Key benchmark indices were trading higher in early trade on positive global cues. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 135.77 points or 0.43% at 31,349.36. The Nifty 50 index was up 53.80 points or 0.55% at 9,764.60.
Among secondary barometers,the BSE Mid-Cap index was up 1.53%. The BSE Small-Cap index was up 1.43%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were almost four gainers against every loser on BSE. 771 shares rose and 194 shares fell. A total of 25 shares were unchanged.
Overseas, Asian stocks were trading higher after three losing sessions, tracking a firm closing on the Wall Street.
Gains among technology companies helped snap a three-day losing streak for US stocks on Friday, 11 August 2017.
The Dow Jones Industrial Average rose 14.31 points to close at 21,858.32. The S&P 500 gained 3.11 points, or 0.1%, to end at 2,441.32. The Nasdaq Composite Index climbed 39.68 points, or 0.6%, to close at 6,256.56. Investors bet on slower US rate hikes following weaker-than-expected consumer price data. But gains were muted by increasingly aggressive exchanges between Washington and Pyongyang.
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Geopolitical risks were expected to remain a key theme for the global markets in the near term, as North Korea celebrates Liberation Day on Tuesday, 15 August 2017, to mark the end of Japanese rule. Investors also braced for tensions ahead of 21 August 2017, when an annual joint US-South Korean military exercise is due to begin.
Back home, Sun Pharmaceutical Industries was down 3.19%. The company's consolidated adjusted net profit excluding the Modafinil settlement fell 74% at Rs 526 crore on 23% decline in sales to Rs 6167 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours on Friday, 11 August 2017.
Net profit for the quarter was adversely impacted by settlements with certain plaintiffs related to the Modafinil antitrust litigation in the US, with the settlement amounting to Rs 950 crore. Net profit for Q1 June 2016 included the benefit of the 180-day exclusivity for Imatinib which expired in July-2016.
Dilip Shanghvi, Managing Director of the company said that Q1 performance was not good and not in line with the past performance due to the combined impact of increasing investments in global specialty business, temporary disruption in India business due to GST implementation, a challenging US generic pricing environment and the Modafinil settlement. The company expects performance to gradually improve in the second half of this year.
Mahindra & Mahindra (M&M) was up 1.01%. The company said that its wholly owned subsidiary Mahindra Overseas Investment Company (Mauritius) (MOICML) has agreed to sell its entire shareholding of 51% in Mahindra Yueda Yancheng Tractor Company (MYYTCL), China. Upon receipt of requisite regulatory approvals and completion of other formalities, MYYTCL will cease to be a subsidiary of MOICML and in turn of M&M. The announcement was made after market hours on Friday, 11 August 2017.
BPCL was down 1.17%. The company's net profit fell 71.6% to Rs 744.56 crore on 21.7% growth in net sales to Rs 57125.80 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours on Friday, 11 August 2017.
Tata Steel was up 1.95%. Tata Steel UK on Friday, 11 August 2017 announced it had signed the documentation for a Regulated Apportionment Arrangement (RAA) with the Trustee of the British Steel Pension Scheme, offering more sustainable outcomes for pensioners, employees and the business. When the RAA takes effect the British Steel Pension Scheme will be separated from Tata Steel UK and a number of affiliated companies. The announcement was made after market hours on Friday, 11 August 2017.
On the macro front, India's industrial production in June 2017 contracted 0.1%, the lowest reading since June 2013, driven primarily by a 6.8% contraction in capital goods. Data for growth in the Index of Industrial Production (IIP) for May 2017 was revised to 2.8%. The fall in capital goods production was the most drastic contraction since September 2016.
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