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.
To contact the editor, e-mail:
Most Popular Slideshows
- Taylor Swift Named Forbes' Second Highest Paid Country Musician [PHOTOS]
- Forever Lost: Indescribable Anguish for Malaysia Airlines MH17 Families, Remains of Some Victims May Never Be Found (PHOTOS)
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
- PageSix: Beyonce & Jay Z Union is Not About Love, All About Business & the Brand
Join the Conversation
- Samsung Galaxy S5 Alpha Leaks Online: Release Date, Five Features to Wait for New Smart Phone
- Freshly Leaked Apple iPad Air 2 Cases Confirm Touch ID Sensor; Release Date, Limited Specs and Price Listed
- Photos of Motorola Moto X+1 Prototype and Specs Leak Online, Release Date, Four Fresh Features Revealed
- Moto X Android 4.4.4 KitKat Update Guide: Schedule and How to Install
- Sony Xperia Z3: Release Date, Five Features to Expect from New Android Smart Phone
- Top Surprising Features Of iOS 8
- Top 4 Reasons Why iPhone 6 Will Hit Big Soon After its Sept 2014 Release Date