May 07, 2013, 12.59 PM | Source: Moneycontrol.com
The market was growing stable with the Nifty scaling 6000. The Nifty hit 3-month high as it touched 6023.10, surging 52.05 points. The Sensex was up 162.59 points at 19836.23.
Foreign investors have been bullish on India. According to data compiled by Bloomberg, FIIs bought shares worth USD 196 million on May 3, taking their net investment in 2013 to USD 11.8 billion, a record for the period. Laurence Balanco of CLSA says that technicals suggest that the Nifty may test 6300 in the near-term but it is unlikely to break that level in the current quarter.
Banking, FMCG, realty and pharma stocks were lending support to the indices.
Stocks-wise, Tata Motors, Jindal Steel, Hero MotoCorp, ITC, and ICICI Bank were the lead gainers in the Sensex.
Meanwhile, Reliance Communications touched a 52-week high of Rs 113.50. The stock was seeing buyers' interest on reports that the company has increased some voice call prices and further cut discounts.
GlaxoSmithKline Pharmaceuticals surged 5.9 percent ahead of the company's January-March quarter earnings expected today.
Tata Teleservices (Maharashtra) gained 3.84 percent after Securities and Exchange Board of India (Sebi) relaxed norms for offer for sale of shares by promoters that will allow it to achieve the minimum level of public shareholding at 25 percent.
Coal India (down 1.9 percent) was under pressure. The govt is looking to sell 10 percent stake in the company and raise Rs 20,000 crore.
M&M, Wipro, Dr Reddy’s Lab and Tata Steel dragged during the day.
The rupee was lower in trade pressured by weakness in the euro and rise in crude prices.
Sensex gains 278 pts, Nifty ends tad below 7500; Lupin up 9%
The market ended with big gains. The Sensex is up
Budget 2016: Tax easing to bring cheers to FMCG sector, says EY
Sensex, Nifty end higher; Maruti down, Tata Steel up 4%
SpiceJet, Tata Steel, Jet Airways, Trent, Eicher M
Nifty hovers around 7450; Eicher Motors zooms 8% on Q3
Hindalco, Axis Bank, Hindalco, Tata Motors, Cipla
Sensex, Nifty, Midcap maintain uptrend; Hindalco, Vedanta shine
Metals stocks like Hindalco Industries and Vedanta
Nifty eyes 7500, Sensex firm; banks rise, Maruti falls
Axis Bank, Hindalco, Tata Motors, Sun Pharma and H