Sensex up 92 points in early trade ahead of IIP data

Dec 12 2012, 09:56 IST
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The 30-share barometer rose by 91.65 points, or 0.47 per cent, to 19,478.79. (Reuters) The 30-share barometer rose by 91.65 points, or 0.47 per cent, to 19,478.79. (Reuters)
SummaryThe 30-share barometer rose by 91.65 points, or 0.47 per cent, to 19,478.79.

The BSE benchmark Sensex today gained by nearly 92 points in early trade on fresh buying by funds and retailers ahead of industrial output data amid a firming trend in other Asian bourses.

The 30-share barometer rose by 91.65 points, or 0.47 per cent, to 19,478.79. It had lost nearly 100 points in the past three sessions.

All the sectoral indices, led by IT and interest-sensitive auto, were trading with gains up to 1 per cent.

Similarly, the wide-based National Stock Exchange index Nifty moved up by 25.80 points, or 0.43 per cent, to 5,924.60.

Brokers said expectations of better industrial output data for October to be released later today and a firming trend on the Asian markets mainly triggered buying by funds and retail investors.

In the Asian region, Hong Kong's Hang Seng index rose by 0.45 per cent and Japan's Nikkei was up by 0.61 per cent in early trade. The US Dow Jones Industrial Average ended 0.60 per cent higher in yesterday's trade following signs of progress in fiscal cliff talks and upbeat data from Germany and Spain.

GLOBAL MARKETS ROUNDUP

* Nifty futures on the Singapore Exchange rose 0.13 percent. The MSCI-Asia Pacific index excluding Japan gained 0.38 percent.

* U.S. stocks rose on Tuesday, led by gains in technology companies, helping the S&P 500 end at its highest level since Election Day.

* Asian shares rose buoyed by strength in global equities markets, firmer economic sentiment in Germany and hopes of a deal from U.S. budget talks, while the dollar came under pressure ahead of the Federal Reserve's policy decision.

FACTORS TO WATCH

* October industrial output data (around 0530 GMT).

* India November retail inflation data around 0530 GMT.

* India govt looking to raise about $1 billion by divesting a stake in state miner NMDC.

* India parliament watched for fate of banking reforms bill.

* RBI deputy governor HR Khan at industry event at 1130 GMT.

INDIAN STOCKS TO WATCH

TOP NEWS

* The Indian government's wide fiscal deficit and a heavy debt burden are the most "significant rating constraints" to the country's sovereign rating, Standard & Poor's said, reiterating its warning that India faces a one-in-three chance of being downgraded to junk over the next 24 months.

* North Korea launched its second long- range rocket of 2012 on Wednesday and may have finally succeeded in putting a satellite into space. (Reuters)

FINANCIAL

* Credit Analysis and Research

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