 "Markets trim gains; Coal India up 3%")
Markets continue to trade firm, but profit taking at higher levels capped further gains.
At 9:45AM, the 30-share Sensex was up 88 points 24,386 after hitting a high of 24,434 and the 50-share Nifty was up 22 points 7,275 after touching a high of 7,298 in early trades.
Asian shares were trading firm tracking overnight gains on Wall Street. Chinese shares also firmed up on encouraging factory data. The HSBC Flash China Manufacturing Purchasing Managers' Index (PMI) recovered to 49.7 in May from April's final reading of 48.1, beating a Reuters' poll forecast of 48.1. A weaker yen also helped boost sentiment for Japanese shares. The Nikkei was up 1.4%, Shanghai Composite gained 0.5%, Hang Seng rose 0.8% and Straits Times was up 0.2%.
The rupee firmed up against the US dollar tracking gains in equities. The currency was at Rs 58.56 compared to the previous close of Rs 58.77. On Wednesday, the rupee weakened for a second consecutive session, because of huge demand for dollars from importers and after foreign investors turned sellers of domestic shares for the first time in about a month.
BSE Consumer Durables index was the top gainer among the sectoral indices, up 7.5%, with gold-related stocks leading the gains. Metal, Auto, Realty, Bankex and Capital Goods indices were among the other gainers.
TCS and Reliance Industries were up 0.9-1.4% each, contributing the most to the Sensex gains. TCS gained after it won an order to conduct the Common Admission Test (CAT) for the Indian Institutes of Management (IIMs) from this year. CAT is the gateway for those wishing to study at the 13 IIMs and 150 other B-schools. Officials from IIMs said the five-year contract would be $5 million (about Rs 29 cr).
Coal India was up 3.3% on reports that Prime Minister-elect Narendra Modi is exploring the possibility of splitting the state-owned company and opening the sector to foreign investment to boost output and cut imports.
Bajaj Auto was up 2.5% afte the Egypt government lifted the ban on three-wheeler imports which was in effect since February. The ban was imposed with a view to promote the domestic manufacturing industry. Sources said that the Pune-based company which exports more than one-fourth of its total three-wheeler produce to the African nation will begin shipments of 5500 three-wheelers next month.
Among other shares, Jewellery makers have rallied by up to 20% after the Reserve Bank of India (RBI) eased gold import rules by allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.
Titan Company, Gitanjali Gems, PC Jeweller, Thangamayil Jewellery, Tribhovandas Bhimji Zaveri (TBZ), Renaissance Jewellery, Rajesh Exports and Shree Ganesh Jewellery House are up 5-20% each on the BSE.
In the broader market, the Mid-cap index was up 1.3% and Small-cap index was up 1.6%.
Market breadth was strong, with 1,469 gainers and 329 losers on the BSE.
At 9:45AM, the 30-share Sensex was up 88 points 24,386 after hitting a high of 24,434 and the 50-share Nifty was up 22 points 7,275 after touching a high of 7,298 in early trades.
Asian shares were trading firm tracking overnight gains on Wall Street. Chinese shares also firmed up on encouraging factory data. The HSBC Flash China Manufacturing Purchasing Managers' Index (PMI) recovered to 49.7 in May from April's final reading of 48.1, beating a Reuters' poll forecast of 48.1. A weaker yen also helped boost sentiment for Japanese shares. The Nikkei was up 1.4%, Shanghai Composite gained 0.5%, Hang Seng rose 0.8% and Straits Times was up 0.2%.
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Stocks on Wall Street surged 1%, rising to their highest level in a month, after the US Federal Reserve indicated that it would not hike policy rates soon. The Dow Jones ended up 0.8% at 16,374, S&P 500 gained 0.7% at 1,873 and the tech-laden Nasdaq added 0.7% at 4,097.
The rupee firmed up against the US dollar tracking gains in equities. The currency was at Rs 58.56 compared to the previous close of Rs 58.77. On Wednesday, the rupee weakened for a second consecutive session, because of huge demand for dollars from importers and after foreign investors turned sellers of domestic shares for the first time in about a month.
BSE Consumer Durables index was the top gainer among the sectoral indices, up 7.5%, with gold-related stocks leading the gains. Metal, Auto, Realty, Bankex and Capital Goods indices were among the other gainers.
TCS and Reliance Industries were up 0.9-1.4% each, contributing the most to the Sensex gains. TCS gained after it won an order to conduct the Common Admission Test (CAT) for the Indian Institutes of Management (IIMs) from this year. CAT is the gateway for those wishing to study at the 13 IIMs and 150 other B-schools. Officials from IIMs said the five-year contract would be $5 million (about Rs 29 cr).
Coal India was up 3.3% on reports that Prime Minister-elect Narendra Modi is exploring the possibility of splitting the state-owned company and opening the sector to foreign investment to boost output and cut imports.
Bajaj Auto was up 2.5% afte the Egypt government lifted the ban on three-wheeler imports which was in effect since February. The ban was imposed with a view to promote the domestic manufacturing industry. Sources said that the Pune-based company which exports more than one-fourth of its total three-wheeler produce to the African nation will begin shipments of 5500 three-wheelers next month.
Among other shares, Jewellery makers have rallied by up to 20% after the Reserve Bank of India (RBI) eased gold import rules by allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.
Titan Company, Gitanjali Gems, PC Jeweller, Thangamayil Jewellery, Tribhovandas Bhimji Zaveri (TBZ), Renaissance Jewellery, Rajesh Exports and Shree Ganesh Jewellery House are up 5-20% each on the BSE.
In the broader market, the Mid-cap index was up 1.3% and Small-cap index was up 1.6%.
Market breadth was strong, with 1,469 gainers and 329 losers on the BSE.