Indian benchmark indices started the week on a strong footing with both the gauges closing at new lifetime record levels. The BSE Sensex rose 0.44% to close at 30,322.12 points, up 133.97 points from its previous close, while the NSE Nifty 50 gained 0.47% to reach 9,445.40 points at end of trade for the day, a gain of 44.50 points.
This strong performance was on the back of impressive inflation and industrial production data, which raised the hopes of a rate cut by the central bank in its next bi-monthly review. The government, post market hours on Friday, released inflation and industrial production data. In March, India’s industrial output grew at a robust 2.7 percent from 1.9 percent in February. Inflation based on the wholesale price index slipped to 3.85 percent during April as compared to 5.70 percent in March, while inflation based on consumer price index for April slipped to 2.99% from 3.81% in March.
Shares of Tata Steel rose 4.35% to Rs 455.75 while the stock of Jindal Stainsteel hit a nine-year high of Rs 83.45 on the back of better than expected earnings in the fourth quarter of FY17. S&P BSE Metal index rose 265 points or 2.40% with all the component stocks gaining today. In pharma sector, the share price of Dr. Reddy’s Laboratories Ltd rose 3.54% to Rs 2,676.15 while that of Lupin Ltd gained 2.40% to Rs 1,284.25.
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A total of 19 scrips in the 30-share Sensex pack ended higher whereas 11 scrips fell, while on the 51-share Nifty, 32 scrips advanced while 19 scrips declined.
Major gainers on the Sensex were Tata Steel up 4.35% at Rs 455.75; Dr. Reddy’s up 3.54% at Rs 2,676.15; Lupin Ltd up 2.40% at Rs 1,284.25; ICICI Bank up 1.82% at Rs 302.05; Asian Paints up 1.32% at Rs 1,147.25 and Maruti Suzuki India Ltd up 1.26% at Rs 6,812.65.
Major losers were Infosys down 1.24% to Rs 951.95; Hero MotoCorp down 0.90% at Rs 3,505.10; Adani Ports down 0.53% at Rs 355.25; Reliance Industries down 0.53% at Rs 1,343.65; Axis Bank down 0.52% at Rs 500.00 and Bharti Airtel down 0.29% at Rs 363.85.
The total turnover on BSE amounted to Rs 3,871.81 crore, falling from Rs 4,031.10 crore registered during the previous trading session. Market breadth remained positive as 1483 stocks advanced while 1,297 stocks declined and 209 remained unchanged.
The total market cap of BSE Sensex was Rs 50.8573 lakh crore. The Price to Earnings (PE) multiple of the Sensex stood at 23.03 while its Price to Book value (PB) multiple was at 2.94 and the Dividend Yield was at 1.32.