Rs 475 crore on private placement basis. The notes carry a coupon of 8.55% per annum payable annually and were issued at par. The announcement was made after market hours yesterday, 4 October 2017.
ONGC shed 0.29%. ONGC said that ONGC Videsh, a wholly-owned subsidiary of the company, has completed the acquisition of 30% participating interest (PI) in Petroleum Exploration License 0037 offshore Namibia from Tullow Namibia, a wholly owned subsidiary of Tullow Oil Plc. Tullow with remaining 35% participating interest shall continue to remain the operator of the license. Pancontinental Namibia (Pty) with 30% participating interest and Paragon Oil and Gas with 5% participating interest are other partners in the license. The announcement was made after market hours yesterday, 4 October 2017.
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