By Bharti Navlani
MUMBAI (Commodity Online): Indian stock markets settles nearly 2% higher thanks to China's better than expected fourth quarter GDP growth.
Although China's economic growth fell to the lowest level in 10 quarters but it was much better than expected, even other data of China like IIP and retail sales are also quite cheerful. Owing to better than expected Chinese economic growth Metal shares lead today's rally.
Maruti Suzuki is the top gainer today accelerating by nearly 10% on reports that the company has raised prices of all its vehicles by 0.3% to 3.4% due to adverse foreign exchange movements and rise in commodity prices.
The S&P CNX Nifty today gave gap up open at 4905 and maintained the buying spirit for whole day. Nifty made high of 4976 and settled near days high at 4967 up by 93 points.
Even Rupee rose as high as 50.92 today which gave further strength to market. Buyers kept all sectors on their radar- Capital Goods, Metals, Realty and Oil & Gas were among notable gainers.
The European markets are also trading positive. The FTSE index is up by 66 points, DAX index is up by 116 points and CAC index is up by 60 points.
The market breadth, indicating the health of the market was positive. On NSE, 1026 shares advanced while 421 shares declined. Total of 67 shares remained unchanged.
Out of 50-share S&P CNX Nifty pack, 33 scrips advanced while 17 scrips declined. Maruti was up by 10.11%, Hindalco was up by 5.47% and JP Associates was up by 5.4% were the top gainers from the Nifty pack.
Ranbaxy was down by 0.92%, ICICI Bank was down by 0.83% and Gail was down by 0.52% were the top losers from the Nifty pack.
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Courtesy: www.makemystocks.com
