NSE Nifty bounces up, ends at 7,350 ahead of RBI meet

Jun 02 2014, 18:58 IST
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SummaryAfter a two-day pause, the buoyant market flared up amid a slew of feel-good factors ahead of the RBI's monetary policy...

After a two-day pause, the buoyant market flared up amid a slew of feel-good factors ahead of the RBI's monetary policy review meet tomorrow with hectic buying in key infra, banking, energy, metal and realty counters rallied the index by 132.55 points to end at 7,362.50 at the National Stock Exchange (NSE) here today.

The investors sentiment bolstered by the positive momentum in country's manufacturing sector by HSBC (PMI) survey to 51.4 in May, along with good FII buying and better than expected Q4 result led the market momentum.

Only defencive stocks from FMCG and pharma witnessed profit-booking in today's trade, while most of the banking stocks rallied amid speculation that the apex bank may maintain a status-quo in its monetary policy meeting tomorrow.

Meanwhile, foreign institutional investors (FIIs) bought shares worth a net Rs 2,977.62 crore last Friday, as per the provisional data from the stock exchanges.

Most of the Asian stocks ended higher lifted by reassuring Chinese factory data.

The 50-share Nifty resumed higher at 7,264.05 and hovered between a high of 7,368.60 and a low of 7,239.50 before ending at 7,362.50, a sharp gain of 132.55 points, or 1.83 per cent, over the previous close.

Shares of infra major L&T zoomed 6.5 per cent amid reports of 69 per cent increase in a standalone net profit for the march quarter, and hike in diesel prices by 50 paise lifted key energy giant BPCL by 6.45 per cent and ONGC by 5.66 per cent. While Bharti Airtel rallied by 5.09 per cent, Jindal Steel by 4.77 per cent.

Other gainers include Tata Steel, SBIN, Bank of Baroda, NMDC and PNB. However, HCLTech, Dr Reddy, SunPharma, Lupin and ITC were the notable losers.

Turnover in the cash segment dropped to Rs 17,717.69 crore from Rs 26,092,91 crore last Friday. A total of 10,921.51 lakh shares changed hands in 76,16,300 trades, while market capitalisation stood at Rs 84,00,391 crore.

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