May 02, 2013, 10.03 PM | Source:

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.

Moneycontrol Bureau

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.

The market held its foot firm in the day as investors seemed keen to pump money. The Sensex was up 237.07 points at 19741.25 and the Nifty up 71.30 points at 6001.50. All the indices led by technology stocks were in the green while metals stocks felt selling pressure.

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Indian shares were trading at three month highs on renewed optimism after recent fall in commodity prices. India being the net importer of gold and crude will benefit the most from the commodities fall. The earnings season so far has thrown up more positives than negatives as expected before the start of earnings season.

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The market was holding firm as the Nifty was hovering around 6000 level supported by technology and rate sensitive stocks. The Sensex soared 228.36 points to 19732.54 while the Nifty was up 67.85 points at 5998.05.

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Key equity benchmarks were trading at three month highs led by buying in IT, banks and selective telecom stocks. Reserve Bank of India's credit policy review and its outlook on future rate cuts will set the near-term direction for market particularly after the recent fall in commodity prices of crude and gold.

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Despite sluggishness in Asian markets, India managed to remain in the positive terrain. The Sensex was up 38.82 points at 19543.00 while the Nifty was up 9.70 points at 5939.90.

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