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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.
Key equity benchmarks were trading firm on Tuesday backed by record buying from foreign institutional investors (FIIs). 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.
The market opened in the positive territory while the Nifty crawled itself to the psychological 6000-mark. The Nifty was up 35.60 points at 6006.65 while the Sensex gained 118.32 points to be at 19791.96. Buying interest was seen in all the indices.
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Like Bank Nifty; mkt has strong support at 7700: PhillipCap