TCS was the top gainer in the Sensex pack, rising around 2 per cent, followed by ONGC, SBI, L&T, Infosys, HCL Tech, ICICI Bank and Axis Bank. The broader NSE Nifty surged hit a record high of 14,109.40.
The Nikkei India Manufacturing Purchasing Managers' Index (PMI) stood at 47.9 in July, down from 50.9 in June, its lowest mark since February 2009, and highlighted the first deterioration in business conditions in 2017 so far.
The NCEAR has indicated some improvement in the fourth quarter of the current financial year.
'The real lifting of the economy will happen only if this momentum sustains in the coming months.'
Maintaining a rapid pace of the vaccination drive and quickly bridging healthcare infrastructure gaps across both urban and rural areas would emerge as the most sustainable stimulus for durable recovery of the Indian economy, says a report by the department of economic affairs.
After contracting for 3 consecutive months, manufacturing activity saw an uptick in November, latest data from the HSBC Purchasing Managers' Index shows.
The upcoming corporate results season and the approaching Union Budget kept investors on their toes
The survey noted that advertising campaigns supported the increase in new work growth in the sector amid competitive pressures.
Titan was the top gainer in the Sensex pack, rising over 3 per cent, followed by M&M, Reliance Industries, Axis Bank, TCS, Maruti and Infosys. NSE Nifty surged 122.10 points to 15,885.15.
ICICI Bank was the top loser in the Sensex pack, shedding around 2 per cent, followed by Bharti Airtel, Axis Bank, Kotak Bank and PowerGrid. NSE Nifty closed 7.55 points or 0.07 per cent down at 11,527.45.
HDFC Bank, ICICI Bank, HDFC and SBI contributed the most to the gains in the Sensex up between 2-3% each.
The Nikkei India Services PMI posted above the critical 50.0 level, which separates growth from contraction, for the fourth month running in May.
'The question is, how soon we can expect to re-attain the pre-lockdown levels of output and income.'
The HSBC Emerging Markets Index, a monthly indicator derived from the PMI surveys stood at 52.6 in March, little unchanged from the February reading when it stood at 52.4, indicating a subdued rate of economic growth in global emerging markets.
It indicates that the economy has remained frail at the start of the new fiscal year.
Inflation in India probably edged up in October as food prices climbed while weak demand is expected to have hurt factory output growth.
Investments through participatory notes (P-notes) in the Indian capital market surged to a 27-month high of Rs 83,114 crore at November-end driven by continued liquidity and improvement in second quarter corporate earnings. P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process. According to Securities and Exchange Board of India (Sebi) data, the value of P-note investments in Indian markets -- equity, debt and hybrid securities -- increased to Rs 83,114 crore at November-end from Rs 78,686 crore at October-end.
Earnings growth is unlikely to see much recovery and sales revenues are also likely to remain muted
Forex traders said a stronger dollar also dragged the rupee down.
The index has remained above the 50-mark, below which it indicates contraction, for more than three years now.
Sentiments turned somewhat weak towards the middle of the session as profit-booking emerged as investors turned cautious on disappointing quarterly earnings by some bluechip companies
Business confidence remained positive in August and was driven by upbeat forecasts of sales, an expected improvement in demand and promotional activities
Leading indicators suggest economic activity has been disrupted after demonetisation.
The Chinese economy is headed for troubled waters, with its manufacturing sector shrinking in November for the first time in nearly three years, in a fresh sign of a further economic slowdown that may prompt it to loosen its monetary policy.
India's services sector activity expanded at a slower pace in December as rates of growth in sales eased to a three-month low and staff hiring came to a halt amid weak business optimism, a monthly survey said on Wednesday. The seasonally adjusted India Services Business Activity Index fell from 53.7 in November to 52.3 in December. The index was above the critical 50 mark that separates growth from contraction for the third month in a row during December, but pointed to the slowest pace of expansion in the three-month sequence.
RBI policy, macro data, company earnings to decide market course this week: Experts
On the macroeconomic data front, PMI data on manufacturing and services sector will also influence trading
The S&P BSE Sensex shed 112 points to close at 27,167 and the Nifty50 dropped 35 points to finish at 8,336.
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The HSBC Emerging Markets Index, a monthly indicator derived from the PMI surveys, continued its upward trajectory in November on the back of faster manufacturing growth.
Factory growth picked up in May.
The breadth, indicating strength of the market was strong
Sluggish rise in new business inflows and a cautious approach to costs reportedly led Indian manufacturers to shed jobs in September.
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices added 0.6% and 1.3%, respectively to touch their fresh lifetime highs.
Chinese shares opened lower, with the Shanghai Composite Index down 1.8% and the CSI300 index down 2.2%.
The Nikkei India Manufacturing PMI dipped from 50.3 in November to 49.1 in December.
The recovery in the Indian services sector was sustained in November as new work orders supported business activity growth and the first rise in employment in nine months, a monthly survey said on Thursday.
The S&P BSE Sensex gained 122 points to end at 26,525.
The HSBC Emerging Markets Index, a monthly indicator derived from the PMI surveys, remained only just above the neutral threshold of 50.0 in September, signalling muted output growth in emerging markets.
The Nikkei Markit India Manufacturing Purchasing Managers' Index (PMI) -- an indicator of manufacturing activity -- declined from 52.5 in April to a three-month low of 51.6 in May.
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