At 9.19am, the Sensex was trading up 0.23%, or 46.47 points, at 20,307.50 points. Photo: Bloomberg
Mumbai: The 30-share bellwether BSE Sensex was trading higher on expectations that the government will meet its fiscal deficit target for 2013-14.
At 9.19am, the Sensex was trading up 0.23%, or 46.47 points, at 20,307.50 points, while the National Stock Exchange's (NSE's) broader 50-share Nifty was trading higher 0.26%, or 15.5 points, at 6,037.90 points.
Asian markets were trading higher following positive cues from Wall Street. Hong Kong's Hang Seng was up 0.49% while Japan's Nikkei Stock Average was trading up 0.3%. Shanghai markets remains closed for an extended lunar new-year holiday. They reopen on Friday.
The BSE metal index rose 0.74% to be the biggest gainer, while the BSE capital goods index was the biggest loser, falling 0.34%.
Such expectations have increased after the success of the government's ongoing telecom spectrum auctions.
The expectations are that the government will collect anyway upwards of Rs.40,000 crore from the auction which will help it breach its deficit.
On Wednesday, the Reserve Bank of India (RBI) had cancelled a government bond auction worth Rs.15,000 crore, noting the government's "cash position and funding requirement". The cancellation of the auction will result in the government's market borrowing decreasing by Rs.15,000 crore, RBI said
US markets ended higher after economic data offered growth bulls something to smile about, but the underlying tone remained cautious. The US Institute for Supply Management's index of non-manufacturing activity rose from 53.0 to 54.0 in January. The S&P 500 declined 0.2%, Dow Jones Industrial Average closed flat, while Nasdaq Composite slipped 0.5%.
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