Key benchmark indices were trading higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 36.66 points or 0.11% at 34,220.70. The Nifty 50 index was up 20.80 points or 0.20% at 10,513.65.
Among secondary barometers,the BSE Mid-Cap index was up 0.14%. The BSE Small-Cap index was up 0.35%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 809 shares rose and 354 shares fell. A total of 49 shares were unchanged.
India's Gross Domestic Product (GDP) growth further accelerated to 7.2% in Q3 December 2017, showing improvement from 6.5% growth in the preceding last quarter and 6.8% in the corresponding quarter last year. The GDP growth stood at 6.4% in April-December 2017, compared with 7.5% recorded in the corresponding period last year. The GDP growth estimate for 2017-18 has been revised upwards to 6.6% at second advances estimates level from 6.5% at first advance estimate level released in early January 2018.
Meanwhile, the output of eight core infrastructure sector comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP), improved to 6.7% in January 2018 over January 2017.
Overseas, most Asian stocks declined on the first trading day of the month, tracking overnight slide in US equities. Growth in China's manufacturing sector unexpectedly picked up to a six-month high in February. The Caixin/Markit Manufacturing Purchasing Manager's Index (PMI) edged up to 51.6 last month, from 51.5 in January. The 50-mark divides expansion from contraction on a monthly basis.
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US stocks ended lower on Wednesday, as Wall Street digested data that were seen as underlining the economy's robust health. Strong economy could warrant the Federal Reserve to turn more hawkish.
In the latest economic data, the pace of growth in the US economy was trimmed to 2.5% from 2.6% in the fourth quarter, largely because of a slower buildup in inventories of unsold goods.
Separately, the Chicago PMI came in at 61.9 in February. Pending-home sales fell 4.7% in January, the lowest reading since October 2014, and the biggest monthly decline since 2010.
Back home, MOIL was up 3.10%. The company said it hiked prices of various grade of Manganese Ore effective from 1 March 2018 on the existing prices prevailing since 1 January 2018. The prices of Ferro Grade, SMGR (Mn 30% & Mn 25%) and Chemical Grade have been increased by about 10%. The prices of Fines have been increased by about 5% and continued the discount at 10% on the basic price of fines namely BGF534, DBF487 and UKF532. The announcement was made after market hours yesterday, 28 February 2018.
Shriram Transport Finance Company was up 0.57%. The company said its debt issuance committee approved issuing rupee-denominated bonds under the Medium Term Notes Programme established on 22 February 2018 for an amount not exceeding Rs 5000 crore in one or more tranches and delegated necessary powers to the authorised officials of the company to issue Rupee Denominated Bonds subject to the favorable market conditions. The tenure of the instrument is upto seven years. The announcement was made after market hours yesterday, 28 February 2018.
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