Key benchmark indices hovered near intraday high in mid-afternoon trade as firmness in global stocks boosted sentiment. Global stock markets gained after a gauge of China's manufacturing rose to a 16-month high, boosting investor confidence in the global economic recovery. China is the World's second largest economy after the US. Most bank stocks gained. IT major TCS scaled record high. Index heavyweight and cigarette maker ITC extended intraday gain.
The Sensex was up 267.73 points or 1.44%, up close to 210 points from the day's low and off about 50 points from the day's high. The market breadth, indicating the overall health of the market, was strong. All the thirteen sectoral indices on BSE were in the green.
The market surged in early trade. It held firm in morning trade. It continued to hover in positive terrain in mid-morning trade. It extended gains and hit fresh intraday high in early afternoon trade. It hit fresh intraday high in afternoon trade. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, hit highest level in over two weeks. It hovered near intraday high in mid-afternoon trade.
At 14:20 IST, the S&P BSE Sensex was up 267.73 points or 1.44% to 18,887.45. The index rose 321.77 points at the day's high of 18,941.49 in afternoon trade, its highest level since 16 August 2013. The index gained 59.21 points at the day's low of 18,678.93 in early trade.
The CNX Nifty was up 72.05 points or 1.32% to 5,543.85. The index hit a high of 5,564.90 in intraday trade, its highest level since 16 August 2013. The index hit a low of 5,478.85 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,248 shares rose and 796 shares fell. A total of 123 shares were unchanged.
More From This Section
Among the 30-share Sensex pack, 24 stocks rose and rest of them fell. Tata Steel (up 4.65%), Coal India (up 3.07%), and Maruti Suzuki India (up 2.89%), edged higher from the Sensex pack.
Index heavyweight and cigarette maker ITC rose 4.5%, with the stock extending intraday gain.
IT major, TCS rose 0.83% to Rs 2040 after hitting a record high of Rs 2054 in intraday trade.
Most bank stocks gained. ICICI Bank rose 2.53%. HDFC Bank fell 0.47%.
State Bank of India (SBI) rose 0.63%. The bank on 29 August 2013, that the interest rate for bulk deposits for the tenors 7 days to 60 days will be 9% per annum and for the tenor 61 days to less than one year will be 8.25% per annum with effect from 31 August 2013.
Among other PSU bank stocks, Canara Bank, Union Bank of India, Bank of India, Bank of Baroda and Punjab National Bank gained by 0.63% to 5.12%.
Mangalore Refinery and Petrochemicals rose 1.62% after the firm said that Ratna puja carrying 87,610.817 MT of Arab Extra Light crude completed discharge of its cargo through the company's single point mooring system. The announcement was made during trading hours today, 2 September 2013. Mangalore Refinery and Petrochemicals (MRPL) said that the uploading operation of Ratna puja commenced on 29 August 2013 and completed on 30 August 2013.
It may be recalled that MRPL set up single point mooring (SPM) project along with coastal booster pumping station in their Mangalore port limits for handling upto very large crude carrier (VLCC) at an estimated cost of Rs 1044 crore.
On the macro front, India's economy grew at the slowest quarterly rate since the global financial crisis in the three months through June, lower than expected and hurt by a contraction in mining and manufacturing, government data showed on Friday, 30 August 2013. The GDP grew 4.4% in Q1 and was the slowest growth since the Jan-March quarter of 2009. Manufacturing fell an annual 1.2% during the quarter while mining fell by 2.8%, the data showed. While, farm output rose 2.7%.
Indian factory activity shrank for the first time in more than four years last month, adding to the country's deepening economic malaise even as the Reserve Bank of India (RBI) struggles to defend the battered rupee currency, a survey showed. The HSBC Manufacturing PMI, compiled by Markit, sank to 48.5 in August from 50.1 in July, the lowest reading since March 2009.
European stocks advanced on Monday as a gauge of Chinese manufacturing activity exceeded economists' estimates. Key benchmark indices in UK, France and Germany were up by 0.21% to 1.58%.
Most Asian stocks rose on Monday after a gauge of China's manufacturing rose to a 16-month high, boosting investor confidence in the global economic recovery. Key benchmark indices in Hong Kong, Japan, Taiwan and Singapore rose by 0.21% to 2.04%. Key benchmark indices in South Korea and Indonesia fell by 0.08% to 2.44%.
China's Shanghai Composite was trading flat. China's economy is strengthening after a two-quarter slowdown, with a manufacturing gauge rising to a 16-month high in August as new orders jumped and overseas demand rebounded. The Purchasing Managers' Index was at 51.0, the National Bureau of Statistics and China Federation of Logistics and Purchasing said in Beijing. A separate manufacturing PMI released by HSBC Holdings Plc and Markit Economics rose to 50.1 last month from 47.7 in July, the biggest gain in three years and the first reading above 50 since Apr
South Korea's exports expanded at a faster pace in August than the previous month in a sign of economic recovery, the Ministry of Trade, Industry and Energy said Sunday, beating market expectations.
US stock markets remain closed today, 2 September 2013, for the Labor Day holiday. US stocks fell in a thinly traded session on Friday, 30 August 2013 as the S&P 500 index recorded its steepest decline since May 2012 and investors avoided making large bets before a long weekend with the situation about Syria still uncertain.
President Barack Obama has decided to seek congressional authority to attack Syria for alleged chemical weapons prompting criticism that he's undermined US credibility.
Investors across the globe are eyeing the next policy meeting of the Federal Open Market Committee (FOMC) scheduled this month, with their focus squarely on the timing of tapering of Federal Reserve's bond purchases. The FOMC holds a two-day policy meeting on 17-18 September 2013 to decide on interest rates in the United States. The US central bank currently buys $85 billion a month in US debt and mortgage-backed securities in a bid to hold interest rates low and encourage economic growth. Federal Reserve Chairman Ben Bernanke has on several occasions stressed that the tapering process is dependent on an improvement in data. Fed's bond-buying program has kept global markets flush with liquidity in recent years.
Powered by Capital Market - Live News