Market gains in early trade

Key benchmark indices edged higher in early trade. At 9:15 IST, the barometer index, the S&P BSE Sensex rose 135.85 points or 0.42% at 32,408.46. The Nifty 50 index advanced 47.70 points or 0.47% at 10,133.10. Strong global cues lifted investors' spirits in opening trade.

The S&P BSE Mid-Cap index rose 0.78%. The S&P BSE Small-Cap index advanced 0.83%. Both these indices outperformed the Sensex.

Closer home, the breadth, indicating the overall health of the market, was strong. On the BSE, 973 shares rose and 181 shares declined. A total of 55 shares were unchanged.

Wipro fell 0.28% at Rs 284.95. The company announced plans to deliver the Wipro BoundaryLess Data Center (BLDC) solution built on Hewlett Packard Enterprise (HPE) ProLiant for Microsoft Azure Stack to help customers expand their infrastructure capabilities beyond the traditional walls of the enterprise datacenter. The announcement was made after market hours on Friday, 15 September 2017.

Dr. Reddy's Laboratories (DRL) was down 0.76% at Rs 2,193.45 after the company said that the audit of its API Mirfield plant, United Kingdom, by the US Food and Drug Administration (USFDA) was completed on Friday, 15 September 2017. The company has been issued a form 483 with three observations which it is addressing, DRL said. The announcement was made after market hours on Friday, 15 September 2017.

Axis Bank rose 0.69% at Rs 521.10. The bank said it has reviewed and decided to keep the marginal cost of funds based lending rate (MCLR) of the bank unchanged effective from 18 September 2017. The announcement was made after market hours on Friday, 15 September 2017.

Among economic data, India's merchandise exports increased 10.3% to $23.82 billion in August 2017 over a year ago. Meanwhile, merchandise imports jumped 21% to $35.46 billion. The trade deficit galloped 51.1% to $11.64 billion in August 2017 from $7.71 billion in August 2016, data released by the government after trading hours on Friday, 15 September 2017 showed.

As per the data released by the Reserve Bank of India, India's services exports increased 3.2% to $13.18 billion in July 2017 over July 2016. Meanwhile, India's services imports declined 1% to $7.33 billion in July 2017. India's services trade surplus improved 8.9% to $5.84 billion in July 2017 from $5.37 billion in July 2016.

Overseas, Asian stocks edged higher as investors anticipated clues on the direction of monetary policy from central banks later in the week. Japan markets are closed for a public holiday. US stocks rose to record levels on Friday, 15 September 2017. The Federal Reserve interest rate decision is scheduled on Wednesday, 20 September 2017.

Among global events, European Union economic and financial affairs ministers held an informal meeting in Tallinn, Estonia on Friday, 15 September 2017 and emphasized that the strength of the entire EU is dependent on the strength of the economic and monetary union. The implementation of the Greek programme and the third review dominated the meeting, noted Eurogroup president Jeroen Dijsselbloem at a press conference after the end of the meeting, as per reports.

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