Key benchmark indices were trading higher in early trade. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 90.25 points or 0.24% at 37,503.38. The Nifty 50 index was up 15.25 points or 0.14% at 11,302.75. Gains were triggered by bargain hunting after the market witnessed steep losses in the past few sessions.
The market breadth, indicating the overall health of the market, was positive. On BSE, 533 shares rose and 436 shares fell. A total of 38 shares were unchanged.
Overseas, Asian stocks fell on Wednesday, as investor confidence was chilled by the latest round of verbal threats in an intensifying US-China trade conflict. China will seek permission from the World Trade Organization (WTO) to impose sanctions on the US next week, according to the WTO's meeting agenda. China will seek authorization at a special meeting of the WTO's Dispute Settlement Body on Friday, 21 September 2018.
The request comes at a time of escalating trade tensions between the world's two largest economies, with US President Donald Trump saying last week he was "ready to go" on tariffs for another $267 billion on Chinese goods "if he wants." That would follow planned charges on $200 billion of Chinese goods in several industries, including technology. Beijing has vowed to retaliate if the US takes any new steps on trade.
US stocks shrugged off a wobbly start to close higher Tuesday, with the Dow climbing by triple digits, as energy and telecommunications rallied. However, trade worries were simmering below the surface as investors continued to watch the situation between the US and China.
On the data front, small-business sentiment climbed to a record in August, according to the National Federation of Independent Business. Separately, the number of job openings in the US climbed to a record 6.94 million in July while the US budget deficit in August was $211 billion, nearly double the gap during the year-ago period.
Meanwhile, the US budget deficit in August was $211 billion, nearly double the gap during the year-ago month, the Congressional Budget Office estimated late Monday.
Back home, Cipla was down 0.53%. The company said it received approval for its HIV treatment combination medicine 'TLD' from the South African Health Products Regulatory Authority (SAHPRA). The drug will be manufactured at Cipla's facilities in Durban and Uganda. The announcement was made after market hours yesterday, 11 September 2018.
Sun Pharmaceutical Industries was down 0.75%. With reference to the media report, "Sun Pharma's Mohali plant on FDA radar", the drug major clarified that the US Food and Drug Administration (USFDA) is conducting an inspection of the company's Mohali facility (Punjab, India). The inspection started yesterday, 10 September 2018 and is ongoing. The clarification was issued after market hours yesterday, 11 September 2018.
Wipro was up 0.82%. Wipro and Duck Creek Technologies, the P&C insurance industry's leading Saas software provider, announced a relationship whereby Wipro will offer a broad array of implementation services and related software and data solutions for its insurance industry customers around the world. Wipro will offer systems integration, configuration, and support services for the Duck Creek Platform, which includes solutions for policy, rating, billing, claims, data insights, and digital engagement. Together, Wipro and Duck Creek will help insurers meet rapidly evolving consumer expectations in their digital transformation journey. The announcement was made after market hours yesterday, 11 September 2018.
Redington (India) was up 0.63%. The company announced that a meeting of the board of directors of the company is fixed on 17 September 2018 in Chennai, to consider a proposal to buyback the fully paid-up equity shares of the company. The announcement was made after market hours yesterday, 11 September 2018.
Godrej Agrovet was up 2.60%. The company announced that the meeting of the board of directors of the company is scheduled on 14 September 2018, to consider and approve scheme of amalgamation of Astec LifeSciences, a subsidiary of the company, with the company and also to discuss on business strategies. The announcement was made after market hours yesterday, 11 September 2018.
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