New Delhi, India (BBN)-Benchmark in India indices opened the session on a firm note on the back of favourable macro-economic data despite of Greece crisis. The positive cues from the global peers also aided the rally.
The 30- share Sensex opened at 27,819, up by 38 points while 50 share Nifty, likely to reclaim its crucial level of 8,400, was at 8,377, up by 10 points, reports Business Standard.
On macro-economic front, the data released by Ministry of Commerce and Industry post hours on Tuesday reveals that the growth in eight core sectors increased to 4.4 per cent in May versus a decline of 0.4 per cent in the month of April. The growth is recorded after two consecutive months of decline, thus indicating a recovery in the industrial output.
The eight core sector industries include coal, crude oil, natural gas, refinery products, fertilizer, steel, cement and electricity.
According to the India Meteorological Department (IMD), in June, the country received around 189.5 millimetres of rain as against a normal of around 163.6 millimetres.
The Indian rupee opened flat at 63.65 against the US currency as compared to its close at 63.64 in previous session.
On Tuesday, the cash-strapped nation defaulted on its deadline to pay a loan of €1.5bn to the International Monetary Fund (IMF). The IMF in its press release said that Greece will receive further financial aid only once the arrears are cleared.
The oil prices fell as a result of Greece’s default as it pushed up the dollar versus the euro.
Asian markets are trading on a cautious note after Greece became the first developed economy to default on a payment with IMF.
The Bank of Japan’s latest survey of manufacturers shows an improvement in the three months to June. Japan’s Nikkei firmed 0.2 per cent.
The data was mixed from China where surveys showed sluggish factory activity but a pickup in service sector, a sign the transition to a more consumer-led economy remained on track. China’s Shanghai Composite is up 0.2 per cent.
On Wall Street, the Dow had edged up 0.1 per cent on Tuesday, while the S&P 500 gained 0.3 per cent and the Nasdaq 0.6 per cent.
SGX Nifty is, however, down 0.46 per cent.