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Markets recoup as metal stocks rally
The Indian stock markets edged higher in an otherwise choppy trade on Thursday, with metal, public sector undertaking (PSU) and banking stocks leading the rally.
Mumbai: The Indian stock markets edged higher in an otherwise choppy trade on Thursday, with metal, public sector undertaking (PSU) and banking stocks leading the rally. Also, the investors’ sentiment remained upbeat due to the strong macroeconomic data, encouraging Q4 earnings and a forecast of good monsoon rains this year.
According to the latest Government data, the country’s Gross Domestic Product (GDP) grew 7.9 per cent in the fourth quarter of the last financial year, taking the overall economic growth to a five-year high of 7.6 per cent for the entire fiscal.
Also, the production of eight core sectors grew 8.5 per cent in April on the back of pick up in output of refinery products, fertilisers, steel, cement and electricity, too impacted the trading sentiment. Besides, an appreciation in the rupee value by 15 paise at 67.30 against the dollar at the foreign exchange market supported the uptrend.
After hovering between 26,641.02 and 26,885.16, the 30-share benchmark Sensex gained 129.21 points or 0.48 per cent to settle at 26,843.14. The Nifty ended 39 points or 0.48 per cent, higher at 8,218.95 after moving in the range of 8154.75 to 8,229.50. As per the provisional data, foreign portfolio investors (FPIs) bought shares worth Rs 259.90 crore on Wednesday.
Of the 30-share Sensex pack, 23 ended higher, gaining as much as 3.2 per cent. Of these, seven, including Wipro, Bajaj Auto, Sun Pharma, ITC, , Dr Reddy's, Lupin and M&M finished lower, slipped by up to 2.35 per cent, Coal India rose 3.20 per cent despite the company missed the output target in May. Coal India was followed by Tata Steel (2.56 per cent), Axis Bank (2.14 per cent), Hindustan Unilever (2.01 per cent) and Hero MotoCorp (1.62 per cent).
The market breadth turned negative as 1,362 stocks ended lower, 1,258 closed higher, while 166 ruled steady. Globally, China's Shanghai Composite closed 0.40 per cent up, while Hong Kong's Hang Seng closed 0.47 per cent higher. Japan's Nikkei, however, shed 2.32 per cent. European equities edged higher after the latest data signalled that the US economy is recovering. Key indices from the continent, like in France, Germany and the UK, were higher by up to 0.34 per cent.
In Asia, the Nikkei 225 Average settled 2.32 per cent lower, indices in Taiwan too moved down by 0.48 per cent, while China, Hong Kong, Japan, Singapore and South Korea based shares finished higher between 0.12 per cent and 0.47 per cent.
