Nifty hovers around 5300; broader markets outperform

The NSE Nifty was moving in a narrow range around 5300 level after a rally of 117 points on Friday. It seemed to be consolidating ahead of events like fourth quarter earnings, fuel price hike and RBI policy (schedule to be announced on April 17).

CLSA's senior economist, Rajeev Malik feels the RBI is not going to be dovish in the upcoming policy meet on April 17. He expects RBI to deliver a rate cut this time.

The BSE benchmark rose 29 points to 17,433.11 and the NSE benchmark was up just 2.5 points at 5,298 while the broader markets continued to outperform benchmarks. The BSE Midcap and Smallcap indices were up around 1%.

Shares of Larsen & Toubro and Tata Consultancy Services shot up 1.5%. Realty major DLF gained more than 2%.

HDFC, HDFC Bank, Tata Motors, Bharti Airtel, Tata Steel and Tata Power were up 0.5-1% while Reliance Industries, Infosys and Hero Motocorp fell 0.5-1%.

Bajaj Auto lost over 2% ahead of sales numbers for March. Coal India was down 2% after TCI decided to launch legal action against the company.

Stocks In News

Public sector lenders were witnessing buying interest after these banks allotted shares on preferential basis to LIC and the government of India. State Bank of India, country's largest lender, is going to allot 3.6 crore shares at Rs 2191.7/share to GOI on preferential basis.

Bank of India, United Bank of India, Union Bank of India and Indian Overseas Bank gained over 1.5% as they allotted shares. Bank Of Baroda rose just 0.4% as the bank allotted 1.95 crore shares at Rs 840/share to LIC.

Power finance companies like PTC India, Rural Electrification and Power Finance Corporation gained 3-7% after the Tamil Nadu Electricity Regulatory Commission hiked 37% in power tariff.

Eros International Media rallied nearly 7% after the Eros Plc, the holding company of Eros India, plans to raise USD 250 million in NYSE and to delist from AIM market.

Titan Industries jumped 6% as The Financial Express reported that the company was allowed by DGFT to import gold directly, which will save around 1% cost.

Gujarat High Court admitted petition filed by UCO bank for winding up of Electrotherm, which tanked 4%.

Kemrock Industries gained 1% as the company will raise USD 100 million via FCCB's and initial conversion price will be at Rs 529/share.

JHS Svendgaard rose close to 9% to Rs 43.95/share after the company decided to allott 5 lakh shares on preferential basis to promoter Nikhil Nanda at Rs.97.75/share.

Ranbaxy lost 1.7% on profit booking. The stock had rallied more than 10% in three days. The company received approval to market RAN™-ROSUVASTATIN in Canada.