Stocks trimmed gains in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 55.25 points or 0.14% at 38,700.32. The Nifty 50 index was up 16.55 points or 0.14% at 11,697.05.
Trading for the week began on a positive note as the key benchmark indices edged higher in early trade boosted by good first-quarter GDP data. Indices extended gains and hit fresh intraday high in morning trade.
The S&P BSE Mid-Cap index was up 0.68%. The S&P BSE Small-Cap index was up 0.64%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1522 shares rose and 899 shares fell. A total of 110 shares were unchanged.
Wipro (up 4.43%), Sun Pharmaceutical Industries (up 2.31%) and Bajaj Auto (up 1.23%) edged higher from the Sensex pack.
Larsen & Toubro (L&T) rose 0.92% after the company said its construction arm has won orders worth Rs 2654 crore across various business segments. The announcement was made during market hours today, 3 September 2018.
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L&T said that the transportation infrastructure business has bagged a new order worth Rs 2095 crore from Maharashtra State Road Development Corporation (MSRDC), for the construction of package 10 of the six-lane Nagpur Mumbai Super Communication Expressway in Maharashtra.
Further, the heavy civil infrastructure business has bagged an order worth Rs 559 crore from Maharashtra State Road Development Corporation (MSRDC) for construction of the Thane Creek Bridge-III. The project involves construction of a 1.837 Km dual bridge across the Thane Creek Channel connecting Mumbai and Navi Mumbai.
Ashok Leyland rose 3.33% after total sales rose 27% to 17,386 units in August 2018 over August 2017. Sales of light commercial vehicles jumped 38% to 4,228 units and sales of medium & heavy commercial vehicles rose 24% to 13,158 units in August 2018 over August 2017. The announcement was made on Saturday, 1 September 2018.
On the macro front, India's Gross Domestic Product (GDP) growth accelerated sharply to nine-quarters high level of 8.2% in the quarter ended June 2018, while showing consistent improvement from a low of 5.6% in the quarter ended June 2017. The data was released by the government after market hours on Friday, 31 August 2018.
The production of eight core infrastructure industries comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP) increased 6.6% in July 2017 over July 2017. The cumulative output improved 5.8% in April-July 2018-19. The data was released by the government after market hours on Friday, 31 August 2018.
Overseas, Asian stocks were trading lower as trade-war fears increased after the US and Canada missed a deal deadline set for Friday and uncertainty rose about escalating tariffs between the US and China. Activity in China's factories expanded at a slower rate in August. The Caixin China manufacturing purchasing managers' index declined to 50.6 in August from 50.8 in July, Caixin Media Co. and research firm Markit said Monday.
US markets will be closed today, 3 September 2018 for the Labor Day holiday. US stocks closed mixed on Friday, 31 August 2018 as the Trump administration and Canada were said to plan on resuming trade talks next week after discussions Friday ended with no deal.
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