Trading for the day began on an upbeat note as the key indices drifted higher in early trade on positive Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 168.30 points or 0.45% at 37,237.23. The Nifty 50 index was up 43.50 points or 0.48% at 10,991.80.
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.
The S&P BSE Mid-Cap index was up 0.63%. The S&P BSE Small-Cap index was up 0.38%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 766 shares rose and 300 shares fell. A total of 40 shares were unchanged.
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%.
Back home, HDFC Bank rose 0.77%. HDFC Bank has agreed to sell its entire stake of 10% in the equity share capital of Goods & Services Tax Network consisting of 10,00,000 equity shares of Rs 10 each, for a total consideration of Rs 1 crore to various State Governments and Union Territories. The announcement was made after market hours yesterday, 29 August 2019.
Wipro rose 0.56%. Wipro announced the expansion of its strategic partnership with Google Cloud to accelerate cloud adoption and digital transformation for global enterprises. By collaborating with Google Cloud, Wipro will catalyse innovation for enterprises in industry verticals such as consumer goods, BFSI, semiconductor, and healthcare, through a 'business-first' strategy. The announcement was made after market hours yesterday, 29 August 2019.
ICRA lost 2.15%. The board of directors of ICRA after due consideration and taking into account the best interests of the company and its various stakeholders, has decided to terminate the employment of Naresh Takkar as Managing Director and Group CEO of ICRA effective immediately. The ICRA Board will commence a search for a replacement. Vipul Agarwal, who was appointed Interim COO on 1 July 2019, remains responsible for the day-to-day operation of the company until a CEO is appointed. The announcement was made after market hours yesterday, 29 August 2019.
Adani Green Energy jumped 7.61%. Adani Green Energy signed a securities purchase agreement for acquisition of 205 MW operating solar assets of Essel Green Energy Private and Essel Infraprojects. The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 22 years. The announcement was made after market hours yesterday, 29 August 2019.
PNC Infratech rose 2.26%. PNC Infratech was being declared the L1 (lowest) bidder for NHAI project of 'Construction of 31.7 km long Four Lane Bypass connecting NH-56 namely 'Lucknow Ring Road Package I' for a quoted price of Rs 1062 crore. The announcement was made after market hours yesterday, 29 August 2019.
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