Nifty ends above 5950; shrugs off Cobrapost, weak PMI data
Key equity benchmarks ended in green led by buying in metal and IT stocks. Indian shares consolidated for most part of the day in the absence of major economic data announcements this week. Asian shares surged across the board on stronger than expected US non farm payroll data.
Moneycontrol Bureau
Key equity benchmarks ended in green led by buying in metal and IT stocks. Indian shares consolidated for most part of the day in the absence of major economic data announcements this week. Asian shares surged across the board on stronger than expected US non farm payroll data.The Sensex closed at 19673, up 98 points and the Nifty ended at 5971, up 27 points.Key gainers in the Nifty were Hindalco, Tata Steel, TCS, Asian Paints and NMDC, up over 2.5 percent each. Laggards included Kotak Mahindra Bank, ONGC, Ambuja Cements, ITC and NTPC, down over 1 percent each. Banking stocks recovered their morning losses and ended in the green. Media website Cobrapost named 23 banks and insurance companies alleged to be helping their customers launder black money. Full articleShares of metal companies like Hindalco, Tata Steel, NMDC, Jindal Steel, Sesa Goa surged today after copper rallied more than 6 percent on Friday. IT stocks witnessed value buying on Monday after recent sell-off. TCS, Infosys and HCL Tech have surged over 5 percent in May series so far. The Indian Rupee was also trading close to one week low.Saurabh Mukherjea of Ambit Capital is bullish on Indian market and maintains a target of 23,000 for the Sensex by December. He is cautious on the banking sector and positive on oil & gas and auto sector. Full articleHSBC Services Purchasing Managers' Index, tracking India’s services growth fell to 50.7 in April from 51.4 in March, its lowest since October 2011 and the weakest reading in the current expansion cycle. The growth eased during April as new orders came in at a much slower pace. Full articlePrivate sector lender South Indian Bank's fourth quarter (January-March) net profit rose more than 26 percent year-on-year to Rs 154 crore, driven by other income worth Rs 121 crore. The stock surged one percent. Full articleAdani Power closed in red after the company reported consolidated net loss at Rs 586 crore in fourth quarter (January-March) as against loss of Rs 285 crore in the same quarter last year. Full articleReliance Communocations closed at fresh 52-week high after the company said on Monday it had increased voice call prices on some of its plans by about a fifth and cut promotional offers and discounts on some others by up to 65 percent. Full article Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
