The markets continue to register new intra-day high on the back of favourable news from the PSU quarters. The shares from this segment are in limelight on the bourses after the strong response elicited by the ongoing disinvestment programme where the government has achieved more than 50% or Rs 23,000 crore of the total target of Rs 40,000 crore for the current fiscal.
The initial public offer of state-run manganese producer MOIL received robust response. Overall, the IPO has been subscribed more than 36 times till now.This lead the PSU index to lead the sectoral chart on the BSE. Also, the news of 10% stake dilution in Neyveli Lignite by Governemnt furthur boosted the rally.
On the other hand, the metal index had been shining since the start of the trade. This is the second concesecutive day where the index is extending its gains. Also, the sales figures from Yamaha Motor and Tata Motors have encouraged the Auto index gaining 1.7%
On the economic front, the October exports numbers were very encouraging. India's merchandise exports rose by 21.3% to $18 billion in October over the year- ago period, boosting hopes that the country may be able to reach the $200 billion target fixed for the current fiscal.Imports during the period grew by 6.8 per cent to $27.68 billion, leaving a trade deficit of $9.72 billion, according to a Commerce Ministry data released here today.
India's manufacturing sector too expanded at its fastest pace in six months in November on the back of robust new business and a sharp rise in export orders, a survey showed on Wednesday.
