Key benchmark indices were trading higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 92.81 points or 0.26% at 35,353.35. The Nifty 50 index was up 22.65 points or 0.21% at 10,639.35. Sentiment was boosted by hopes of a halt in the China-US trade conflicts.

Among secondary barometers, the BSE Mid-Cap index was up 0.10%. The BSE Small-Cap index was up 0.07%.

The market breadth, indicating the overall health of the market, was positive. On BSE, 558 shares rose and 388 shares fell. A total of 40 shares were unchanged.

Overseas, Asian shares were mixed amid fresh uncertainties emerging from the UK overnight after multiple important ministers resigned from Prime Minister Theresa May's government.

The UK was thrust into political turmoil on Thursday following a spate of resignations from Prime Minister Theresa May's government, including Brexit Secretary Dominic Raab, who said he could not accept the deal after the promises the ruling Conservative Party made to the country in an election manifesto last year.

US stocks snapped a multi-day skid, finishing higher on Thursday buoyed by renewed hopes the US and China can strike a compromise on trade. Cautious optimism took hold following a report that the US may back off from its belligerent stance against China on trade while solid economic data offset underwhelming earnings from Walmart Inc.

A media report suggested that the US and China may step up efforts to resolve their trade conflict, starting with postponing higher tariffs and allowing working level negotiators to iron out a deal.

On the US data front, first-time jobless claims for the week ending 10 November 2018 rose 2,000 to 216,000 in the week ended 10 November 2018. The Philly Fed index dropped 9.3 points to 12.9, a three-month low. The Empire State index rose 2.2 points to 23.3 in November.

Back home, Lemon Tree Hotels was up 0.21%. The company said that the company has signed a License Agreement for a 76 room property located at Bhubaneswar, Odisha under the company's brand 'Lemon Tree Premier'. The hotel is expected to be operational by March, 2020. The announcement was made after market hours yesterday, 15 November 2018.

Kotak Mahindra Bank was up 0.55%. ING Mauritius Investments sold 1.27 crore shares of Kotak Mahindra Bank at Rs 1,130 per share in a bulk deal on NSE yesterday, 15 November 2018.

Tata Sponge Iron was up 1.59%. The board of directors of Tata Sponge Iron approved the issuance of non-convertible redeemable preference shares (NCRPS) on a private placement basis to Tata Steel, the promoter of the company for an amount not exceeding Rs 1000 crore. Further, for the purpose of giving effect to the issue of NCRPS, the board had authorized the committee of the board to, inter alia, decide the terms and conditions of the issue (including the issue price, timing of the Issue and other related matters). The announcement was made after market hours yesterday, 15 November 2018.

Venus Remedies was up 17%. The company announced positive Top-Line results in the Phase-3 Clinical Trials for its flagship product ELORES. Elores is a novel, patented critical care antibiotic combination targeting unmet medical needs in Antimicrobial Resistance (AMR) space. The announcement was made after market hours yesterday, 15 November 2018.

On the economic front, India's exports rose by 17.86% to $26.98 billion in October mainly due to the low base effect even as trade deficit widened to $17.13 billion, according to the commerce ministry data. Imports during October also rose by 17.62% to $44.11 billion, leading to widening of trade deficit to $17.13 billion. The deficit widened despite a steep decline of 42.9% in gold imports to $1.68 billion during the month under review. The trade gap was $14.61 billion in October 2017.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 2043.06 crore on 15 November 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 165.31 crore on 15 November 2018, as per provisional data.