After 3 day losing streak Indian equity markets bounced back and gained over 1.85%. The momentum was led by rate sensitivities (auto, banking, realty etc) stocks on the hope of rate cut due to the less than expected number of headline inflation. Nifty crossed the 5800 level and ended the 5808 up by 109.30 points while Sensex jumped 350 points and ended the day at 19177.93.
India's May WPI inflation eased to 4.7% against 4.89% in April and increases the sentiments of rate cut ahead of monetary policy meet on Monday.
Tata Motors surged after its subsidiary JLR registered strong growth in retail sales in May 2013. The UK-based subsidiary's retail volume grew 12.3% Y-o-Y and 13.9% M-o-M to 32,477 units in May 2013, which was better-than-expected, driven by continued momentum in the recently launched models.
Among the sectoral indices CNX Auto surged by 2.80% and was the top gainer followed by CNX Metal (2.63%) and CNX Realty (2.37%). All other indices also ended in positive terrain.
Top 5 Nifty gainers: Hindalco (8.47%), Tata Motors (4.79%), Maruti (4.08%), JP Associate (4.03%) and Tata Power (3.71%) were among top gainers.
Top 5 Nifty losers: IndusInd Bank (-1.47%), Hero Motorcorp (-0.86%), HUL (-0.18%), Bharti Airtel (-0.07%) and CIPLA (-0.05%)
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