Key benchmark indices were trading higher in early trade, supported by positive signals from Asian markets and overnight gains in the US stocks. At 9:17 IST, the barometer index, the S&P BSE Sensex, was up 138.68 points or 0.40% at 34,580.73. The Nifty 50 index was up 24.95 points or 0.24% at 10,411.55.
Among secondary barometers,the BSE Mid-Cap index was up 0.36%. The BSE Small-Cap index was up 0.56%.
The market breadth, indicating the overall health of the market, was strong. On BSE, 637 shares rose and 258 shares fell. A total of 21 shares were unchanged.
Overseas, shares in Asia were trading higher on the first day of November trading after a roller coaster October rocked stocks in the region.
The Bank of Japan kept its ultra-easy monetary policy in place as concerns grow about the impact of US-China trade tensions on the Japanese economy. The board voted 7-2 to maintain short-term interest rates at minus 0.1% and the target for the 10-year Japanese government bond yield at around zero. The BOJ reiterated Wednesday that it would keep extremely low interest rates for an extended period and allow the 10-year JGB yield to move in a more flexible manner.
US stocks climbed Wednesday to close out an ugly October on a positive note as solid earnings from high-profile brands cheered investors and revived strong buying interest in equities.
On the US data front, private-sector employers added 227,000 new jobs in October, according to payroll firm Automatic Data Processing.
Labor costs rose 0.8% in the third quarter, according to the Labor Department's employment cost index report. Year-over-year, compensation growth remained at the 2.8% level seen in the second quarter, a 10-year high.
Chicago-area PMI came in at 58.4, down from 60.4, according to FactSet. While a reading above 50 indicates expanding activity, this was the lowest reading of the index since April.
Back home, Larsen & Toubro (L&T) was up 5.25%. The company's consolidated net profit rose 28.37% to Rs 2593.41 crore on 21.6% rise in total income to Rs 32800.85 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 31 October 2018.
Tata Motors was up 1.18%. The company reported consolidated net loss of Rs 1009.49 crore in Q2 September 2018 as compared with net profit of Rs 2501.67 crore in Q2 September 2017. Total income rose 2.61% to Rs 72729.30 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 31 October 2018.
Vedanta was up 0.12%. The company's consolidated net profit fell 34.82% to Rs 1900 crore on 4.06% rise in total income to Rs 23617 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 31 October 2018.
Eicher Motors was up 0.83%. Royal Enfield's manufacturing facility at Oragadam, near Chennai, remained operational through the month of October 2018, even though a part of the workforce continued to stay away from work since 24 September 2018. Due to the strike, the loss of production for the month of September and October 2018, is 25,000 motorcycles. A majority of workforce continues to report to work at the Oragadam plant and are actively engaged in operations. Manufacturing facility at Vallam Vadagal continues to operate and deliver to its full capacity. The announcement was made after market hours yesterday, 31 October 2018.
Bosch was up 2.50%. The company said the board of directors at their meeting scheduled to be held on 5 November 2018, shall consider the proposal for buyback of the equity shares of the company. The announcement was made after market hours yesterday, 31 October 2018.
On the economic front, the combined Index of Eight Core Industries stood at 127.20 in September 2018, which was 4.3% higher as compared to the index of September 2017. Its cumulative growth during April to September 2018-2019 was 5.5%. The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP). The data was unveiled after market hours yesterday, 31 October 2018.
Meanwhile, India climbed another 23 points in the World Bank's ease of doing business ranking to 77th place, becoming the top ranked country in South Asia for the first time and third among the BRICS. The details were revealed in World Bank's Doing Business Report which is an assessment of business regulation across 190 economies.
India has improved its rank in 6 out of 10 indicators and has moved closer to international best practices (Distance to Frontier score) on 7 out of the 10 indicators. But, the most dramatic improvements have been registered in the indicators related to 'Construction Permits' and 'Trading across Borders'.
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