Market drifts higher in early trade

Benchmark indices traded higher with small gains in early trade. The Nifty hovered at 17,450 level. At 9:23 IST, the barometer index, the S&P BSE Sensex, rose 235.19 points or 0.4% at 58,696.79. The Nifty 50 index added 45.8 points or 0.26% at 17,447.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.45% while the S&P BSE Small-Cap index added 0.74%.

The market breadth was strong. On the BSE, 1,818 shares rose and 619 shares fell. A total of 88 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 909.71 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1372.65 crore in the Indian equity market on 2 December, provisional data showed.

Stocks in Spotlight:

Unichem Laboratories jumped 3.65% after the drug company secured ANDA approval from the USFDA for aripiprazole tablets. Aripiraprazole tablets are indicated for schizophrenia and irritability associated with autistic disorder. The product will be commercialized from Unichem Laboratories' Ghaziabad plant.

Punjab Alkalies & Chemicals gained 3.91% after the company approved sub-division of each equity share of face value of Rs 10 each into five equity shares of face value of Rs 2 each, subject to the approval of shareholders.

Tantia Construction was locked in a 5% upper circuit at Rs 14.94 after the company has received a letter of allotment for a bid value amounting to Rs 6.79 crore from Government of Tripura, against a contract work for 'construction of RCC Bridge (Length 140 m.) over river Manu on Sonaimuri-Telia road.

Global markets:

Asian markets were mixed on Friday, as investors continue to monitor the situation surrounding the omicron Covid variant.

In Japan, the final au Jibun Bank Japan Services Purchasing Managers' Index (PMI) rose to a seasonally adjusted 53.0 from the prior month's 50.7 and a 52.1 flash reading.

In US, futures on the Dow Jones Industrial Average shed about 107 points. The November jobs report is set for release Friday.

The three major US stock indices rebounded in Thursday's session. The Dow gained 617 points. The S&P 500 rose 1.4% and the Nasdaq Composite gained 0.8%.

On the data front, initial jobless claims climbed by 28,000 to 222,000 for the week ended 27 November, the Labor Department reported Thursday.

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