Key benchmark indices edged higher in early trade shrugging off mostly lower Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex was up 38.07 points or 0.12% at 31,283.63. The Nifty 50 index was up 9.95 points or 0.1% at 9,647.55.
The S&P BSE Mid-Cap index rose 0.51%. The S&P BSE Small-Cap index gained 0.54%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,018 shares gained and 328 shares fell. A total of 55 shares were unchanged.
Lupin (up 1.63%), ITC (up 0.65%) and Asian Paints (up 0.62%) edged higher from the Sensex pack.
IRB Infrastructure Developers gained 1.03% after the company said that its special purpose vehicle (SPV) has successfully achieved financial closure for its Udaipur-Gujarat Border 6 laning BOT (build-operate-transfer) project. The announcement was made after market hours yesterday, 5 July 2017.
Cyient rose 0.41% after the company announced that it has signed a non-exclusive business alliance agreement with Kii Corporation, a leading Internet of Things (IoT) solutions enablement platform provider, to explore, bid and address business opportunities around smart city deployments. The announcement was made after market hours yesterday, 5 July 2017.
Overseas, most Asian stocks declined after underwhelming overnight moves in the US, as investors adopted a collective wait-and-see attitude. Market participants are especially concerned about the repercussions of North Korea's missile launch earlier this week, in addition to a Group of 20 meeting in Germany and Friday's US jobs report.
In the US, the Nasdaq Composite Index and S&P 500 index finished higher while the Dow Jones Industrials Average closed fractionally lower yesterday, 5 July 2017, as Federal Reserve policy meeting minutes indicated a reduction in the central bank's economy-boosting balance sheet could begin soon, and technology stocks rallied amid a disappointing manufacturing report and a tumble in crude futures.
In minutes released from the Fed's June meeting, several members showed they're in favor of starting a reduction of the central bank's $4.5 trillion balance sheet. The minutes also showed that officials are divided on unemployment figures.
New orders for US-made goods fell more than expected in May. Factory goods orders dropped 0.8%, the Commerce Department said after a revised 0.3% decline in April. It was the second straight monthly decrease in orders.
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