The Indian equity market climbed for the fifth consecutive day on the weather bureau?s forecast of a normal monsoon. The performance was in line with the buoyant mood seen in Asian indices.

?The participation in the banking and commodity space was strong. Auto stocks like Tata Motors also held their ground,? said Deven Choksey, managing director, KR Choksey Shares & Securities. The key benchmark equity indices in Hong Kong, Indonesia, Japan, Singapore and South Korea all gained. The Nikkei 225 and Hang Seng Index rose over a percentage point to 2.3% and 1.61%, respectively. Shanghai Composite bucked the trend, slipping 0.47%. Back home, the BSE Sensex rose 51.08 points or 0.29% to close at 17,745.28 while the broader 50-share NSE ended up 18.35 points or 0.35% at 5322.45. Most of the BSE sectoral indices ended in the positive terrain. The realty index was the highest loser, slipping over a percentage point at 1.63%. Of the 30 Sensex stocks, 18 ended higher while 12 ended in the red.

The market breadth in the broader market remained strong throughout the trading session with 52% or 1555 stocks traded on the BSE ending higher compared with 1325 declines. Meanwhile FIIS continued to remain bullish on Indian equities. According to BSE?s provisional estimates, FIIs were net buyers to the tune of Rs 234 crore, while domestic institutional investors sold shares worth Rs 73 crore.

?Once the results seasons get over the market will start looking afresh at the investment options,? said Choksey. ?The large cap stocks will continue to remain in favour but the market will see more merits in buying emerging mid-cap stocks.?

The NSE cash turnover on Monday was at Rs 11,662 crore, while the six monthly daily average is Rs 14,779 crore. Turnover in derivatives was Rs 82,193 crore and the daily average for the past six months is Rs 78,474 crore.

HSBC MF warned

Mumbai: Sebi has warned the board of trustees of HSBC mutual fund, HSBC asset management company and its chief executive officer to strictly comply with the law governing their conduct and business of mutual funds in the securities market. This pertains to the changes made in the features and benchmark of the HSBC Gilt Fund. The fund was launched in 2003, but Sebi says the unitholders were not informed of the changes made in the modified duration in 2009.