Domestic stocks nudged higher in early trade on positive Asian stocks. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 119.11 points or 0.38% at 31,781.08. The Nifty index was up 36.15 points or 0.36% at 9,952.35.
The S&P BSE Mid-Cap index was up 0.78%. The S&P BSE Small-Cap index was up 0.76%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,221 shares rose and 256 shares fell. A total of 54 shares were unchanged.
Overseas, Asian stocks were trading higher, tracking overnight US gains following a deal to extend the federal government's borrowing limit for three months. US stock benchmarks closed slightly higher yesterday, 6 September 2017 after congressional leaders and President Donald Trump agreed to extend the debt limit deadline and fund the government through mid-December.
In US economic data, the trade deficit rose slightly in July, keeping the US on track to post a larger gap in 2017 than in 2016. The deficit edged up to $43.7 billion in July from $43.5 billion in June. A reading on services activity, meanwhile, came in better than expected, providing an added lift to the outlook for the health of the US economy. ISM services were at 55.3 in August, compared with 53.9 in the prior period. A reading of at least 50 indicates expansion.
The European Central Bank holds a policy meeting today, 7 September 2017 and investors are keen to see whether it will send a message regarding the timing of an exit from its ultra-loose monetary policy.
Back home, Reliance Industries (RIL) rose 0.35% after the company said that it had participated in an on-line e-bidding process held recently by Allahabad Bank being leader of the consortium of eleven banks to sell/dispose off assets of Kemrock Industries & Exports of Vadodara, Gujarat and has been declared as the winner in the bid.
This participation is a part of Reliance's efforts to enter the composites business and establish a leadership position in this large and growing market in India. Composites are used in a variety of applications and industries such as renewable energy, mass transportation, infrastructure and a host of other industrial products.
The assets will pave the way for Reliance to foray into new materials (composites and carbon fibre) and further strengthen its petrochemicals business portfolio. The company is in the process of complying with the necessary formalities for acquisition of assets. The announcement was made after market hours yesterday, 6 September 2017.
Infosys rose 0.37% after the company announced the opening of a new state-of-the-art office space in Amsterdam. The company currently has more than 20 clients in the country and employs over 1,100 people including those working at client locations in The Netherlands. The announcement was made after market hours yesterday, 6 September 2017.
HCL Technologies rose 0.16% after the company announced a new strategic partnership with Alpha Insight, an intelligent products and solutions company headquartered in London, UK, with industry leading expertise in Business Flow Monitoring and Operational Intelligence. The announcement was made after market hours yesterday, 6 September 2017.
The transaction, which includes purchase of select assets, bolsters HCL's DRYiCE Platform and its positioning as an Enterprise A.I Foundation. Integration of Alpha Insight's iControl product into the DRYiCE suite of products, provides deep visibility into end-to-end horizontal business flows and robust operational intelligence to Digital Enterprises, HCL Technologies said in a statement.
Wipro rose 0.42% after the company announced that it has won a five-year IT applications management contract from Outokumpu, a global leader in stainless steel, headquartered in Finland. As part of the five-year contract, Wipro will provide applications management services for Outokumpu's SAP landscape along with legacy applications support to cover Outokumpu locations, globally. The announcement was made before market hours today, 7 September 2017.
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