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Jun 05, 2012, 01.11 PM IST
The 50-share NSE Nifty rose nearly 1% and was inching towards the 4900 level after India's services sector grew at its fastest pace in three months during May. Banks, capital goods and technology stocks extended gains in afternoon trade.
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HSBC's services purchasing managers' index, compiled by Markit, went up almost two points to 54.7 in May from 52.8 in the previous month. It has posted an above-50 growth reading since November. (Above 50 reflects expansion while below 50 represents contraction.)
The index measuring business expectations jumped to a 15-month high of 76.7 last month from 73.8 in April, more than 14 points above its March level. HSBC's composite purchasing managers' index rose to 55.3 in May from 53.8 in April.
Country's largest lender State Bank of India rallied over 2.5% while its rivals ICICI Bank and HDFC Bank gained over 1%.
Engineering and construction major by sales Larsen & Toubro jumped over 2% and state-owned capital goods major BHEL was up 1.8%.
Index heavyweight Reliance Industries moved up 1.2%. Country's largest software services exporters TCS, Infosys and Wipro were up around 1%.
Reliance Infrastructure topped the buying list among Nifty 50, rising 3.5%.
Shares of Hindalco and NTPC climbed 2-2.5% whereas Tata Motors, ITC, Bharti, HUL and DLF went down 0.5-1.5%.
On the global front, European markets opened higher - France's CAC and Germany's DAX were up 0.7% and 0.4%, respectively
(With inputs from Reuters)
The 30-share BSE Sensex stayed higher due to consistent buying interest in banks and metals stocks. Index heavyweights Reliance Industries and TCS too were quite supportive, both rising 0.7% each. However, the fall in Tata Motors, Bharti, ONGC and ITC has limited the upside.
The BSE Sensex and NSE Nifty opened 0.6% higher on Tuesday following positive Asian cues and recovery in rupee. Asian markets (except Shanghai) were up 0.5-1.5%. The Indian rupee rose 30 paise to 55.36 a dollar today.
May 22 2013, 13:11
- in MARKET OUTLOOK
May 22 2013, 10:44
- in Economy