Markets extended gains in the afternoon session this Monday on back of buying witnessed in metal and mining stocks after robust China’s manufacturing data.
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 market breadth was positive. Out of 2,168 stocks traded, 1,252 stocks advanced while 787 stocks declined on the BSE. RUPEE
The rupee dropped against the dollar in late trades. At 2PM, the partially convertible rupee was trading at 66.21 per dollar against the Friday’s close of 65.71 against the dollar on the Interbank Foreign Exchange.
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 1.3% to 13,572, Singapore’s Straits Times gained 0.8% to 3,053, 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 opened positive. 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.
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 4%, ITC rose 4.2%, Reliance Industries gained 2.7%, Jindal Steel added 2.6%, Hero MotoCorp gained 2.6%, ICICI Bank gained 2% on the BSE.
The laggards were NTPC falling 0.6%, Dr Reddy’s declined 0.5%, Mahindra & Mahindra and Tata Motors were down 2% and 0.7% on the BSE.
The key notable movers included counters such as Atul Auto has soared 9% to Rs 163 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 has rallied 6% to Rs 267, extending its Friday’s over 8% surge on inclusion in the MSCI India Index with effect from today.