Key benchmark indices trimmed gains after an initial upmove triggered by positive Asian stocks. At 10:15 IST, the barometer index, the S&P BSE Sensex, was up 77.12 points or 0.24% at 31,739.09. The Nifty index was up 28.85 points or 0.29% at 9,945.05. Realty stocks gained.
Domestic stocks nudged higher in early trade on positive Asian stocks.
The S&P BSE Mid-Cap index was up 0.75%. The S&P BSE Small-Cap index was up 0.78%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,370 shares rose and 594 shares fell. A total of 93 shares were unchanged.
Overseas, Asian stocks were trading higher, tracking overnight US gains following a deal to extend the federal government's borrowing limit for three months. US stock benchmarks closed slightly higher yesterday, 6 September 2017 after congressional leaders and President Donald Trump agreed to extend the debt limit deadline and fund the government through mid-December.
In US economic data, the trade deficit rose slightly in July, keeping the US on track to post a larger gap in 2017 than in 2016. The deficit edged up to $43.7 billion in July from $43.5 billion in June. A reading on services activity, meanwhile, came in better than expected, providing an added lift to the outlook for the health of the US economy. ISM services were at 55.3 in August, compared with 53.9 in the prior period. A reading of at least 50 indicates expansion.
The European Central Bank holds a policy meeting today, 7 September 2017 and investors are keen to see whether it will send a message regarding the timing of an exit from its ultra-loose monetary policy.
Back home, Mahindra & Mahindra (up 1.16%), Wipro (up 0.94%) and Hero MotoCorp (up 0.87%) edged higher from the Sensex pack.
Realty stocks gained. Indiabulls Real Estate (up 1.41%), DLF (up 0.7%), Housing Development and Infrastructure (up 0.39%), D B Realty (up 2.31%), Unitech (up 0.25%), Sobha (up 0.51%), Godrej Properties (up 0.86%), Prestige Estates Projects (up 1.64%) and Oberoi Realty (up 0.6%) rose.
Cement stocks saw mixed trend. Ambuja Cements (down 0.25%) and ACC (down 0.01%) fell. UltraTech Cement (up 0.3%) and Shree Cement (up 1.94%) gained.
Grasim Industries was up 2.19%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Sicagen India rose 4.96%. In continuation of the proposal to acquire 100% equity capital of Danish Steel Cluster (Danish Steel) in three tranches, of which the company has already completed acquisition of 60%, Sicagen India has now proposed to acquire the remaining 40% of the equity capital of Danish Steel and complete the entire transaction on or before 31 December 2017. In order to complete the proposed 40% acquisition, the board at its meeting held on 6 September 2017 has approved the proposed transaction. The announcement was made after market hours yesterday, 6 September 2017.
Avanti Feeds rose 3.46% after the company said that its subsidiary Avanti Frozen Foods has started commercial production of shrimp processing and export at its new plant in Yerravaram, East Godavari District, Andhra Pradesh, with effect from 31 August 2017. The announcement was made after market hours yesterday, 6 September 2017.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
