Local equity markets extended their gains for the second day in a row on Tuesday on the back of strong global cues and across the board buying from investors. Markets started the day on positive note tracking good gains in the key Asian indices. After witnessing minor selling pressure in the early part of the trade, markets shrugged off all apprehensions to end the day near the day's high. The Nifty reclaimed the 5100-mark in trade while the Sensex fell short of the 17,200-level by just 2 points. Market participants were busy in value picking during the entire session as the Dubai concerns faded. Realty emerged as the most favored sector by the marketmen. Auto stocks were also in demand as the November sales number from industry majors like Maruti Suzuki and Hero Honda indicated that the sector will continue its leadership in coming days. Tata Motors' shares zoomed over 6% ahead of its monthly sales figure. Market heavyweight, Reliance Industries rallied almost three and a half percent as it emerged as the top gas producer of the country beating state-run ONGC. Finally, the BSE Sensex gained 272.05 points or 1.61% to end at 17,198.27, while the S&P CNX Nifty surged 89.30 points or 1.77% to settle at 5122.00. The market breadth on the BSE remained strong; the gainers outnumbered the losers in a ratio of 2031:725 while 74 remained unchanged. The 30-share BSE Sensex touched a high and a low of 17,218.46 and 16,947.46, respectively. The major gainers on the index were Tata Motors up 6.03%, Sun Pharma up 5.62%, DLF up 5.46%, M&M up 4.84% and RIL up 3.30%. While, HUL down 1.95%, BHEL down 0.64% and ONGC down 0.21% were the major losers on the Sensex. The BSE Mid-cap and Small-cap indices advanced 1.77% and 2.15%, respectively. Indian government's fiscal deficit for the April-October period of FY10 has reached 61% of the full fiscal target. As per the figures released by the Controller General of Accounts, total deficit at the end of October stood at Rs 2.45 lakh crore, a substantial rise from the deficit of Rs 1.17 lakh crore recorded over the same period last year. During the period under review, the government's net tax receipts fell 8.1% to Rs 2.14 lakh crore from 2.32 lakh crore in the same period last year. On the other hand, total spending over the Apr-Oct period touched 5.37 lakh crore, up 31.6% from 4.08 lakh crore a year earlier. In the BSE sectoral space, Realty up 6.17%, Auto up 2.90%, Healthcare (HC) up 2.55%, Oil & Gas up 2.31% and Bankex up 2.30% were the main gainers. Unitech (up 11.78%) from Realty, Tata Motors (up 6.03%) from Auto, Sun Pharma (up 5.62%) from HC, Aban Offshore (up 4.99%) from Oil & Gas and Yes Bank (up 6.60%) from Bankex were the main gainers on the respective indices. There were no losers in the BSE sectoral space. The Indian economy may grow at a pace of 7% over the fiscal year 2009-10 according to the research house Nomura. It had earlier projected the growth at 6%, but raised the forecast after the Indian economy shattered all growth estimates in the September quarter. According to the data released by the government on Monday, Indian economy expanded at a pace of 7.9% in three months to September compared with market expectations of 6.3%. This compares with 6.1% growth in the previous quarter and 7.7% in the same quarter last year. The 50-share S&P CNX Nifty touched a high and a low of 5130.35 and 5038.85, respectively. The top gainers on the Nifty were Unitech up 12.74%, Tata Motors up 6.46%, Sun Pharma up 6.08%, DLF up 5.72% and M&M up 4.35%. The top losers on the broadly followed index were HUL down 1.96%, GAIL down 1.82%, BHEL down 0.52%, ONGC down 0.40% and TCS down 0.20%. India Inc wants the government to continue the stimuli that were offered after the global economic downturn surfaced to help halt the downslide of Indian economy, despite the quarterly GDP for Jul-Sept 09 recording a whopping 7.9% growth. Industry contends that to a large extent the growth was being fuelled by the stimuli efforts of the government. The government had cut excise duty by 6% and offered some sector specific boosters like accelerated depreciation benefit for the transport industry to push the slowing Indian economy in wake of global downturn. The Reserve Bank of India (RBI) too has been maintaining an ultra loose monetary policy with abundant liquidity in the system and record low policy rates which has helped bring market rate of interest down and boosted the performance of many sectors like auto and real estate. European markets were trading in the green. France's CAC 40 added 2.01%, Germany's DAX rose 1.98% and Britain's FTSE 100 gained 1.69%. Even as the economy recorded the highest pace of growth in the September quarter since the beginning of global slowdown, the Purchasing Managers' Index (PMI) showed that the manufacturing growth might have slowed down in the month of November. The HSBC Markit PMI, based on a survey of 500 companies, dipped to 53 in November from 54.5 in October. While it shows that the manufacturing continued to expand for eighth straight month, the pace of expansions was lowest since March 2009. Asian markets settled in the green on Tuesday prompted by the strong manufacturing data from China, infusion of fresh cash from Bank of Japan to stimulate lending and drop in Yen. China's manufacturing activity has witnessed the highest growth rate in five years during the month of November, as indicated by a market survey. The purchasing managers' index compiled by HSBC Holdings Plc increased to 55.7 in November from 55.4 in October. Bank of Japan has decided to infuse 10 trillion yen to stimulate lending activity. Shanghai Composite surged 40.06 points or 1.25% to 3,235.36, Hang Seng rose 291.65 points or 1.34% to 22,113.15, Nikkei 225 gained 226.65 points or 2.43% to 9,572.20, Straits Times advanced 38.83 points or 1.42% to 2,770.95, Seoul Composite soared 14.12 points or 0.91% to 1,569.72 and Taiwan Weighted added 67.02 points or 0.88% to 7,649.23. | 
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