Market edges higher in early trade

Domestic stocks drifted higher in early trade led by index heavyweights Reliance Industries and HDFC Bank. At 9:27 IST, the barometer index, the S&P BSE Sensex, was up 73.50 points or 0.23% at 31,775.75. The Nifty index was up 6.75 points or 0.07% at 9,919.60.

The S&P BSE Mid-Cap index was up 0.63%. The S&P BSE Small-Cap index was up 0.78%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,090 shares rose and 281 shares fell. A total of 53 shares were unchanged.

Overseas, Asian stocks were trading on a mixed note as traders awaited further developments on the North Korea front. US financial markets remained closed yesterday, 4 September 2017 in observance of Labor Day.

Back home, Asian Paints (up 1.31%), Tata Steel (up 1.16%) and ONGC (up 0.77%) edged higher from the Sensex pack.

Index heavyweight Reliance Industries gained 1.08% to Rs 1628.70.

Wipro fell 0.08%. The company announced the launch of its newest digital pod in Edinburgh, Scotland, deepening its commitment to offer digital services at close proximity to its UK and European customers. The announcement was made after market hours yesterday, 4 September 2017.

The Edinburgh Pod is purpose built for Wipro's digital strategy, design and engineering teams to work in a collaborative and adaptive workspace, along with clients. Digital pods allow teams to work with the necessary autonomy to facilitate speed, continually evaluating progress with user research and technical performance data.

Bank of Baroda rose 0.11%. The state-run bank said that Life Insurance Corporation of India sold 2.039% or 4.69 crore shares of the bank in the open market from 10 July 2017 to 1 September 2017. After the sale, LIC now holds 7.249% stake in the bank. The announcement was made after market hours yesterday, 4 September 2017.

On the macro front, Markit Economics will unveil the result of a monthly survey on the performance of India's services sector in August 2017 today, 5 September 2017.

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