Key benchmark indices gyrated in a small range with positive bias in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 71.11 points or 0.22% at 31,773.36. The Nifty index was up 24.60 points or 0.25% at 9,937.45. Gains were led by index heavyweights Reliance Industries and HDFC Bank.
Domestic stocks drifted higher in early trade. Key benchmark indices hovered in positive zone in morning trade.
The S&P BSE Mid-Cap index was up 0.47%. The S&P BSE Small-Cap index was up 0.91%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,582 shares rose and 616 shares fell. A total of 108 shares were unchanged.
Telecom stocks saw mixed trend. Bharti Airtel (down 2.25%) and Idea Cellular (down 0.11%) fell. MTNL (up 1.06%), Tata Teleservices (Maharashtra) (up 0.59%) and Reliance Communications (up 0.66%) rose.
Shares of Bharti Infratel fell 1.39%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
FMCG stocks gained. Nestle India (up 2.04%), Bajaj Corp (up 1.01%), Tata Global Beverages (up 1.42%), Britannia Industries (up 0.82%), GlaxoSmithkline Consumer Healthcare (up 0.14%), Colgate-Palmolive (India) (up 0.46%), Dabur India (up 0.63%), Godrej Consumer Products (up 0.28%) and Hindustan Unilever (up 0.56%) rose. Procter & Gamble Hygiene and Health Care (down 0.78%), Jyothy Laboratories (down 1%) and Marico (down 0.9%) fell.
Gandhi Special Tubes surged 6.52% after net profit rose 1.4% to Rs 8.85 crore on 6.9% growth in net sales to Rs 28.04 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 4 September 2017.
Manali Petrochemicals tumbled 4.72% after net profit fell 80.6% to Rs 2.14 crore on 6.5% decline in net sales to Rs 145.38 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 4 September 2017.
On the macro front, data released during market hours today, 5 September 2017 showed the Nikkei India Services Purchasing Managers' Index (PMI) rose to 47.5 in August from July's 45.9. The Indian service sector was again impacted by the goods and services tax (GST) during August as a second consecutive drop in new business resulted in another monthly decline in activity, the PMI survey said.
Overseas, Asian stocks were trading on a mixed note as traders awaited further developments on the North Korea front. China's Caixin/Markit August services purchasing managers' index (PMI) today, 5 September 2017 showed an increase to 52.7 from 51.5 in the previous month. A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
US financial markets remained closed yesterday, 4 September 2017 in observance of Labor Day. The US on Monday called for the strongest possible sanctions to be imposed on North Korea a day after the North said it had tested a hydrogen bomb.
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