Lunes, 23 Abril, 2018

Positive macro-data, rupee lift equity markets to new highs

Sensex closes at new peak of 30,322.12 Nifty hovers above 9,400-mark on inflation cheer Markets gain further ground; Nifty closes near 9450
Ramiro Mantilla | 15 May, 2017, 19:16

The benchmark BSE Sensex index advanced 0.4%, or 133.97 points, to 30,322.12, while the broader NSE Nifty50 index rose 0.5%, or 44.50 points, to 9,445.40.

The Sensex has so far touched a high of 30,357.96 points and a low of 30,273.62 points during the intra-day trade.

Buying activity paced up on positive economic data after retail inflation fell sharply to 2.99 per cent in April, from 3.89 per cent in March, while inflation based on the wholesale price index slipped to a four-month low of 3.85 per cent in April.

"Appreciation of the rupee against the United States dollar also supported the firm opening of the equity markets", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

The BSE market breadth was bullish, with 1,471 advances and 1,097 declines.

However, India's factory output growth slowed to 2.7 per cent in March on the back of poor manufacturing performance in the new Index of Industrial Production (IIP) with revised base year of 2011-12. An early monsoon prediction by the Met department also boded positively for the market.

Overseas, Asian market ended mixed, while European stocks were trading narrowly mixed.

BSE Metal index was the top gainer and closed at 11,326.72, up by 265 points or 2.4 per cent. Tata Steel, Hindalco and Vedanta are the major contributors to the Metal index gains. Consumer prices rose by only 2.99% as against 3.89% in March.

Meanwhile, FIIs bought shares worth a net worth Rs 841.80 crore last Friday, as per provisional figures issued by the stock exchanges.

Major Sensex losers were: Infosys, down 1.24 per cent at Rs 951.95; Hero MotoCorp, down 0.90 per cent at Rs 3,505.10; Reliance Industries, down 0.53 per cent at Rs 1,343.65; Adani Ports, down 0.53 per cent at Rs 355.25; and Axis Bank, down 0.52 per cent at Rs 500.