Key benchmark indices were trading higher in early trade, backed by positive global cues. At 9:17 IST, the barometer index, the S&P BSE Sensex, was up 191.42 points or 0.51% at 37,854.98. The Nifty 50 index was up 53.85 points or 0.47% at 11,438.90.
Among secondary barometers,the BSE Mid-Cap index was up 0.62%, outperforming the Sensex. The BSE Small-Cap index was up 0.49%, underperforming the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 713 shares rose and 164 shares fell. A total of 19 shares were unchanged.
Overseas, most Asian shares were trading higher after China and the United States agreed to hold their first trade talks since June, next week and as the Turkish lira extended gains from its record low earlier this week.
US stocks rallied to close higher Thursday, on strong corporate earnings from Walmart Inc. and Cisco Systems Inc. News that the US and China are prepared to resume trade talks next week also bolstered investors' sentiment.
On the data front, initial jobless claims, a measure of layoffs in the US, fell in early August and returned near a post-recession low. New claims declined by 2,000 to 212,000 in the seven days from August 5 to August 11. The Philadelphia Fed manufacturing index sank to a 21-month low of 11.9 in August. Construction of new houses increased by less than 1% in July, reflecting a recent slowdown in building that is likely tied to higher mortgage rates and growing shortages of skilled craftsmen.
Back home, Tata Consultancy Services (TCS) was up 0.26%. The company was awarded a new contract by the Improvement Service, the national organisation for improving local government services and digital transformation in Scotland. TCS will continue to deliver a digital platform for the award-winning authentication "myaccount" service and its broader portfolio, providing Scottish households with beneficial online public services. The announcement was made after market hours yesterday, 16 August 2018.
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Lemon Tree Hotels was up 0.64%. The company has signed a license agreement for a 90 room property at Vijayawada, Andhra Pradesh under the company's brand 'Red Fox Hotel'. The hotel is expected to be operational by June 2020. This is the second signed property of the Lemon Tree Hotels group in Vijayawada, the commercial headquarters of Andhra Pradesh. Carnation Hotel, the hotel management arm of the company will be operating and marketing this Hotel. The announcement was made after market hours yesterday, 16 August 2018.
Ion Exchange (India) was up 4.99%. The company said that it has secured and signed a contract for Engineering, Procurement, Supply and Construction of water treatment plant worth Rs 438.84 crore (inclusive of GST) from Cairn Oil & Gas, a division of Vedanta. The announcement was made after market hours yesterday, 16 August 2018.
Cosmo Films was up 2.07%. The company has launched a cast polypropylene (CPP) metalized film with high metal bond strength. This film has been specially designed to offer superior inter layer bond strength for making multi-layer laminate structures, which in turn enhances barrier properties. The announcement was made after market hours yesterday, 16 August 2018.
AstraZeneca Pharma India was up 2.08%. The company has received Import and Market permission in Form 45 (Marketing Authorization) from the Drugs Controller General of India for Olaparib Tablets 100 mg and 150 mg (Lynparza). The receipt of this Import and Market permission paves way for the launch of Olaparib Tablets 100 mg and 150 mg (Lynparza) in India, subject to the receipt of other related statutory approvals and licenses. The announcement was made after market hours yesterday, 16 August 2018.
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