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Market Update

Sensex Gains in Quiet Asia

The Sensex outperformed its regional peers as most markets ended little changed in thin trade after a lack of cues from the U.S. overnight with markets there closed for Thursday’s Thanksgiving holiday.

The Nikkei declined 0.4%. The Shanghai Composite ended flat while the Hang Seng edged up 0.4%. The Sensex gained 1.3% while the All Ordinaries slipped 0.2%.

A barrage of data released earlier in the day showed Japan’s economy gaining momentum.

Consumer prices rose 0.3% in October from the year-ago period, excluding food and energy. However, household spending remained lukewarm as incomes fell.  Government data also showed the core consumer price index rose 0.9% from a year earlier, excluding food. Including food and energy, prices were up 1.1%.

Other data showed industrial output rose 0.5%, the second consecutive month of expansion. Unemployment data showed the jobless rate remained flat while the number of available jobs rose slightly.

Markit’s manufacturing PMI also showed an expansion in factory output, rising to 55.1 in November from 54.2 in October.

Stocks on the Move

Sony edged up 0.1% while Panasonic and Pioneer fell 2.1% and 1.8% each respectively after rallying throughout the week.

Mazda Motor was down 1.3%.

In Mumbai, SSLT was the top gainer, up 4.3%, followed by BHEL, up 3.7%, and SBI, up 3.6%.

ICICI Bank rose 3% while Cipla, ONGC, L&T, and ITC all gained over 2% each.

GrainCorp plunged 22.1% after the Australian government rejected the AUD3.4 billion takeover bid from U.S-based agribusiness major Archer Daniels Midland saying it was against national interests. ADM owns a nearly 20% stake in the Australian gain handler and offered to buy the remaining 80% in the company last year.