Key benchmark indices jumped in early trade on bargain hunting after a recent sell off. At 9:17 IST, the barometer index, the S&P BSE Sensex, was up 220.55 points or 0.59% at 37,385.71. The Nifty 50 index was up 66.45 points or 0.59% at 11,311.15.
Among secondary barometers,the BSE Mid-Cap index was up 0.54%. The BSE Small-Cap index was up 0.51%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 817 shares rose and 196 shares fell. A total of 38 shares were unchanged.
Overseas, most Asian stocks rose after sliding on trade jitters in the last session. The mood was, however, still cautious amid an elevation in trade tensions between the US and China. The trade war between the world's top two economies intensified midweek after US President Donald Trump raised pressure on China by proposing a higher 25% tariff on $200 billion worth of Chinese imports. China reportedly responded on Thursday, saying that it was fully prepared to defend the interests of the people and free trade.
Investors were also cautious ahead of the July US jobs report due later on Friday, which will give a reading on the health of the world's largest economy and possible clues about the pace of Federal Reserve interest rate rises.
US stocks ended a rocky session decidedly higher on the back of a record rally by Apple that took the iPhone maker to a market cap above $1 trillion, a runup that helped Wall Street set aside bothering trade issues between the US and China.
On the US data front, initial jobless claims rose by 1,000 in the latest week, however they were near their lowest levels since the 1970s. The report comes a day ahead of the highly anticipated July jobs report. Separately, factory orders rose 0.7% in June.
Investors also digested the latest moves from the Bank of England (BoE), which pushed interest rates above their financial crisis lows on Thursday but signalled it was in no hurry to raise them further with an uncertain Brexit on the horizon. BoE raised its main interest rate by 25 basis points to 0.75%, as had been expected.
Back home, ONGC was up 1.69%. The company reported 58.15% rise in net profit to Rs 6143.88 crore on 39.47% rise in total income to Rs 27862.71 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 2 August 2018.
Indiabulls Housing Finance was up 5.18%. On a consolidated basis, Indiabulls Housing Finance reported 30.29% rise in net profit to Rs 1054.72 crore on 23.81% rise in total income to Rs 4071.32 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 2 August 2018.
Torrent Pharmaceuticals was up 2.10%. On a consolidated basis, Torrent Pharmaceuticals reported 13.3% fall in net profit to Rs 163 crore on 28.4% rise in total income to Rs 1899 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 2 August 2018.
MOIL was up 1.55%. The company reported 16.07% rise in net profit to Rs 113.44 crore on 5.42% fall in total income to Rs 360.99 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 2 August 2018.
Mphasis was up 4.07%. The company said that its board at its meeting scheduled to be held on 7 August 2018, would be considering a proposal for buy-back of the equity shares of the company. The announcement was made after market hours yesterday, 2 August 2018.
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