Key indices pared early gains and traded with minor gains in morning trade. Selling pressure was witnessed at day's high as Nifty gave up 11,000 mark. Gains in metal stocks supported to the bourses.
At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 34.33 points or 0.09% at 37,103.26. The Nifty 50 index was up 14.45 points or 0.13% at 10,962.75.
The S&P BSE Mid-Cap index was up 0.39%. The S&P BSE Small-Cap index was up 0.34%.
The market breadth, indicating the overall health of the market, remained strong. On the BSE, 1067 shares rose and 649 shares fell. A total of 73 shares were unchanged.
Metal stocks were in demand. Jindal Steel & Power (up 3.56%), Hindalco Industries (up 3.39%), National Aluminium Company (up 3.11%), Tata Steel (up 2.29%), Vedanta (up 2.8%), Hindustan Zinc (up 2.18%), NMDC (up 2.14%), Steel Authority of India (up 1.59%) and Hindustan Copper (up 0.47%) advanced.
Glenmark Pharmaceuticals gained 0.91% after the company received ANDA approval for Pimecrolimus Cream, 1%. Glenmark Pharmaceuticals Inc., earned a final approval by the United States Food & Drug Administration (U.S. FDA) for Pimecrolimus Cream, 1%, a generic version of Elidel Cream, 1%, of Bausch Health US, LLC. According to IQVIA sales data for the 12 month period ending July 2019, the Elidel Cream, 1% market achieved annual sales of approximately $198.8 million.
Larsen & Toubro rose 0.23% to Rs 1345.95 after joint venture company owned by Larsen & Tourbro and Mitsubishi Hitachi Power Systems secured a 'large' order from THDC India. The scope of work includes design, engineering, manufacture, supply, erection and commissioning of Steam Generator and associated packages, including site levelling, for THDC's 2x660 MW Khurja Super Thermal Power Project in Bulandshahar district, Uttar Pradesh. THDC India is a joint venture of Government of India and Government of Uttar Pradesh.
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On the macro front, GDP and infrastructure output data will be closely watched. India's Q2 gross domestic product (GDP) growth data will be released after market hours today, 30 August 2019. The Indian economy advanced 5.8% year-on-year in the first quarter of 2019, slowing from a 6.6% expansion in the previous period. Infrastructure output data for July will also be unveiled after market hours today, 30 August 2019. India's infrastructure output grew 0.2% from a year earlier in June 2019.
Overseas, Asian stocks were trading higher on Friday following hints from Beijing that it will not retaliate against the latest round of tariffs from Washington for now. The Bank of Korea left its benchmark interest rate unchanged on Friday. The central bank had cut its base rate for the first time in three years in July.
US stocks advanced Thursday after Beijing indicated it wasn't in a rush to respond to the latest round of tariffs imposed by Washington.
A spokesman for China's commerce ministry reportedly said the country wouldn't immediately respond to the latest round of tariff increases announced by President Donald Trump on Friday. Those increases came after Beijing announced a round of retaliatory tariffs.
In economic data, revision of second-quarter GDP growth showed the U.S. economy growing at a 2% annual rate rather than the previously reported 2.1%.
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