Indian equity markets ended up with handsome gains after the markets picked up speed to conclude over 2 years' high level in last one and half an hour of trade. The Nifty extended its winning streak and rose above key psychological level of 6150 mark, last seen on January 2011 and closed at 6146.75 (2.52%) up by 151.35 points , while Sensex, zooming over 450 points wrapped up the session above the crucial 20200 level closing at 20212.96 (2.49%) up by 490.67 points.
The party at Dalal Street was led by rate sensitives such as banks, autos and realty stocks, which rallied over 2% on rate cut hopes mainly bolstered by RBI’s official comments. India’s central bank governor Duvvuri Subbarao, said, ‘the RBI will take note of falling inflation when discussing potential interest rate cuts.’ This comments, following the 41-month low inflation data brought sanguinity for Indian equity markets.
The country's headline wholesale inflation eased below 5% in April, dropping within the central bank's comfort zone for the first time in more than three years. Among sectoral indices, CNX Realty (4.35%) gained the most followed by CNX PSU Banks (4.17%), CNX Finance (3.97%) and Bank Nifty (3.93%).
Market breadth remained positive today as 865 stocks rose against 424 declined while 73 remained unchanged.
Out of 50 stocks of Nifty index, 47 advanced and 3 declined.
Top Five Nifty gainers: PNB led the Nifty Gainers list and registered 7.60% gain joined by Reliance Infra (5.22%), IndusInd Bank (5.14%), Kotak Bank (5.12%) and DLF (4.78%).
Top Five Nifty Losers: There were only three stocks in Nifty which fell down. Power Grid was the biggest loser today and fell by -0.74% followed by Ultra Cement (-0.51%) and Cairn (-0.08%).
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