Key benchmark indices nudged higher in early trade. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 25.33 points or 0.08% at 33,643.92. The Nifty 50 index was up 7 points or 0.07% at 10,377.25.
The S&P BSE Mid-Cap index was up 0.22%. The S&P BSE Small-Cap index was up 0.39%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,160 shares rose and 463 shares fell. A total of 56 shares were unchanged.
Overseas, most Asian stocks were trading higher, following a surge in US equities, and as a well-worn path of North Korean missile tests did little to dent investors' optimism in the strength of global earnings and economic growth. US stocks rose to records yesterday, 28 November 2017 on progress towards passage of US tax cuts and a benign confirmation hearing with Federal Reserve Chair nominee Jerome Powell.
The Senate Budget Committee approved the Senate's tax plan on Tuesday, bringing the upper chamber closer to a floor vote, which is expected to take place Thursday. Meanwhile, during his testimony, Powell said that current regulations on the financials sector are tough enough. He also said he supported the tailoring of some regulations to ease the burden on small banks.
On the data front, the Conference Board's consumer-confidence index jumped to 129.5 in November, marking a 17-year high. The advanced US trade deficit in goods rose 6.5% to $68.3 billion in October. Separately, home prices rose at their fastest pace in more than three years in September.
Back home,Coal India (up 2.38%), ONGC (up 1.38%) and NTPC (up 0.63%) edged higher from the Sensex pack.
Technofab Engineering was locked in 20% upper circuit at Rs 289.20 after the company announced the receipt of a new order in the domestic water sector valued at Rs 281 crore. With this the order backlog stands at about Rs 2000 crore of which the water sector now contributes close to 45%. The announcement was made after market hours yesterday, 28 November 2017.
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