Key benchmark indices were trading higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 64.33 points or 0.18% at 36,700.43. The Nifty 50 index was up 7.80 points or 0.07% at 11,060.80.
Among secondary barometers,the BSE Mid-Cap index was down 0.04%. The BSE Small-Cap index was up 0.20%.
The market breadth, indicating the overall health of the market, was positive. On BSE, 619 shares rose and 415 shares fell. A total of 52 shares were unchanged.
Overseas, most Asian shares declined on Thursday, following a third consecutive day of losses on Wall Street as investors tracked US-China trade negotiations.
US stocks slid for a third consecutive session on Wednesday, as investors continue to wait for news of a trade deal between the US and China.
Payroll-service company ADP estimated that the US private sector added 183,000 jobs in February, according to FactSet.
US data released Wednesday showed the country's trade deficit soaring to a 10-year high of $59.8 billion in December. The US trade deficit soared to a 10-year high in 2018 of $621 billion, the Commerce Department said.
Meanwhile, the Organisation for Economic Co-operation and Development (OECD) in its latest interim economic outlook yesterday, 6 March 2019, said that the global economy is slowing and major risks persist, with growth weakening much more than expected in Europe. The OECD projects that the global economy will grow by 3.3% in 2019 and 3.4% in 2020. The outlook and projections cover all G20 economies. Downward revisions from the previous Economic Outlook in November 2018 are particularly significant for the euro area, notably Germany and Italy, as well as for the United Kingdom, Canada and Turkey.
Indian economic growth is seen improving to 7.2% in 2019 and 7.3% in 2020 after growing by 7% in 2018. However, the projections for 2019 and 2020 have been trimmed by 0.10% compared to the November estimate by the OECD. Business confidence and investment remain strong, and activity should benefit from easing financial conditions, lower oil prices, accommodative fiscal policy and recent structural reforms, OECD said in its report.
Back home, Biocon was down 2.04%. The company said that the USFDA concluded a pre-approval inspection of its insulin drug substance manufacturing facility triggered by a New Drug Application submitted by our insulin AP/customer. The inspection at the Bengaluru facility took place between 25 February 2019 to 5 March 2019, resulting in a Form 483 with six observations. The announcement was made after market hours yesterday, 6 March 2019.
Housing Development Finance Corporation (HDFC) was up 0.35%. The company said that the board of directors of the corporation has approved the payment of interim dividend of Rs 3.50 per share for the financial year ending 31 March 2019. The objective of payment of interim dividend is to distribute dividends received by the corporation from its subsidiary companies during the year to the corporation's shareholders. The announcement was made after market hours yesterday, 6 March 2019.
Vedanta was down 1.74%. The company said that the board of directors of the company has approved second interim dividend of Rs 1.85 per share for the Financial Year 2018-19. The announcement was made after market hours yesterday, 6 March 2019.
Himachal Futuristic Communications was up 2.33%. The company received the Purchase Order (PO) worth about Rs 117 crore from Tata Project for supply of Optical Fibre Cables (OFC) for creating OFC Network Infrastructure under Bharat Net Phase-II Project in the state of Chhattisgarh. The announcement was made after market hours yesterday, 6 March 2019.
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