Market slightly higher in early trade

Stocks drifted higher in early trade as buying resumed in index pivotals after recent slide. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 21.18 points or 0.06% at 38,039.49. The Nifty 50 index was up 7.85 points or 0.07% at 11,484.80.

The S&P BSE Mid-Cap index was up 0.2%. The S&P BSE Small-Cap index was up 0.23%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 847 shares rose and 376 shares fell. A total of 45 shares were unchanged.

Overseas, most Asian stocks were trading lower amid ongoing trade-related concerns. US stocks closed mostly lower Wednesday as tech stocks dropped after Facebook Inc. and Twitter Inc. executives testified on Capitol Hill about online misinformation.

The US and Canada are reportedly set to restart high-stakes efforts to resolve differences as they work toward recasting the North American Free Trade Agreement.

On the US data front, the trade deficit jumped almost 10% in July, hitting the highest level in five months and keeping the US on pace to record the largest annual gap in a decade.

Back home, Aurobindo Pharma gained 2.47% after the company announced the signing of a definitive agreement to acquire certain assets from Sandoz Inc., USA (Sandoz), a Novartis division, comprising a market leading dermatology business and a portfolio of oral solid products along with commercial and manufacturing infrastructure in the US. The announcement was made before trading hours today, 6 September 2018.

Bharti Infratel rose 0.21% after the company announced that subsequent to completion of Vodafone-Idea merger and their scheme becoming effective from 31 August 2018, Bharti Infratel (the company) and Indus Towers where the company holds 42% equity, have received exit notices, which would result in exit of 27,447 co-locations for the company on a consolidated basis. The announcement was made after trading hours yesterday, 5 September 2018.

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