Market trades higher; breadth positive

Key benchmark indices were trading higher in early trade. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 91.71 points or 0.24% at 39,073.14. The Nifty 50 index was up 23.30 points or 0.20% at 11,748.05.

Among secondary barometers,the BSE Mid-Cap index was up 0.32%. The BSE Small-Cap index was up 0.28%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 589 shares rose and 315 shares fell. A total of 42 shares were unchanged.

Overseas, most Asian shares slipped following losses in US shares overnight. Markets in Japan and China are closed for holidays. Investors await US nonfarm payrolls set to be released later on Friday.

In US, stocks ended lower on Thursday, marking a second straight loss for the S&P and Dow, as equity investors hopeful of further policy easing remain disappointed with the Federal Reserve's Wednesday meeting.

Back home, Tata Motors was up 0.41%. The company's commercial and passenger vehicles business sales in the domestic market in April 2019 at 42,577 units witnessed a drop of 20%, as against 53,511 units sold in April 2018, as weak consumer sentiments continued. The announcement was made after market hours yesterday, 2 May 2019.

Tata Power Company was up 0.67%. The company's consolidated net profit dropped 95.94% to Rs 57.58 crore on 9.26% fall in total income to Rs 7992.89 crore in Q4 March 2019 over Q4 March 2018. The announcement was made after market hours yesterday, 2 May 2019.

National Fertiliser was up 0.83%. The company's net profit rose 19.5% to Rs 80.88 crore on 46.07% rise in total income to Rs 3102.25 crore in Q4 March 2019 over Q4 March 2018. The announcement was made after market hours yesterday, 2 May 2019.

Sunteck Realty was up 1.21%. The company's net profit dropped 40.78% to Rs 24.18 crore on 7.84% fall in total income to Rs 67.25 crore in Q4 March 2019 over Q4 March 2018. The announcement was made after market hours yesterday, 2 May 2019.

Laurus Labs was down 0.86%. The company's consolidated net profit dropped 4.21% to Rs 43.18 crore on 12.64% rise in total income to Rs 636.78 crore in Q4 March 2019 over Q4 March 2018. The announcement was made after market hours yesterday, 2 May 2019.

On the economic front, India's unemployment rate in April rose to 7.6%, the highest since October 2016, and up from 6.71% in March, according to data compiled by the Centre for Monitoring Indian Economy (CMIE) released late on Wednesday.

Meanwhile, India's economy slowed down slightly in the last fiscal due to declining growth in private consumption, slow increase in fixed investment and muted exports though it is still fastest growing major economy, said the Finance Ministry's monthly report. It further said there is slowdown of growth in agriculture and sustained growth in industry as well as some challenges.

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