Key indices drifted higher in early trade on positive Asian stocks. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 140.66 points or 0.38% at 36,865.40. The Nifty 50 index was up 56.15 points or 0.52% at 10,900.80.
The S&P BSE Mid-Cap index was up 0.36%. The S&P BSE Small-Cap index was up 0.44%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 763 shares rose and 283 shares fell. A total of 50 shares were unchanged.
Overseas, Asian stocks were trading higher on Thursday after China's Ministry of Commerce reportedly said Thursday that the leaders of the US and Chinese trade talks agreed to meet in early October for another round of negotiations.
The two sides agreed to hold another round of trade negotiations in Washington, D.C., at the beginning of next month, and consultations will be made in mid-September in preparation for the meeting, reports indicated.
US stocks advanced on Wednesday, after robust economic data from China, easing tensions in Hong Kong and British lawmakers' approval of a law to delay Brexit provided relief to investors worried about global growth.
In Europe, lawmakers in the United Kingdom defeated British Prime Minister Boris Johnson in parliament on Wednesday, preventing the country from leaving the European Union without a formal deal on October 31.
Back home, Wipro rose 0.53%. Wipro has secured a strategic seven-year engagement, valued at $300 million, from ICICI Bank to provide a comprehensive suite of services. The announcement was made after market hours yesterday, 4 September 2019.
Power Grid Corporation of India gained 2.01%. The company was declared as the successful bidder under Tariff Based Competitive Bidding to establish transmission system for Intra-State Transmission Work associated with construction of 400 kV Substation near Guna (Distt.-Guna, Madhya Pradesh) & Intra-State Transmission Work associated with construction of 220 kV Substation near Bhind (Distt.-Bhind, Madhya Pradesh) on build, own operate and maintain (BOOM) basis. The Transmission system also comprises associated 400kV, 220kV and 132kV Transmission lines in Madhya Pradesh. The Letter of Intent (LoI) dated 2 September 2019 has been received by the company. The announcement was made after market hours yesterday, 4 September 2019.
NMDC rose 1.76%. NMDC said that total production of iron ore on a provisional basis fell to 1.41 million tonnes (MT) in August 2019 from 1.46 MT in August 2018. Total sales of iron ore on a provisional basis dropped to 1.49 MT in August 2019 from 2.32 MT in August 2018. The announcement was made after market hours yesterday, 4 September 2019.
Multi Commodity Exchange of India (MCX) lost 3.22%. The Multi Commodity Exchange of India (MCX) and Zhengzhou Commodity Exchange (ZCE), one of the leading commodity exchanges in China, have signed Memorandum of Understanding (MoU) for cooperation and the exchange of information. The MoU is intended to facilitate cooperation between the two exchanges in areas such as knowledge sharing, education & training, organizing events as well as to explore areas of mutual interests between the exchanges. The announcement was made after market hours yesterday, 4 September 2019.
Elecon Engineering Company jumped 9.92%. Elecon Engineering Company said that the Arbitral Tribunal has passed the awards dated 1 September 2019 in favour of the company aggregating to Rs 37.57 crore plus interest from the date of award till their realization. The Tribunal further directed BGR Energy Systems to return the bank guarantees as submitted by the company. The announcement was made after market hours yesterday, 4 September 2019.
Meanwhile, the Reserve Bank of India (RBI) on Wednesday made it mandatory for banks to link all new floating rate personal or retail loans and floating rate loans to MSMEs to an external benchmark, effective 1 October 2019. However, banks can link loans to other segments of borrowers as well, RBI said.
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