Indian Stocks Advance After GDP Data
By Naagesh N. | November 30, 2012 6:04 PM EST
Indian stock markets recovered from day's low and maintained gains Friday after the September quarter economic growth came in line with estimates.
The 30-share BSE Sensex gained 0.80 percent or 153.26 points to 19,325.59 and the 50-share NSE Nifty advanced 0.72 percent or 42.45 points to 5867.45.
India's gross domestic product (GDP) grew 5.3 percent in the second quarter, down from 5.5 percent in the previous quarter and 6.7 percent in the same quarter last year, according to the data released by the Central Statistical Office while analysts expected 5.4 percent growth in the July- September period.
Markets opened on a positive note, tracking firmer Asian cues. Asian stock markets advanced Friday after official data showed that Japanese industrial output gained for the first time in four months in October by 1.8 percent, contrary to the manufacturers' projection of a 1.5 percent decline.
Indian markets rallied this week as sentiment was buoyed after rating agency Moody's reaffirmed India's rating outlook as stable and Goldman Sachs upgraded Indian stocks to a "overweight" rating from a "market weight" rating, citing the growth recovery and moderation in inflation going ahead.
All the sectors were trading with gains except auto and FMCG sectors. Metal sector climbed 1.70 percent and power sector surged 1.49 percent while PSU and oil & gas sectors gained 1.08 and 1.04 percent respectively.
Suzlon Energy Ltd. climbed 7.82 percent and Bharat Heavy Electricals surged 4.38 percent while ONGS and Sterlite Industries gained 3.02 and 3.43 percent respectively.
The overall market breadth was positive with 1486 advanced against 1077 declines. The BSE's Midcap Index gained 1.07 percent to 6,900.32 and Smallcap Index advanced 0.85 percent to 7,278.13. CNX midcap Index surged 1.28 percent and CNX IT gained 0.65 percent.
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