Domestic equity indices were trading with strong gains in morning trade. The Nifty hovered below the 17,150 level. Auto, IT and bank stocks were in demand while pharma and healthcare shares declined.
At 10:26 IST, the barometer index, the S&P BSE Sensex, jumped 485.68 points or 0.85% at 57,550.79. The Nifty 50 index added 145.80 points or 0.86% at 17,129.75.
The broader market underperformed. The S&P BSE Mid-Cap index rose 0.14% while the S&P BSE Small-Cap index fell 0.16%.
The market breadth was strong. On the BSE, 1656 shares rose and 1,287 shares fell. A total of 136 shares were unchanged.
Manufacturing PMI:
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) increased to 57.6 in November from 55.9 in October, signalling the strongest improvement in the health of the sector for ten months. Moreover, the headline figure was well above its long-run average of 53.6.
Commenting on the latest survey results, Pollyanna De Lima, Economics Associate Director at IHS Markit, said: "The Indian manufacturing industry continued to expand in November, with growth gathering pace and forward-looking indices generally pointing to further improvements in the months to come.
The fact that firms purchased additional inputs at a stronger rate amid efforts to restock, combined with recurring declines in inventories of finished goods and tentative signs of a pick-up in hiring activity, indicate that production volumes will likely expand further...
Read Full Story: https://www.business-standard.com/article/news-cm/barometers-trade-near-day-s-high-broader-market-underperforms-121120100371_1.html
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