Market drifts higher in early trade on positive Asian stocks

Trading for the week kicked-off on a positive note as domestic stocks drifted higher in early trade in sync with Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 57.19 points or 0.18% at 32,382.60. The Nifty index was up 18.55 points or 0.18% at 10,084.95

The S&P BSE Mid-Cap index was up 0.6%. The S&P BSE Small-Cap index was up 0.67%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,106 shares rose and 513 shares fell. A total of 76 shares were unchanged.

Overseas, Asian markets were trading higher tracking the gains in the US stocks over the weekend. US stocks gained on Friday, 4 August 2017 after hiring data from last month came in stronger than forecast, underpinning the case for tighter monetary policy.

Back home, Tata Steel gained 2.89% ahead of its Q1 result today, 7 August 2017.

IndusInd Bank slipped 0.29%. IndusInd Bank said it has recently inaugurated its first branch in Faridkot, Punjab. With the inauguration of this branch, the bank now has 101 branches in the state of Punjab. The announcement was made after market hours on Friday, 4 August 2017.

Wipro fell 0.33%. Wipro announced the availability of Data Discovery Platform, its big data analytics-as-a-service solution on Microsoft Azure. The solution accelerates insight-driven decision making through pre-built applications for specific industries, such as banking and financial services, retail, energy, education and manufacturing. The announcement was made before market hours today, 7 August 2017.

Maruti Suzuki India rose 0.74% after the company announced that its total production rose 14.78% to 1.56 lakh units in July 2017 over July 2016. The announcement was made after market hours on Friday, 4 August 2017.

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