Indian markets gained some momentum in the afternoon session after falling into the negative territory in the early trade.
The Sensex was up 64 points at 19,966.40 while Nifty had added 15 points to 5,925.30. The stock index is however off its day's high, when it crossed the 20,000 level.
At its day's low, had fell nearly 70 points after the HSBC Services Purchasing Managers' Index (PMI), compiled by Markit, slipped from 47.6 in August to 44.6 in September, its weakest since April 2009.
The auto stocks continued to trade firm, led by Tata Motors which was the biggest gainer among the Nifty stocks. The stock was up nearly 3.5 percent at 357.95 after Deutsche Bank upgraded it to "buy" from "neutral" and raised its target price to Rs. 400, citing an improving global economy. The BSE auto index was up nearly 2 percent.
The sentiment in auto stocks, particularly two-wheeler manufacturers, and consumer durable makers were boosted after the government said public sector lenders will offer cheaper loans to stimulate demand for struggling sectors. The decision to ask banks to offer cheaper loans is aimed to stimulate consumer durable demand ahead of the festival season.
Bajaj Auto and Hero MotoCorp, India's biggest two-wheeler manufacturer, traded higher though they were off their day's high.
Consumer durable makers such as Bajaj Electrical, Videocon Industries and Whirlpool also saw strong buying activity. Bajaj Electricals nearly 3 per cent, while Videocon traded 2 per cent higher.
The Sensex was up 64 points at 19,966.40 while Nifty had added 15 points to 5,925.30. The stock index is however off its day's high, when it crossed the 20,000 level.
At its day's low, had fell nearly 70 points after the HSBC Services Purchasing Managers' Index (PMI), compiled by Markit, slipped from 47.6 in August to 44.6 in September, its weakest since April 2009.
The auto stocks continued to trade firm, led by Tata Motors which was the biggest gainer among the Nifty stocks. The stock was up nearly 3.5 percent at 357.95 after Deutsche Bank upgraded it to "buy" from "neutral" and raised its target price to Rs. 400, citing an improving global economy. The BSE auto index was up nearly 2 percent.
The sentiment in auto stocks, particularly two-wheeler manufacturers, and consumer durable makers were boosted after the government said public sector lenders will offer cheaper loans to stimulate demand for struggling sectors. The decision to ask banks to offer cheaper loans is aimed to stimulate consumer durable demand ahead of the festival season.
Bajaj Auto and Hero MotoCorp, India's biggest two-wheeler manufacturer, traded higher though they were off their day's high.
Consumer durable makers such as Bajaj Electrical, Videocon Industries and Whirlpool also saw strong buying activity. Bajaj Electricals nearly 3 per cent, while Videocon traded 2 per cent higher.
Credits: ndtv
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