The BSE-benchmark Sensex rose about 0.5 per cent at the closing session on Wednesday due to persistent buying in Healthcare, FMCG, TECk and Power sector stocks amid firm global cues.
The 30-share BSE index Sensex was up 104.96 points or 0.5 per cent at 21,033.97 and the 50-share NSE index Nifty was up 30.8 points or 0.5 per cent at 6,251.70.
On the BSE, healthcare index was up 1.19 per cent, followed by FMCG 1.12 per cent, TECk 0.66 per cent and power 0.51 per cent. Only auto and PSU indices lost investors' support and were down 0.05 per cent and 0.03 per cent, respectively.
Bharti Airtel, Dr Reddy's, Hindalco, ICICI Bank and Bajaj Auto were the top five Sensex gainers, while the top five losers Wipro, SSLT, HDFC Bank, SBI and L&T.
Asia-Pacific economic update
The International Monetary Fund (IMF) in its Asia-Pacific regional economic update said: "Asia will remain the global growth leader, although we have lowered our growth forecasts. Growth for Asia as a whole is forecast to remain robust at around 5 per cent in 2013 and about 5.25 per cent in 2014. Since last spring, expectations of Fed tapering have ignited capital outflows from many emerging markets. The adjustment process has mostly been orderly and the Fed’s September decision to delay tapering has eased outflow pressure. However, India and Indonesia have seen more concerted pressure.
This tightening in external funding conditions is expected to weigh on growth in emerging Asia. In addition, domestic structural impediments such as supply bottlenecks in India and declining returns to investment in China, will also be a drag.
In India, the fallout from recent financial stress has led to a lower growth forecast. But where inflationary pressures are already elevated and there is reliance on foreign inflows — such as India and Indonesia, monetary policy will likely need to be further tightened.''
Investors and traders await a US private payrolls report and the outcome of the US Federal Reserve meeting that ends later tonight.
Any euphoria over the Fed continuing its $85-billion-a-month stimulus package will only be short-lived due to mixed data emanating from the US.
Last night, the US consumer spending data showed encouraging signs but car sales dropped, raising concerns over economic recovery.
European stocks rose to their highest level in more than five years as companies from Eni SpA to Volkswagen AG posted profit that exceeded estimates. US stock index futures and Asian shares were also up.
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