Nifty ends close to 6000 ahead of RBI credit policy
Benchmark indices continued to be on a roll Thursday, with the 50-share Nifty topping the psychological 6000-mark.
Benchmark indices continued to be on a roll Thursday, with the 50-share Nifty topping the psychological 6000-mark. The Sensex ended the day at 19735.77, up 231.59 points and the Nifty gained 69.15 points to close at 5999.35.
Technology stocks led the indices as TCS gained 3.8 percent and Infosys surged 2.3 percent. Ahead of the Reserve Bank of India's monetary policy review, financial stocks too anchored the market. M&M, L&T and HDFC were the big gainers in the Sensex.
Today's upmove took the market by surprise, given another weak macro-economic indicator and weak quarterly numbers from telecom major Bharti Airtel.
The HSBC Manufacturing Purchasing Managers' Index (PMI), fell for the second consecutive month in April, dipping to a 16-month low of 51.0, down from 52.0 in March.
Given cooling wholesale price inflation and sluggish industrial output, the market is almost certain that the RBI will cut interest rate by 25 basis points at its policy review meeting on Friday.
The midcap index closed on a positive note. GMR Infrastructure (up 5.16 percent), IVRCL (3.37 percent), Reliance Infrastructure (up 3.93 percent), Sintex Industries (up 3.89 percent), Unitech (up 5.38 percent), HDIL (up 2.26 percent) were the stars in the midcap space.
Investors were not impressed with metal stocks as the index closed in the negative terrain. Hero MotoCorp, HUL, Hindalco, GAIL and Bajaj Auto dragged in the Sensex.
Oil fell more than 2 percent to settle below USD 100 a barrel on Wednesday as soft economic data from China stoked pessimism about the global demand outlook and as US crude oil inventory rose to a record level.