Key benchmark indices were trading higher in early trade, tracking positive Asian stocks. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 146.91 points or 0.42% at 35,466.26. The Nifty 50 index was up 33.35 points or 0.31% at 10,775.05.
The market breadth, indicating the overall health of the market, was strong. On BSE, 674 shares rose and 392 shares fell. A total of 44 shares were unchanged.
Overseas, Asian shares were trading higher, tracking Wall Street's advance as oil prices traded higher after touching multi-year highs overnight.
In US, the broader stock market rallied as sharp gains in energy, financials and technology stocks propelled the main benchmarks firmly higher.
On the data front, US wholesale prices rose a scant 0.1% in April to mark the smallest gain since the end of 2017, perhaps a sign inflationary pressures are leveling off after a prolonged upsurge. The 12-month rate of wholesale inflation slipped to 2.6% from 3%. The so-called core rate of wholesale inflation also increased 0.1%. The core rate is a closely watched category that excludes food, energy and retail-trade margins. The yearly rate of core inflation slipped to 2.5% from 2.9%.
Meanwhile, the US Energy Information Administration reported Wednesday that crude supplies fell by 2.2 million barrels for the week ended 4 May 2018. The decline followed back-to-back weekly increases.
Oil prices continued their move higher after touching multiyear highs overnight as investors digested the impact renewed US sanctions on Iran would have on oil supplies.
In the global commodities markets, Brent for July 2018 settlement was up 53 cents at $77.74 a barrel. The contract jumped $2.36 a barrel or 3.15% to settle at $77.21 a barrel during the previous trading session.
Back home, drug maker Cipla was up 0.54%. The company announced that it has entered into an exclusive marketing and distribution agreement with US-based MannKind Corporation for Afrezza in India. Afrezza is the only USFDA approved inhaled insulin available for patients suffering from diabetes. The announcement was made after market hours yesterday, 9 May 2018.
Afrezza, an inhaled insulin, is a cutting-edge product which will increase patient convenience, said Umang Vohra, MD & Global CEO, Cipla. The innovative drug delivery system will revolutionize the diabetic care in India.
Eicher Motors was up 1.38%. The company's consolidated net profit rose 0.45% to Rs 461.53 crore on 35.05% rise in total income to Rs 2709.21 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 9 May 2018.
Avanti Feeds was down 1.24%. The company's board of directors has approved a 2-for-1 stock split and a 1:2 bonus issue of shares. The announcement was made after market hours yesterday, 9 May 2018.
Hikal was down 1.18%. The company's board of directors has approved a 1:2 bonus issue of shares. The announcement was made after market hours yesterday, 9 May 2018.
Reliance Infrastructure was up 0.25%. The company has scheduled a board meeting on 14 May 2018 inter alia, to consider augmenting long term resources by issue of equity shares by way of rights issue and/or qualified institutions placement. The announcement was made after market hours yesterday, 9 May 2018.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)