Indian Shares Advance After US Approves Budget Bill; Nifty Breaches 6K level
By IBTimes Staff Reporter | January 2, 2013 8:47 PM EST
The 30-share BSE Sensex gained 0.73 percent or 142.30 points to 19,722.84 and the 50-share NSE Nifty breached the 6,000 mark for the first time in two years before coming back to 5,994.10 level.
Markets opened on a positive, tracking positive cues from Asian peers. Asian stock markets surged on Wednesday with Hong Kong's Hang Seng climbing to the highest level in 19 months after the U.S. fiscal cliff deal news sparked broad-based buying.
The U.S. House of Representatives voted in favor of the Senate-approved tax bill late Tuesday that will see a hike in income tax rates on only the wealthiest adults and stops the world's largest economy from falling back into a recession. The deal will allow tax hikes for individuals earning more than $400,000 and couples making more than $450,000, which is a surge of 39.5 percent from the current 35 percent rate.
Adding to the sentiment, a business survey on Wednesday showed that India's manufacturing sector growth improved further in December backed by strong export orders.
The HSBC Markit India Manufacturing PMI, a composite indicator that gauges the factory output and operating conditions in the manufacturing sector, rose to 54.7 in December, the highest level since January 2012, from 53.7 in November.
All the sectoral indices were trading with gains except IT and FMCG. Consumer durables and capital goods sectors surged 1.69 percent and 1.40 percent respectively while FMCG sector declined 0.32 percent.
Banking sector shares continue to gain on hopes that the sector would benefit from an anticipated fall in interest rates. IndusInd Bank surged 2.50 percent, Yes Bank advanced 2.07 percent and PNB rose 1.92 percent.
The overall market breadth was positive with 1777 advanced against 140 declines. The BSE's Midcap Index gained 0.58 percent to 7,239.36 and Smallcap Index advanced 0.85 percent to 7,515.88. CNX midcap Index gained 0.33 percent and CNX IT declined 0.20 percent.
To contact the editor, e-mail:
Most Popular Slideshows
- Still The World Champions: Team USA Overpowers Serbia, 129-92 To Win 2014 FIBA World Cup [PHOTOS]
- Pope Francis: World War III Has Started On Piecemeal
- After Win Over Maidana, Mayweather Says He Is Prepared To Negotiate A Fight With Pacquiao
- From Fat To Fit: Celebrities Who Were Overweight Before They Became The Beauties That They Are
Join the Conversation
- Australian Stock Market Report – Afternoon September 15, 2014
- Australian Stock Market Report – Midday September 16, 2014
- Iron Age For Australia Ends As Price Of Key Steelmaking Ingredient Dips Below $83/Tonne
- Australian Stock Market Report – Morning September 15, 2014
- Australian Stock Market Report – Midday September 15, 2014
- Google Release Roundup: Nexus 5 2014, Nexus 6, Nexus 8 and Android L Killer Features
- Samsung Attacks iPhone 6 Plus Through New Galaxy Note 4 Commercial: Apple Claims Imitating Galaxy Note Phablets
- Pregnant Kate Middleton May Call Off Malta Trip Due To Sickness: Royal Couple Will Move To Anmer Hall Residence
- iPhone 6 And IPhone 6 Plus Sold Out, New Stocks To Arrive In October
- Moto G (Gen 2) vs. Xiaomi Redmi 1S—Specifications, Features And Price Showdown
- Nexus 6, 8 Release Dates Imminent as Moto X Pre-Order Begins & Nexus 7 Deals Ramp Up
- iPhone 6 And iPhone 6 Plus Shipping Has Begun, Expected To Reach Customers’ Doorstep On Sept 19 Launch Date