Markets open firm on robust China data

Markets opened on a positive note this Monday on back of buying witnessed in metal and mining stocks after robust China’s manufacturing data.

At 9:20AM, the 30-share Sensex was up 103 points at 18,714  and the 50-share Nifty gained 20  points at 5,492 levels.

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

Domestically, investors were cautious on account of rupee concerns.

“How markets move now will be a function of the rupee. Until it finds a durable bottom, markets will continue to be volatile,” said Varun Goel, head of portfolio management services, Karvy Stock Broking.

Overseas investors have pulled out over Rs 2,000 crore from the Indian stock market last week.

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 0.2 per cent on the BSE.

The market breadth was positive. Out of 528 stocks traded, 396 stocks advanced while 107 stocks declined on the BSE.


RUPEE

The rupee dropped against the dollar in early trades. At 9:20AM, the partially convertible rupee was trading at 65.80 per dollar against the Friday’s close of 65.71 against the dollar on the Interbank Foreign Exchange.

GLOBAL MARKETS

Asian stocks rose for a third day, copper gained and the Australian dollar strengthened as Chinese manufacturing expanded. U.S. stock-index futures advanced and crude fell as prospects of an imminent strike on Syria faded.
Japan’s Nikkei rose 0.7% to 13,484, Singapore’s Straits Times gained 0.5% to 3,042, China’s Shanghai Composite index was down 0.4%  at 2,088 while Hong Kong’s Hang Seng rose 2 % to 22,132 today.


STOCK MOVERS

Domestically, among the key sectoral indices, PSU, FMCG, Capita l Goods, power, oil and gas gained while auto and IT lead the drop on the BSE.

The gainers included counters such as ONGC rising 2%, Tata Power gained 1.5%, Bharti Airtel added 1.3%, ICICI Bank gained 1.3% on the BSE.

The laggards were Infosys fell 1%, Dr Reddy’s declined 0.9%, Mahindra & Mahindra and Tata Motors were down 0.7% on the BSE.