Key benchmark indices were trading higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 75.53 points or 0.20% at 37,963.09. The Nifty 50 index was up 17.30 points or 0.15% at 11,467.30.
Among secondary barometers,the BSE Mid-Cap index was up 0.23%. The BSE Small-Cap index was up 0.27%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 756 shares rose and 358 shares fell. A total of 49 shares were unchanged.
Overseas, Asian shares were mixed on Thursday amid rising trade tensions between the US and China. Beijing said on Wednesday that it will retaliate against the latest round of US tariffs on Chinese imports. The Chinese Ministry of Commerce announced a 25% tariff on $16 billion worth of American goods. The 333 goods being targeted by China include vehicles such as large passenger cars and motorcycles.
The announcement came after the US Trade Representative's office released a finalised list of $16 billion worth of Chinese goods that will be hit with tariffs, taking effect on 23 August 2018. The latest US list brings the total amount of Chinese goods facing a 25% tariff to $50 billion.
US stock-market indices closed mostly lower on Wednesday as investors grappled with a fresh round of tariff clashes between the Trump administration and China and a batch of weak earnings from high-profile firms such as Walt Disney Co. and Snap Inc.
Back home, Bharat Petroleum Corporation (BPCL) was up 1.57%. The company reported 208% rise in net profit to Rs 2293.26 crore on 25.5% increase in net sales to Rs 71696.73 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 8 August 2018.
Hindustan Petroleum Corporation (HPCL) was up 2.46%. The company reported 85.91% rise in net profit to Rs 1719.21 crore on 26.12% increase in net sales to Rs 67331.52 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 8 August 2018.
National Aluminium Company (Nalco) was up 6.68%. The company reported 432.8% rise in net profit to Rs 687.05 crore on 64.9% increase in net sales to Rs 2973.31 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 8 August 2018.
Siemens was down 2.05%. The company reported 25.5% rise in net profit to Rs 204.40 crore on 14.6% increase in net sales to Rs 2964.40 crore in Q3 June 2018 over Q3 June 2017. The result was announced after market hours yesterday, 8 August 2018.
Pidilite Industries was up 0.42%. The company announced that as per the agreement dated 8 August 2018, the company proposes to invest an amount of $500,000 as equity capital contribution in Pidilite Ventures LLC. Pidilite Ventures LLC, incorporated in USA is proposed to be engaged mainly in investments in early stage operating companies in USA. Pidilite Ventures LLC will be a wholly-owned subsidiary of the company. The announcement was made after market hours yesterday, 8 August 2018.
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