Market rallies on rate cut hopes; Nifty vaults 55 points
Hectic short-coverings ahead of expiry of January series on next Thursday and good Q3 results by some major companies also boosted the sentiment.
The rally was led by interest rate-related counters from realty, auto and banking segments on expectations of rate cut. The Reserve Bank of India (RBI) is scheduled to meet on January 29 for reviewing 2012-13 Q3 monetary policy.
Recently battered second-line stocks too attracted fresh buying support from retail investors. The 50-issue Nifty resumed better and moved in a range of 6,014.45 and 6,080.55 before concluding at 6,074.65, a net rise of 55.30 points, or 0.92 per cent.
On global front, Asian stocks closed mixed with downward bias. Japan shares spurted by 2.88 per cent after yen touched fresh multi-year lows against the US dollar, while European markets were trading higher in afternoon deals.
Foreign Institutional Investors (FIIs) infused Rs 1,026.31 crore yesterday in the market, as per provisional data with the stock exchanges.
Among the Nifty pack, Bank of Baroda was the top gainer, rising 5.05 pc followed by Jaiprakash Associates 4.83 pc, Reliance Infra 4.26 pc, Maruti Suzuki 3.94 pc and Jindal Steel 3.49 pc. Among the key losers Ultra Cement declined by 1.70 pc, Tata Power 1.58 pc, ACC 1.42 pc, Coal India
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