Key benchmark indices were trading higher in early trade, tracking positive leads from the global market. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 180.41 points or 0.51% at 35,407.67. The Nifty 50 index was up 45.90 points or 0.43% at 10,742.10.
Among secondary barometers,the BSE Mid-Cap index was up 0.16%. The BSE Small-Cap index was up 0.05%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 698 shares rose and 526 shares fell. A total of 67 shares were unchanged.
Overseas, Asian stocks were trading higher, tracking gains seen on Wall Street on Friday, 1 June 2018. US stock-market indices jumped on Friday, following a a solid jobs data for May, while shrugging off concerns over Italian politics and trade wars.
The US labor market remains strong with 223,000 new jobs created in May, while the unemployment rate fell to an 18-year low of 3.8%. Wage growth was modest, with the yearly rate of pay rising to 2.7% from 2.6%. Receding fears about political upheaval in Italy also helped boost sentiment.
Despite the positive mood, trade concerns continued to linger after US-China trade talks yielded no major breakthroughs. China threatened that previous trade agreements negotiated by the countries will not take effect if the Trump administration goes ahead with a planned tariff increase.
US allies also took aim during a G-7 finance leaders meeting at metals tariffs imposed by the Trump administration.
On the US data front, the Institute for Supply Management said Friday that its manufacturing index rose to 58.7%, up 1.4% from April and a two-month high.
Back home, Hero MotoCorp was up 0.44%. The company's sales rose 11% to 7.06 lakh units in May 2018 over May 2017. Sustaining strong sales momentum, Hero MotoCorp has continued to further consolidate its domestic market leadership with an all-time high sales for the month of May. The announcement was made after market hours on Friday, 1 June 2018.
Cadila Healthcare was up 0.76%. Zydus Cadila has received the final approval from the USFDA to market Doxycycline HyclateCapsulesUSP, 50mg and 100mg. It is atetracycline antibiotic used for treatment of a wide variety of bacterial infections, including those that cause acne. This medication is also used for prophylaxis of malaria. It will be manufactured at the group's manufacturing facility at SEZ, Ahmedabad. The announcement was made on Saturday, 2 June 2018.
Whirlpool of India was up 2.11%. The board of the company approved a proposal to enter into a strategic joint venture with Elica and acquire 49% equity in Elica PB India. As part of the Joint Venture, Elica PB India will manufacture and distribute cooking and built-in appliances under the Whirlpool brand in India. Elica PB India is a subsidiary of Elica SpA Italy and has been operating in India since 2010. The parties expect the transaction to close in the second half of 2018. The announcement was made on Saturday, 2 June 2018.
Dilip Buildcon was down 2.21%. The company has received Letter of Award by the National Highways Authority of India for a new hybrid annuity project valued at Rs 1313.90 crore in Karnataka. The announcement was made on Saturday, 2 June 2018.
Shivam Autotech was up 3.75%. The company said that the company has achieved approximately 8% increase in sales in the month of May 2018 compared to corresponding month in the previous financial year. The announcement was made after market hours on Friday, 1 June 2018.
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