Market drifts higher in early trade

Key benchmark indices edged higher in early trade reacting to positive GDP data. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 97.98 points or 0.3% at 33,247.33. The Nifty 50 index was up 31.45 points or 0.31% at 10,258.

The S&P BSE Mid-Cap index was up 0.86%. The S&P BSE Small-Cap index was up 0.96%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,441 shares rose and 329 shares fell. A total of 57 shares were unchanged.

Overseas, Asian stocks were trading with small gains buoyed by record highs in US equities. US stocks rallied yesterday, 30 November 2017 with the Dow finishing above 24,000 for the first time in history, as investors grew more optimistic about the prospects for a tax overhaul out of Washington.

Back home, Tata Motors (up 1.27%), ONGC (up 1.22%) and L&T (up 0.85%) edged higher from the Sensex pack.

Yes Bank rose 0.57% after the bank said that Moody's Investors Service has assigned a (P)Baa3 long-term senior unsecured rating to the bank's $1 billion medium-term note (MTN) program. Moody's has also assigned a (P)Baa3 rating on the senior unsecured MTN program and stable outlook to the bank's IFSC Banking unit branch in Gujarat International Finance Tec-City (GIFT city) in Gandhinagar, Gujarat. The announcement was made after market hours yesterday, 30 November 2017.

On the macro front, India's gross domestic product (GDP) growth recovered to 6.3% in quarter ended September 2017 from low of 5.7% recorded in the previous quarter ended June 2017. Quarterly GVA at basic price at constant (2011-12) prices improved 6.1% in Q2 of 2017-18, showing improvement in growth from 5.6% in Q1 of 2017-18. The GDP growth stood at 6% in April-September 2017, compared with 7.7% recorded in the corresponding period last year. The data was announced after market hours yesterday, 30 November 2017.

The Eight Core Industries comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP) recorded 4.7% growth in its output in October 2017 over October 2016. Its cumulative growth was 3.5% during April to October 2017-18. The data was announced after market hours yesterday, 30 November 2017.

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