Key benchmark indices were trading higher in early trade, tracking positive leads from Asian markets and overnight gains on the Wall Street. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 80.97 points or 0.24% at 33,972.10. The Nifty 50 index was up 40.10 points or 0.39% at 10,238.50.
Among secondary barometers,the BSE Mid-Cap index was up 0.59%. The BSE Small-Cap index was up 0.39%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 594 shares rose and 327 shares fell. A total of 36 shares were unchanged.
Overseas, stocks in Asia rose on Wednesday. Chinese official manufacturing Purchasing Managers' Index (PMI) was 50.2. The official manufacturing PMI had been 50.8 in September. China's official non-manufacturing purchasing managers index dropped to 53.9 from September's 54.9, the National Bureau of Statistics said on Wednesday. A reading above 50 indicates expansion, while a reading below that signals contraction.
US stocks closed higher Tuesday as President Donald Trump signaled that the US is ready to reach a deal to ease trade tensions with China, giving the market some much-needed relief. Markets were also digesting a raft of quarterly corporate results with several big-name companies set to report earnings this week.
On the US data front, home-price gains are slowing, as the Case-Shiller 10-city composite index showed a 0.6% increase from last month's reading, or a 5.5% annual increase. The 20-city composite index rose a seasonally adjusted 0.1% and was 5.5% higher compared to its level a year ago, the lowest annual increase in nearly two years.
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Consumer sentiment hit an 18-year high, according to the Conference Board's consumer confidence index, which rose to 137.9, from 135.3 in September.
The residential vacancy rate fell 0.4% points from a year earlier to 7.1%, according to the Census Bureau report, which also showed that the US homeownership rate was virtually unchanged at 64.4%.
Back home, Coal India was down 3.91%. The President of India is looking to sell up to 18,62,22,275 (3%) equity shares of Coal India on 31 October 2018 (for non-Retail Investors only) and on 1 November 2018 (for Retail Investors and non-Retail Investors who choose to carry forward their unallotted bids) with an option to additionally sell 37,24,44,550 (6%) equity shares of the company. The floor price for the offer shall be Rs 266 per share. The announcement was made after market hours yesterday, 30 October 2018.
Dr. Reddy's Laboratories was down 5.68%. The company said that the audit of formulations manufacturing facility at Duvvada, Visakhapatnam, by the USFDA, has been completed. The company received Form-483 with eight observations which it is addressing, Dr. Reddy's Laboratories said. The announcement was made after market hours yesterday, 30 October 2018.
Garden Reach Shipbuilders & Engineers was up 5.05%. The company has entered into a contract with the Government of India, Ministry of Defence, for construction and delivery of four Nos. Survey Vessels (Large) at an estimated cost of Rs 2435.15 crore, under fixed price basis. The 1st ship is to be delivered within 36 months from the contract signing date i.e. 30 October 2018. The subsequent ships are to be delivered with a gap of 6 months each from the delivery of the previous ship. The project is expected to be completed within 54 months from the date of signing of the contract. The announcement was made after market hours yesterday, 30 October 2018.
Pidilite Industries was up 0.19%. On a consolidated basis, Pidilite Industries' net profit fell 8.6% to Rs 231.18 crore on 14.09% rise in total income to Rs 1785.07 crore in Q2 September 2018 over Q2 September 2017. The announcement was made after market hours yesterday, 30 October 2018.
Container Corporation of India was up 4.12%. The company's net profit rose 46.8% to Rs 336.05 crore on 24.42% rise in total income to Rs 1891.51 crore in Q2 September 2018 over Q2 September 2017. The announcement was made after market hours yesterday, 30 October 2018.
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