Key benchmark indices were trading higher in early trade, tracking positive leads from Asian markets and overnight gains on the Wall Street. At 9:17 IST, the barometer index, the S&P BSE Sensex, was up 177.49 points or 0.49% at 36,501.66. The Nifty 50 index was up 42 points or 0.38% at 11,019.55.
Among secondary barometers,the BSE Mid-Cap index was up 0.50%. The BSE Small-Cap index was up 0.04%.
The market breadth, indicating the overall health of the market, was positive. On BSE, 575 shares rose and 390 shares fell. A total of 42 shares were unchanged.
Overseas, Asian shares edge higher on Friday, following the rebound of the S&P 500 and Dow Jones Industrial Average on Wall Street overnight.
The moves in Japanese stocks came after the release of data that showed the country's unemployment rate fell 0.1% from the previous month to 2.4%. The country also saw an increase in its month-on-month industrial output in August, while retail sales in August was higher as compared to a year earlier.
In the Bank of Japan's release of its summary of opinions for its meeting earlier in September, the central bank said "the contrast between the favorable US economy and other economies is becoming more evident, mainly reflecting US trade policy, and uncertainties regarding their outlook have been heightening as well."
US stocks closed higher Thursday, with the S&P 500 and the Dow Jones Industrial Average snapping a multiday losing streak, as solid data bolstered confidence in the economy a day after the Federal Reserve raised interest rates for the third time this year.
Fed Chairman Jerome Powell said on Thursday that the US does not face a large chance of a recession in the next two years and the Federal Reserve plans to keep gradually raising interest rates.
In the latest US economic data, jobless claims rose less than expected in the latest week, remaining near multi-decade lows. Orders for durable goods rose 4.5%, faster than had been expected. US real gross domestic product for the second quarter rose at a 4.2% annualized rate, unchanged from the earlier estimate, the Commerce Department said. US pending home sales unexpectedly dropped in August, falling 1.8% in the latest example of weak housing data.
Back home, JSW Steel was up 0.12%. Lupin was down 0.09%. JSW Steel will replace Lupin in the benchmark NSE Nifty 50 index today, 28 September 2018.
Astec Lifesciences was up 2.63%. The company announced that its newly setup manufacturing unit, situated at Mahad in Maharashtra started its commercial production and operations from 27 September 2018. This manufacturing unit has been set up for manufacture and supply of agrochemicals and intermediates. The announcement was made after market hours yesterday, 27 September 2018.
Kesoram Industries was up 5.61%. The company confirmed being in receipt of a formal communication from the State Government of Karnataka approving its proposal for the acquisition of some 675 acres of land for Industrial purpose (Mining Activities) as per the Karnataka Land Reforms Act 1961. The acquisition will augment the company's existing reserves of limestone. The announcement was made after market hours yesterday, 27 September 2018.
Karnataka Bank was down 0.45%. The company said it launched an unique QR code based two wheeler insurance product in association with Bajaj Allianz General Insurance Co. With this digital initiative, a paperless and instant two wheeler insurance policy can be issued in two minutes. The announcement was made after market hours yesterday, 27 September 2018.
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