Indian stock markets are trading higher for the eight consecutive day with Nifty above 12700. In early trade, the Sensex was up 0.40% or 173 at 43450.82, while Nifty traded up 55.30 points or 0.44% at 12686.40. Broader markets also outperformed with gains of over 1% on Nifty Midcap 100. Early gains have been spurred primarily due to the upside in auto and pharma stock.
Early Nifty gainers in trade today have been GAIL, M&M, Hero MotoCorp, Kotak Mahindra Bank and Cipla. While losers have been primarily from the banking and financial space led by IndusInd Bank, HUL, Bajaj Finserv, Tech Mahindra and ICICI Bank.
Shares in State Bank of India have been trading in the green in early deal by over 1.5% as the bank's board has given approval for divesting more than 8.5 percent in UTI Trustee Company.
Shares in NMDC have been trading week by over 3% despite the company announcing the consideration of buyback offer.
In the previous session, FIIs have been net buyers to the tune of Rs. 5627 crore in the Indian markets.
Meanwhile, Asian markets in line with overnight mixed session in the US markets were trading mixed with Japan's Nikkei up by over 1% while Singapore's Straits Times and Hong Kong Hang Seng down in trade.