Sensex Expected To Rise Monday Amid Upbeat China Data
By Naagesh N. | December 3, 2012 2:42 PM EST
India’s Sensex is expected to rise Monday as investor confidence is anticipated to be lifted following the report that China's manufacturing activity expanded in November to a seven-month high, giving the indication that the world’s second-largest economy is reviving its growth momentum.
The data released Saturday by the China Federation of Logistics & Purchasing showed that the Purchasing Managers' Index rose to 50.6 in November from 50.2 in October. Significantly, the index remained in the expansion zone, a reading above 50. The expansion of the manufacturing activity should allay fears of a sharp retardation of the Chinese economy.
On Monday, Japan's Nikkei Stock Average was up 0.66 percent, or 62.25 points, to 9508.26. Among major gainers were Shimizu Corp (5.24 percent), Chiyoda Corp (4.89 percent) and Taisei Corp (4.46 percent).
Hong Kong's Hang Seng rose 0.20 percent, or 45.15 points, to 22075.54. Among major gainers were China Resources Land Ltd (3.38 percent) and Sino Land Co Ltd (1.43 percent).
On Friday, the U.S. stocks remained as investors maintained a cautious mode awaiting President Barack Obama and the Congressional leaders to make advances in reaching conciliation to avert the fiscal cliff. The Dow Jones Industrial Average rose 0.03 percent, the S&P 500 Index was up 0.02 percent and the Nasdaq Composite Index dropped 0.06 percent.
European markets were mixed Friday following global cues. London's FTSE 100 was down 3.48 points, Germany's DAX 30 index rose 4.54 points and France's CAC 40 declined 11.60 points.
Last week, Indian market climbed as investor confidence was lifted following the reaffirmation by Moody’s rating agency that India’s outlook is stable on views that the economic growth is getting back on track.
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