Key benchmark indices pared gains after starting on a strong note triggered by firm Asian stocks. The S&P BSE Sensex was up 92.22 points or 0.47%, off close to 60 points from the day's high and up about 10 points from the day's low. The market breadth, indicating the overall health of the market, was strong. Bank stocks lead initial gains. Capital goods stocks edged higher on renewed buying.
Asian stocks edged higher on Monday after a report showed the US added more workers than expected.
Foreign institutional investors (FIIs) bought shares worth a net Rs 157.90 crore on Friday, 7 June 2013, as per provisional data from the stock exchanges.
At 9:30 IST, the S&P BSE Sensex was up 92.22 points or 0.47% to 19,521.45. The index rose 156.52 points at the day's high of 19,585.75 in early trade. The index gained 83.72 points at the day's low of 19,512.95 in early trade.
The CNX Nifty was up 32.15 points or 0.55% to 5,913.15. The index hit a high of 5,931.65 in intraday trade. The index hit a low of 5,907.65 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 597 shares rose and 162 shares fell. A total of 23 shares were unchanged.
Among the 30-share Sensex pack, 29 stocks rose and only one of them fell. Wipro, Tata Steel and M&M gained by 1.03% to 1.21%.
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Bank stocks lead initial gains. State Bank of India (SBI), ICICI Bank and HDFC Bank rose by 0.93% to 1.17%.
Capital goods stocks edged higher on renewed buying. L&T, Siemens and Bhel rose by 0.83% to 1.03%.
On political front, Narendra Modi was selected on Sunday to head the opposition's campaign in India's coming election amid rifts within the Hindu nationalist Bharatiya Janata Party (BJP). Several senior leaders of BJP stayed away from the meeting at which Modi was appointed as standard-bearer for elections due by next May, a position that could make him the party's candidate for Prime Minister.
Most Asian stocks edged higher on Monday after a report showed the US added more workers than expected. Key benchmark indices in Hong Kong, Japan, Singapore, Taiwan and South Korea rose by 0.44% to 3.38%. Indonesia's Jakarta Composite fell 1.27%. Mainland Chinese markets are closed from today, 10 June 2013 to Wednesday, 12 June 2013, for the Dragon Boat Festival.
China's trade, inflation and lending data for May announced over the weekend all trailed estimates, signaling weaker global and domestic demand. Industrial production rose a less-than-forecast 9.2% from a year earlier and factory-gate prices fell for a 15th month. Export gains were at a 10-month low and imports dropped after a crackdown on fake trade invoices while fixed-asset investment growth slowed and new yuan loans declined.
Japan's economy grew more than the government initially estimated in the first quarter, helping Prime Minister Shinzo Abe to sustain confidence in his campaign to defeat deflation. Gross domestic product expanded an annualized 4.1%, compared with a preliminary calculation of 3.5%, the Cabinet Office said in Tokyo today.
US stocks rose on Friday after US jobs data eased investors' worries that the Federal Reserve may be reducing its stimulus program in the near future. The Labor Department's data showed job gains of 175,000 in May, slightly above the economists' forecast, while the US unemployment rate increased to 7.6% last month from 7.5% in April.
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