SENSEX 17332.62 +133.22
NIFTY 5276.85 +50.00
USD/INR 0051.08 +00.53
NASDAQ 3052.39 +35.93
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UPDATEDTIME 09.28 PM 12 APRIL 2012
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The Bombay Stock Exchange's Sensex closed
over 100 points higher led by gains in metals, banks, FMCG and auto
space on hopes of interest rate cuts by the Reserve Bank of India at its
next policy review meet following poor February IIP data. India's Index of
Industrial Production for month of February grew at 4.1 per cent vs 1.14 per
cent in January.
Reacting to the slowdown in growth, Finance Minister,Pranab Mukherjee said, "these figures will have bearing on monetary policy announcement scheduled for next week. The government along with RBI will take required steps to revive activity in the economy."
Meanwhile, Central Statistical Organization revised January IIP figures lower to 1.14 per cent from 6.8 per cent due to correction in sugar output data.
According to analysts, the next trigger for Indian markets will be global liquidity and RBI's policy review meet. They expect the central bank to cut rates by 25 basis points to revive industrial growth. However, sticky inflation, high crude oil prices and depreciating rupee remain a concern.
According to Reuters poll, the inflation in March is likely to have eased to 6.70 per cent as compared to 6.95 per cent a month ago.
We believe beginning of rate easing cycle, favorable fiscal policy environment, much better shaped corporate balance sheet would result into improvement in industrial production especially investment activity going forward.
Considering the global economy uncertainty, economy slowdown, inflation moderation outlook, higher crude oil prices and sharp upward move in bond yield post budget, we believe RBI's monetary policy action will address risks to growth more forcefully than inflation management on 17th April 2012, hence we expect RBI to cut 25bps repo rate to begin rate easing cycle.
The Sensex shrugged off disappointing IIP data and closed at 17332.62, up 133.22 points or 0.77 per cent. It touched intraday high of 17395.15 and low of 17276.87.
The National Stock Exchange's Nifty closed at 5272.40, up 45.55 points or 0.87 per cent. The broader index touched a high of 5290.60 and low of 5246.75 in trade today.
BSE Midcap Index was up 0.85 per cent and BSE Smallcap Index moved up 1.01 per cent.
BSE Metal Index gained 2.20 per cent, BSE Bankex advanced 1.62 per cent, BSE FMCG Index was up 1.50 per cent and BSE Auto Index advanced 1.25 per cent.
BSE IT Index closed 1.15 per cent lower ahead of fourth quarter results by Infosys Technologies Friday.
According to analysts, the IT-bellwether is likely to give muted growth forecast for the year ending March 2013 between 11-14 per cent in dollar terms. For the quarter ended June, the company is likely to offer guidance for a 2-3 per cent revenue growth. EPS guidance is expected to be in the range of Rs 161-165.
Jindal Steel (4.86%), Sterlite Industries (3.91%), Maruti Suzuki (3.13%), Hindalco Industries (3.02%) and State Bank of India (2.95%) were the top Sensex gainers.
Infosys Technologies (-1.87%), Wipro (-1.27%), ONGC (-1.27%), DLF (-1.09%) and TCS (-0.88%) were the major losers.
Market breadth was positive on the BSE with 1712 gainers against 110 losers.
Regards
Reacting to the slowdown in growth, Finance Minister,Pranab Mukherjee said, "these figures will have bearing on monetary policy announcement scheduled for next week. The government along with RBI will take required steps to revive activity in the economy."
Meanwhile, Central Statistical Organization revised January IIP figures lower to 1.14 per cent from 6.8 per cent due to correction in sugar output data.
According to analysts, the next trigger for Indian markets will be global liquidity and RBI's policy review meet. They expect the central bank to cut rates by 25 basis points to revive industrial growth. However, sticky inflation, high crude oil prices and depreciating rupee remain a concern.
According to Reuters poll, the inflation in March is likely to have eased to 6.70 per cent as compared to 6.95 per cent a month ago.
We believe beginning of rate easing cycle, favorable fiscal policy environment, much better shaped corporate balance sheet would result into improvement in industrial production especially investment activity going forward.
Considering the global economy uncertainty, economy slowdown, inflation moderation outlook, higher crude oil prices and sharp upward move in bond yield post budget, we believe RBI's monetary policy action will address risks to growth more forcefully than inflation management on 17th April 2012, hence we expect RBI to cut 25bps repo rate to begin rate easing cycle.
The Sensex shrugged off disappointing IIP data and closed at 17332.62, up 133.22 points or 0.77 per cent. It touched intraday high of 17395.15 and low of 17276.87.
The National Stock Exchange's Nifty closed at 5272.40, up 45.55 points or 0.87 per cent. The broader index touched a high of 5290.60 and low of 5246.75 in trade today.
BSE Midcap Index was up 0.85 per cent and BSE Smallcap Index moved up 1.01 per cent.
BSE Metal Index gained 2.20 per cent, BSE Bankex advanced 1.62 per cent, BSE FMCG Index was up 1.50 per cent and BSE Auto Index advanced 1.25 per cent.
BSE IT Index closed 1.15 per cent lower ahead of fourth quarter results by Infosys Technologies Friday.
According to analysts, the IT-bellwether is likely to give muted growth forecast for the year ending March 2013 between 11-14 per cent in dollar terms. For the quarter ended June, the company is likely to offer guidance for a 2-3 per cent revenue growth. EPS guidance is expected to be in the range of Rs 161-165.
Jindal Steel (4.86%), Sterlite Industries (3.91%), Maruti Suzuki (3.13%), Hindalco Industries (3.02%) and State Bank of India (2.95%) were the top Sensex gainers.
Infosys Technologies (-1.87%), Wipro (-1.27%), ONGC (-1.27%), DLF (-1.09%) and TCS (-0.88%) were the major losers.
Market breadth was positive on the BSE with 1712 gainers against 110 losers.
Regards
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
Group mail id: makin97NSEtips@yahoogroups.co.in
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