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Markets continued its uptick in noon trades after the US Govt directed all government agencies to shut down late Monday after Congress failed to find a compromise on a government spending bill.
Market edged higher on hope that US will continue its monthly bond-buying program at its current pace, as economic activity is likely to take a hit post government shutdown amid fiscal uncertainty.
At 1:05PM, the 30-share Sensex was up 116 points at 19,497 and the 50-share Nifty was up 33 points at 5,768.
Shares in Indonesia jumped 1% while much of Asian markets barring Hong Kong continued to trade in the green-zone. Most Asian markets continued to trade firm with Shanghai Composite, Nikkei and Straits Times up between 0.2-0.6% each while Hong Kong's Hang Seng was down 1.5 peecent.
The economy will grow at more than 5% in the current financial year ending in March 2014, Economic Affairs Secretary Arvind Mayaram said on Tuesday. He also ruled out any major impact of US govenment shutdown on India's economy.
The PMI for manufacturing, although marginally up from the previous month, stood at 49.6 points in September from 48.5 points in August, indicating moderate contraction in the sector
The rupee continues to trade with gains due to selling by foreign banks. The pair has been largely range bound in the session in the 62.3150-62.59 band, last at 62.35/36. It closed at 62.60/61 on Monday. State-run dealer says selling seen ahead of RBI reference rate fixing, but the pair is likely to remain biddish with 62.20-62.90 range for the day.
Capital goods, auto and banks continued to remain the top performers among the sectoral indices on the BSE, up more than 1% followed by realty, Healthcare, IT and Consumer Durables are other gainers. Meanwhile, Metal, FMCG, Oil and Gas and power indices were among the top losers.
In the broader market the mid-cap and small-cap indices were trading marginally higher.
Market breadth was positive with 906 gainers and 666 losers on the BSE
Cooper Tire and Rubber Co shareholders have approved the U.S. company’s $2.5 billion sale to Apollo Tyres, clearing a major step for the creation of the world's seventh biggest tyre maker. Shares of Apollo tyres were seen trading lower slumped 2% currently at Rs.65.35.
TVS motors jumped 6 percent after the company reported a 16% growth in sales during the month of September at 197,409 units compared to 170,097 units registered in September 2012.
Country's largest car-maker Maruti Suzuki India (MSI) today reported 11.7 percent increase in total sales in September at 1,04,964 units as against 93,988 units in the same month last year. Shares of the automaker are trading higher by 2 percent at Rs 1,387.05 in afternoon deals at the NSE.
