Sensex, Nifty trade 1 per cent higher after India’s manufacturing PMI hits 10-month high in November
India markets made a strong recovery on Wednesday after falling in the second half of the trading session on Tuesday.
![Sensex, Nifty trade 1 per cent higher after India’s manufacturing PMI hits 10-month high in November Sensex, Nifty trade 1 per cent higher after India’s manufacturing PMI hits 10-month high in November](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_850x478/public/2021/12/01/167744-bull-sen.jpg?itok=_duFyyIL&c=84b6d8172be47ecf5029a7fbc484d22b)
India markets made a strong recovery on Wednesday after falling in the second half of the trading session on Tuesday. Benchmark indices Nifty50 and S&P BSE Sensex rose nearly 1 per cent soon after opening positive this morning.
The Nifty and the Sensex held on to a good start on Wednesday as the headline indices were trading with gains of 1 per cent each. The Nifty was up 174 points to 17,157 and the Sensex was trading higher by 611 points at 57,676.
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The spike was largely due to strong Q2 GDP numbers and stellar manufacturing activity. As per the latest figures, India's manufacturing activity grew at the fastest rate in 10 months in November.
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI), increased from 55.9 in October to 57.6 in November, signaling the strongest improvement in the health of the sector in ten months, said a PTI report
Moreover, the headline figure was well above its long-run average of 53.6.
The November data pointed towards tentative signs of an improvement in hiring activity, following three successive months of job shedding. The October PMI data pointed to an improvement in overall operating conditions for the fifth-straight month. In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
Also, the primary market has been witnessing good action this week. Tega Industries, which opened for subscription, has been witnessing huge traction on its first day. The retail portion of the IPO was fully subscribed minutes after the opening of the issue, while the IPO also witnessed a full subscription around in an hour.
Meanwhile, auto shares were in focus as Eicher Motors and Maruti Suzuki were among the top gainers on the Nifty50. IndusInd Bank, however, was the top gainer on both NSE and BSE
The Nifty Bank was also providing the much-needed thrust to the market as the banking index surged over 1 per cent or 420 points in the afternoon trade to 36,115.90. The banking index was well supported by IndusInd Bank, Axis Bank and RBL Bank.
The Nifty MIdCap index and the Nifty Financial Services were also up 0.54 per cent and 0.91 per cent, respectively.
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