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Sensex, Nifty gain strength; HSBC PMI hits 21-month high

Rising from 51.6 to 53.3, the headline seasonally adjusted HSBC India Purchasing Managers’ Index (PMI) – a composite indicator designed to give an accurate overview of manufacturing operating conditions – reached a 21-month peak in November.

11:16

The News International Team

Sensex, Nifty gain strength; HSBC PMI hits 21-month high

The market gained some strength after HSBC PMI touched 21-month high today. The 30-share BSE Sensex advanced 79.53 points to 28773.52 and the 50-share NSE Nifty rose 25.45 points to 8613.70.

Advancing shares outnumbered declining ones by a ratio of 1268 to 1007 on the Bombay Stock Exchange.
 
Manufacturing operating conditions in India improved for the thirteenth month in a row in November, supported by stronger growth of output and new work intakes. Foreign orders and buying activity also rose during the month, while employment remained broadly stable, said HSBC in its report.

Rising from 51.6 to 53.3, the headline seasonally adjusted HSBC India Purchasing Managers’ Index (PMI) – a composite indicator designed to give an accurate overview of manufacturing operating conditions – reached a 21-month peak in November.

“Manufacturing activity accelerated further in November led by higher output and new orders. Domestic orders saw the biggest increase, even as new export orders continued to be strong. The sharp rise in input prices was surprising, but future prints may be lower as falling commodity prices eventually lead to softer intermediate good prices,” said Pranjul Bhandari, Chief India Economist at HSBC.

Maruti Suzuki, Axis Bank and Hindustan Unilever topped the buying list, up over 2 percent followed by TCS, Hero Motocorp, Dr Reddy’s Labs, Sun Pharma and Wipro with more than 1 percent gain.

However, Reliance Industries, ONGC, BHEL, Sesa Sterlite, Tata Steel and Tata Power fell over a percent.

10:00

RIL, Infosys, L&T under pressure; Sensex & Nifty volatile

Shares of Infosys, Reliance Industries, Larsen & Toubro, ONGC, BHEL, Tata Steel and Tata Power declined around a percent while ICICI Bank, TCS, Axis Bank, ITC, HUL, Sun Pharma, Hero Motocorp and Dr Reddy’s Labs gained 0.5-1.8 percent.

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09:15

Sensex, Nifty flat; Hero, Sun Pharma, ICICI Bank gainRead More »

Sun Pharma, SBI, Hero Motocorp, NTPC, Infosys, Asian Paints, BPCL and HCL Technologies topped the buying list in early trade, up 1-3.6 percent. However BHEL, Coal India, Reliance Industries, HUL, ONGC, Cairn India and DLF lost 0.5-2 percent.

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