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Rediff.com  » Business » Sensex ends 260 points higher on China data

Sensex ends 260 points higher on China data

Last updated on: September 02, 2013 16:00 IST

The broader markets were firm with mid-caps and small-caps gaining 1-1.4 per cent on the BSE.


The 30-share Sensex gained 266.41 points to end at 18,886.13 and the 50-share Nifty added 78.95 points at 5,550.75 levels.

China’s economy is strengthening after a two-quarter slowdown, with a manufacturing gauge rising to a 16-month high in August.

Investors are now anxiously waiting for any fresh measures with Raghuram Rajan taking over the reins of RBI as the new governor on September 5.

The broader markets were firm with mid-caps and small-caps gaining 1-1.4 per cent on the BSE.

The market breadth was positive. Out of 2,400 stocks traded, 1,397 stocks advanced while 854 stocks declined on the BSE.

RUPEE

The rupee weakened marginally in early trade because of the weak GDP numbers that came in on Friday after market hours.

At 3:40PM, the partially convertible rupee was trading at 65.91 per dollar against the Friday’s close of 65.71 against the dollar on the Interbank Foreign Exchange.

The GDP for the first quarter stood at 4.4% compared with 4.8% for the fourth quarter of the previous fiscal.

GLOBAL MARKETS

Asian stocks rose for a third day, copper gained and the Australian dollar strengthened as Chinese manufacturing expanded. US stock-index futures advanced and crude fell as prospects of an imminent strike on Syria faded.

Japan’s Nikkei rose 1.3% to 13,572, Singapore’s Straits Times gained 0.8% to 3,055, China’s Shanghai Composite index was flat at 2,098 while Hong Kong’s Hang Seng rose 2 % to 22,175 today.

European markets also traded firm. France’s CAC gained 1.5% to 3,993, Germany’s DAX rose 1.5% to 8,225 while UK’s FTSE was up 1.2% to 6,495. US markets are shut today on account of Labor Day.

STOCK MOVERS

Domestically, all the key sectoral indices gained with PSU, FMCG, Capita l Goods, consumer durables, oil and gas and bankex leading the gain on the BSE.

The gainers included counters such as Tata Steel gaining 6%, ITC rose 3.2%, Reliance Industries gained 4%, Jindal Steel added 2.6%, Maruti Suzuki gained 4.6%, ICICI Bank gained 2% on the BSE.

The laggards were Tata Power falling 1.3%, HDFC Bank declined 1%, Mahindra & Mahindra and Hero MotoCorp were down 2% and 0.7% on the BSE.

The key notable movers included counters such as Tata Steel that surged nearly 5.6% on reports that the company is planning to raise domestic sales on hopes of higher demand post monsoon season.

Atul Auto soared 12% after reporting a 38% year-on-year (yoy) growth at 3,204 units for the month of August 2013. The country's fastest growing manufacturer of three wheeler had sold 2,322 units in the same month year ago.

Mahindra and Mahindra (M&M) Financial Services rallied 8%, extending its Friday’s over 8% surge on inclusion in the MSCI India Index with effect from today.

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