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Markets gain momentum
Fri, 2 Jan 11:30 am

After opening in the green, the Indian Indices have added to the early gains and are trading well above the dotted line currently. Banking and consumer durables stocks are leading the gainers. Mid and small cap stocks too are witnessing buying interest.

The BSE-Sensex is trading up by 330 points. The NSE-Nifty is trading up 97 points. The BSE Mid Cap index and the BSE Small Cap index is trading up 1% each. The rupee is trading at 63.32 to the US dollar.

As per a leading business daily, coal major Coal India will see senior IAS officer S. Bhattacharya assume charge as its new full time chairman and managing director by the 5th of January. It may be noted that the company has been without a fulltime head since S. Narsing Rao resigned from the post in May 2014. A better performance as far as meeting coal production targets is likely to be top on the agenda of the new management head of the company.

In a sign of a pick-up of manufacturing activities, the HSBC purchasing managers' index (PMI) rose to a 2 year high in December due to a rise in output and order flows from both domestic and overseas markets. The PMI was up at 54.5 points in December compared to 53.3 points in November.

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