Today Indian stocks were up as the BSE Sensex extended its gains for the second consecutive day and gained another 79 points in late morning trade. The major performer in today’s trade came from banking, capital goods, metal, auto and realty sectors. On a better trading day, the Sensex resumed higher at 21,237.96 and hovered in a range of 21,286.53 and 21,204.82.
On the other hand, the NSE Nifty also moved up by 21.40 points. The major gainers in today’s trade include Tata Motors, Sesa Sterlite, Tata Steel, ICICI Bank, Maruti Suzuki India, State Bank of India and Larsen & Toubro Ltd, etc. The trend was followed by the regional markets of China as money-market rates dropped after the Central Bank pumped funds into the financial system.
Stock market so far in the Asian market has been up as key benchmark indices in China, Japan, Singapore, Hong Kong, Taiwan and South Korea gained. China which is facing huge challenges as its manufacturing sector is sliding is looking to boost the local demand and for that it has even injected money to the local market.
European Stocks Were Little Changed
Earlier European stocks were little changed and the indexes closed slightly up. Whereas the Stoxx Europe 600 Index hovered near a six-year high, Standard & Poor’s 500 Index futures advanced 0.2 percent. However, there was no improvement in the MSCI Asia Pacific Index which slipped less than 0.1 percent.
A major contributor in the better trading in European market was that investors weighed corporate results. They also gained confidence as China’s central bank added funds to the financial system and gave hope that the country is doing a lot of things to solve the comparative economic slowdown.
Whereas Unilever rose 4.7 percent, Alstom SA (ALO) dropped significantly as it lost 13 percent after the French maker of trains and power equipment reduced its operating-margins outlook. Unilever was able to gain acceptance among investors as its products made attractive returns and it reported fourth-quarter sales growth which was better than expected.
The major loser in the U.S. trade was SAP AG which fell 2.9 percent after the largest maker of business-management software delayed its profitability target and lost favor among investors. Another gainer in the U.S. trade was PSA Peugeot Citroen which advanced 2.4 percent to 10.45 euros. Similarly, Vivendi SA climbed 1.1 percent to 19.78 euros.
To contact the reporter of this story: Jonathan Millet at firstname.lastname@example.org