Key benchmark indices were trading with modest gains in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 37.69 points or 0.12% at 32,311.36. The Nifty index was up 20.15 points or 0.2% at 10,077.55. Turnaround Q1 results by steel giant Tata Steel and select auto stocks led gains on the domestic bourses.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 758 shares rose and 560 shares fell. A total of 44 shares were unchanged.
Overseas, Asian stocks took a breather as disappointing Chinese trade data clouded the otherwise upbeat outlook on global growth. China's export growth slowed to 7.2% in July from a year earlier, the weakest pace since February and cooling from an 11.3% rise in June, official data showed on Tuesday. Imports rose 11%, the slowest growth since December and down from a 17.2% rise in the previous month. That left the country with a trade surplus of $46.74 billion for the month, the highest since January, above June's $42.77 billion.
US stocks closed higher yesterday, 7 August 2017 with the S&P 500 ending at a record and the Dow extending its streak of such closing highs to nine with consumer staples and technology shares leading on the day. The Dow Jones Industrial Average rose 25.61 points, or 0.1%, to a new closing record of 22,118.42. The S&P 500 rose 4.08 points to 2,480.9, a rise of 0.2%. The Nasdaq Composite Index climbed 32.21 points, or 0.5%, to 6,383.77.
US Fed speaker St. Louis Fed President James Bullard said the level of short-term interest rates was fine, and that the current level of the policy rate is likely to remain appropriate over the near term.
Tata Steel gained 2.97% to Rs 617.80 after the company reported consolidated net profit of Rs 921.09 crore in Q1 June 2017 compared with net loss of Rs 3183.07 crore in Q1 June 2016. Net sales rose 18.9% to Rs 29386.76 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 7 August 2017.
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