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Markets edged higher in the morning session this Thursday on back of buying witnessed in metal stocks after China’s services industries jumped to a six-month high raising hopes that the world’s second-biggest economy will sustain a rebound after a two-quarter slowdown.
At 10:40AM, the 30-share Sensex gained 251 points at 19,769 and the 50-share Nifty rose 85 points at 5865 levels.
China’s non-manufacturing Purchasing Managers Index climbed in September to 55.4 from 53.9 in August, government data showed.
The broader markets traded higher with mid-caps and small-caps adding 1 per cent on the BSE.
The market breadth was positive. Out of 1,724 stocks traded, 1,182 stocks advanced while 457 stocks declined on the BSE.
RUPEE
Rupee rose to one-week high today after the current account deficit (CAD) for April-June quarter was in line with what the Street expected.
At 9:20AM, the partially convertible rupee was trading at 61.92 per dollar against the Tuesday’s close of 62.46 on the Interbank Foreign Exchange.
GLOBAL MARKETS
Asian stocks rose on robust China data and as investors watched for progress on ending a budget impasse that has shut down the U.S. government.
Japan’s Nikkei rose 0.2% to 14,196, Hong Kong’s Hang Seng gained 1% to 23,207 while Singapore’s Straits Times fell 0.2% at 3,146. Financial markets in China are closed for holidays until October 8. South Korea’s market is also closed today.
STOCK MOVERS
Domestically, the key sectoral gainers were metal, IT, auto, capital goods while FMCG sector declined on the BSE.
The laggards were HUL shedding 1.6%, ITC declined 0.6%, Bharti Airtel fell 0.2% on the BSE.
The gainers were TCS rising 3.7%, Sesa Sterlite added 3.4%, Wipro gained 3.2% while Mahindra & Mahindra rose 2.8% on the BSE.
