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Key benchmark indices were trading firm in morning trade after an initial upmove. At 10:30 IST, the barometer index, the S&P BSE Sensex rose 220.26 points or 0.7% at 31,608.65. The Nifty 50 gained 75.65 points or 0.77% at 9,871.70. Cement stocks gained.

Domestic stocks saw a gap-up opening triggered by mostly positive Asian stocks.

The S&P BSE Mid-Cap index rose 1.15%. The S&P BSE Small-Cap index gained 1.36%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was quite strong. On the BSE, 1,634 shares rose and 393 shares fell. A total of 73 shares were unchanged.

HDFC (up 1.22%), Cipla (up 1.21%) and L&T (up 1.12%) edged higher from the Sensex pack.

Reliance Industries gained 1.14% after the company proposed to make an offer for issuance of non-convertible debentures (NCDs series B) (2nd tranche) on private placement basis on Friday, 1 September 2017 aggregating Rs 2500 crore, to be listed on the Stock Exchanges. The net proceeds of the issue will be utilised inter-alia for refinancing of existing borrowings and for any other purpose in the ordinary course of business. The announcement was made after market hours yesterday, 29 August 2017.

Cement stocks gained. Ambuja Cements (up 2%), ACC (up 1.42%), UltraTech Cement (up 1.29%) and Shree Cement (up 0.2%) gained.

Grasim Industries was up 3.32%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

Orbit Exports fell 3.19% to Rs 145.80 as the stock turned ex-dividend today, 30 August 2017, for final dividend of Rs 0.60 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 0.4% based on the closing price of Rs 150.60 on BSE yesterday, 29 August 2017.

Meanwhile, Ministry of Finance said that excluding the taxpayers who have registered with the GSTN in August 2017 and the composition dealers, total number of tax payers who were required to file the returns for July 2017 is 59.57 lakhs, of which, as on 29th August, 2017, 38.38 lakh returns have been filed, which is 64.42% of the total number of returns, which are to be filed for the month of July 2017. The Goods and Services Tax (GST) tax was introduced on 1st of July, 2017.

The total revenue of GST paid under different heads upto 29th August, 2017 is Rs 92283 crore. The total CGST revenue is Rs 14894 crore, SGST revenue is Rs 22722 crore, IGST revenue is Rs 47469 crore (of which IGST from imports is Rs 20964 crore) and cess is Rs 7198 crore (of which Rs 599 crore is compensation cess from imports).

Overseas, most Asian stocks gained after US President Donald Trump's measured response to North Korean missile launches and comments from Kim Jong Un suggested geopolitical tensions will ease off.

Japan's retail sales growth slowed in July as shoppers spent less on clothes and cars. Retail sales rose 1.9% in July from a year ago but still slower than a revised 2.2% increase in the year to May.

North Korea's latest missile launch jolted the US stock market yesterday, 29 August 2017, but major indexes pulled back from those early losses and mostly finished higher as the weakening dollar gave technology and industrial companies a boost. North Korea had fired a ballistic missile over Japan yesterday, 29 August 2017 in an act the latter called an unprecedented, grave and serious threat.

Consumers confidence in US strengthened in August to the second highest level since late 2000, a survey released showed. The consumer confidence index rose to 122.9, up from 120 in the prior month, the Conference Board said.

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