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Markets firm after inline Q2 GDP

The Sensex rose 70 points to 19,241, while the Nifty-50 index gained 20 points to 5,844

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Indian shares traded firm in late morning trades after country's second quarter economic growth met the estimates coupled with reforms optimism after Congress-led UPA government agreed to a vote in parliament on allowing overseas inflows in the multi-brand retail.

At 11:20AM, the Bombay Stock Exchange's rose 70 points to 19,241, while National Stock Exchange's Nifty-50 index gained 20 points to 5,,844 in the late morning trades.

India's July-September GDP growth expanded at its three-year low of 5.3% compared to analysts estimate of 5.3-5.4% year-on-year and from 5.5% in the previous quarter. 

Meanwhile, investors were hopeful that the Parliament winter session will not be a washed-out and ongoing impasse will end soon leading to consensus building between government and opposition party on foreign direct investment in multi-brand retail among others.

Global risk appetite remained firm after House Speaker John Boehner, the top Republican in Congress, said he was optimistic that a budget deal to avoid fiscal cliff can be worked out and after Japan's industrial output unexpectedly rose for the first time in four months in October.

The Hang Seng rose 1% to 22,067, Straits Times rose 1% to 3,081, Nikkei rose 0.7% to 9,468 while Taiwan Weighted gained 1% to 7,572. 

MSCI's broadest index of Asia Pacific shares outside Japan rose 0.6% to 870.85 in Asian trades.

Back home, metals, power, capital goods and banks sectors were leading gains while auto and fast moving consumer goods led declines on BSE.

Among the key Sensex stocks, Sterlite Industries, Jindal Steel and Tata Steel gained nearly 2-3% while in capital goods space, Bharat Heavy Electricals was up 2.5% and Larsen & Toubro rose 0.2% on BSE. State Bank of India and ICICI Bank gained over 1% each.

The other notable stock movers include, Bharat Heavy Electricals Limited (BHEL) is trading higher by over 2% at Rs 227 on the NSE after the government said that state-run company is executing an order of Uttar Pradesh Rajya Vidyut Utpadan Nigam for two 500 units of Anpara thermal power station located in Sonebhadra district valued at Rs 3,395 crore.

Bharti Airtel Ltd, country's biggest mobile-phone operator, fell 2% after Supreme Court ordered CBI action against the company in matter of prosecution of the telecom companies and public servants mentioned in its report prepared by the outgoing director, AP Singh.

PVR Limited has rallied 8% to Rs 276, extending its previous day’s about 8% surge after the Delhi-based multiplex major said that it had entered into a “definitive agreement" with Cinemax India to acquire a 69.27% promoter’s stake in an all-cash deal worth Rs 395 crore. 

SKS Microfinance rose nearly 5% for the sixth day in a row and was locked in upper circuit at Rs 166 on the BSE, after the foreign institutional investors (FIIs) hike their stake in the company to record high of 31.77% in the July-September quarter. 

The BSE mid-cap and small-cap indices rose nearly 1% each.

The overall breadth is strong as 1,393 stocks have advanced while 999 stocks declined on the BSE.

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