 "HCL Tech cracks 9% in a firm market; China PMI at 2-month low")
Markets have trimmed gains but continue to trade firm amid a rally in the global stocks. Meanwhile, upbeat domestic macroeconomic data has aided the sentiments of the market participants. Buying in the defensive pocket has contributed the most to the rise in the Sensex while losses in the rate sensitives are capping the upside.
By 10:30 am, the Sensex was higher by 147 points at 26,302 and the Nifty has gained 27 points at 7,976.
Top 5 gainers on the Sensex are Infosys, Sun Pharma, Wipro, Lupin and Hindalco up between 1-2.7%. On the flip side, Tata Motors, Maruti Suzuki, BHEL, ICICI Bank and HDFC are down between 0.5-1.5%.
China's manufacturing sector shrank in the month of September, according to two separate reports on Thursday.
The government's official gauge of factory activity improved with the manufacturing PMI rising to 49.8, up from August's three-year low of 49.7 but still marking two straight months of decline. Meanwhile, a private survey by Caixin/Markit revealed PMI fell to a fresh six-and-a-half year low of 47.2, ticking down from August's reading of 47.3 but still better than an earlier flash estimate of 47.
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(updated at 10:30 AM)
Markets have extended gains for third straight day and are trading firm in the opening trades tracking strong global cues. Buying among defensive shares and financials are also helping the benchmark indices to gain ground.
By 9:35, the Sensex was higher by 244.38 points at 26,399.21 and the Nifty has gained 50.45 points at 7,999.35.
The broader markers are performing in line with the benchmark indices- BSE Midcap and Smallcap indices are up almost 1% each. Market breadth is positive on the BSE with 1,012 advances and 311 declines.
Favourable macro-economic numbers back home has also cheered the mood of the investors.
Indian stock markets will remain closed on tomorrow, 2 October 2015, on account of Gandhi Jayanti.
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KEY MACRO DATA
India's annual infrastructure output growth picked up in August to 2.6% from a year ago, mainly driven by higher cement and electricity generation, government data showed on Wednesday.
India's fiscal deficit for April-August was Rs 3.69 lakh crore, or 66.5 per cent of the full-year target of Rs 5.56 lakh crore. The fiscal deficit was Rs 3.98 lakh crore in the same period a year ago, about 75 per cent of the FY15 target.
GLOBAL MARKETS
Asian stocks edged up on Thursday as global equities found breathing space after their worst quarter in four years, although caution over China Purchasing Managers' Indexes due later in the session limited gains.
Stocks in Asia took heart from an overnight rally on Wall Street, where the S&P 500 gained 1.3% and the Dow rose 1% as bargain hunters scooped up beaten-down shares.
China's official manufacturing PMI due at 0100 GMT is expected to show factory activity shrank for a second straight month in September. This news will be followed by the final readings of September's Caixin/Markit manufacturing and services PMIs at 0145 GMT.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%. Australian shares were 0.8% higher. Japan's Nikkei took a lacklustre central bank "tankan" survey on business sentiment in stride and climbed 0.2%.
Chinese financial markets will not have an immediate chance to react to the PMIs as they are closed Oct.1 to Oct.7 for national holidays.
SECTORS & STOCKS
BSE Healthcare index has surged over 1% followed by counters like FMCG, Banks, Capital Goods, Oil & Gas and Power, all gaining by almost 1% each. However, BSE Consumer Durables index has plunged by over 1%.
The top gainers from the Sensex pack are Infosys, Sun Pharma, GAIL, Lupin, Tata Steel, SBI and Hindalco.
The government on Wednesday announced an 18% reduction in the price of domestic natural gas to $3.82 per unit from $4.66 a unit, in line with the decline in the global gas prices.
On the losing side, Tata Motors, BHEL, Maruti Suzuki and Bharti Airtel have slipped between 0.4-1%.
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With Reuters input