Key benchmark indices were trading higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 125.11 points or 0.34% at 37,100.34. The Nifty 50 index was up 128.10 points or 1.17% at 11,062.45. The Sensex crossed the 37,000 mark.
Investors are awaiting the outcome of a three-day central bank policy meeting that ends later today. The resolution of the Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) will be placed on the RBI website at 11:45 IST.
Among secondary barometers,the BSE Mid-Cap index was up 0.27%. The BSE Small-Cap index was up 0.15%.
The market breadth, indicating the overall health of the market, was positive. On BSE, 573 shares rose and 442 shares fell. A total of 49 shares were unchanged.
Overseas, stocks in Asia traded mixed on Thursday, while US-China trade hopes are up as negotiations are set to continue.
US stocks closed lower Wednesday, with the S&P 500 snapping a five-day winning streak, after President Donald Trump's State of the Union address offered few details on his economic agenda. The president, however, insisted China commit to real, structural economic reforms before a trade deal can be reached.
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On the data front, US manufacturing productivity rose 1.3% in the fourth quarter, up from 1.1% growth in the third quarter, the Labor Department reported. The US trade deficit in November fell to $49.3 billion, below the October level of $55.5 billion in October.
Back home, Sun Pharmaceutical Industries (up 1.32%), Tata Motors (up 0.70%), Hero MotoCorp (up 0.69%), Axis Bank (up 0.64%) and Asian Paints (up 0.61%), were the major Sensex gainers.
NTPC (down 0.05%), Tata Steel (down 0.29%), Power Grid Corporation of India (down 0.35%), IndusInd Bank (down 0.62%) and Bharti Airtel (down 0.86%), were the major Sensex losers.
GAIL (India) was up 0.47%. The company has offloaded the pipe laying contract from IL&FS due to poor project progress driven on account of acute financial crisis. The Bokaro -Durgapur section (124 kms) is now re-tendered and awarded to three different contractors to expedite construction efforts for hooking up supply network to the fertilizer, city gas distribution and other industrial consumers. The announcement was made after market hours yesterday, 6 February 2019.
Vodafone Idea was down 0.17%. On the consolidated basis, the company reported net loss of Rs 5004.60 crore in Q3 December 2018 as compared to net loss of Rs 1284.50 crore in Q3 December 2017. Total income rose 81.24% to Rs 12022.60 crore in Q3 December 2018 over Q3 December 2017. The announcement was made after market hours yesterday, 6 February 2019.
Indraprastha Gas was down 0.27%. The company reported 19.33% rise in net profit to Rs 197.99 crore on 28.28% rise in total income to Rs 1548.74 crore in Q3 December 2018 over Q3 December 2017. The announcement was made after market hours yesterday, 6 February 2019.
On the economic front, the Union Cabinet chaired by the Prime Minister Narendra Modi has approved establishment of a unified authority for regulating all financial services in International Financial Services Centres (IFSCs) in India through International Financial Services Centres Authority Bill, 2019. The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat.
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