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Markets opened firm this Tuesday tracking firm Asian peers on hopes of global growth recovery after upbeat data from China and Japan.
Japanese second-quarter GDP rose at an annualized 4.1 percent expansion in the first three months of this year. Further to this, Tokyo won its bid to host the 2020 Summer Olympics which may help boost economy.
Sentiments also improved after China’s consumer inflation stayed below target for an eighth month. The consumer price index rose 2.6 per cent last month, the National Bureau of Statistics said yesterday, matching the median forecast of a survey.
At 9:20AM, the 30-share Sensex rose 401 points at 19,656 and the 50-share Nifty gained 116 points at 5,795 levels.
The broader markets rose with mid-caps and small-caps gaining nearly 0.3-0.4 per cent on the BSE.
The market breadth was positive. Out of 617 stocks traded, 508 stocks advanced while 92 stocks declined on the BSE.
RUPEE
The rupee gained ground today after the slew of reforms announced by the central bank last week coupled with strong trend in Emerging market currencies.
At 9:20AM, the partially convertible rupee was trading at 64.29 per dollar against the Friday’s close of 65.25 on the Interbank Foreign Exchange.
GLOBAL MARKETS
Asian stocks rose, extending the longest rally in the benchmark equity gauge this year, and the Thai baht and Malaysian ringgit climbed before Chinese factory output and retail sales data expected to show growth in August. Crude oil slipped for a second day and credit risk fell.
Japan’s Nikkei gained 1% at 14,353, Singapore’s Straits Times gained 0.3% at 3,098, China’s Shanghai Composite index rose 0.4% at 2,220 while Hong Kong’s Hang Seng rose 0.5% to 22,869 today.
STOCK MOVERS
Domestically, all the key sectoral indices gained which includes capital goods, metal, consumer durables, PSU, FMCG on the BSE.
The gainers included counters such as Bharti Airtel rose 4.7%, Jindal Steel gained 2.8%, Larsen & Toubro added 2.2% while BHEL gained 2% on the BSE.
