Daily Indian Market
Indian equity markets up 0.61%.
Nifty up 32.45 pts and settle at 5380.35
Sensex up 94.75 pts at 17728.20
Bank Nifty up 117.85 pts at 10519.15
European markets were up with FTSE upby 25.67 pts at 5857.55, CAC up by 21.20pts at 3447.61 and DAX up 67.59 pts at 6977.27
Dow future up 44.00 pts at 13181.00
The benchmark index Nifty closed near 5-month high surpassing barrier of 5350 mark and setting positive undertone for the market in the near term. The market shrugged off gloomy trade deficit data and gave thumbs up to lower than expected monthly inflation data.
India's wholesale price index (WPI) rose a lower-than-expected 6.87% in July from a year earlier, Banking stocks were the biggest beneficiary from inflation data as it also sparked hopes of rate cut from the Reserve Bank of India. Bank Nifty locked 1% gain.
Beaten down stocks post tepid quarterly results were leading the rally in Nifty today. Tata Motors, Ranbaxy, Tata Steel closed with hefty gains of over 2%. SBI and Bharti Airtel were exceptions in that list.
Amara Raja Batteries was the star performer of the day. Indias second largest battery manufacturer reported close to 100% jump in bottom line. The operating performance of the company was equally strong. The stock closed at life time high.
Reliance Infrastructure's standalone net profit fell 24% year-on-year to Rs 327 crores in the quarter ended June 2012 despite sharp jump in other income.
The world's largest aluminium rolling company Hindalco Industries' net profit fell 34% year-on-year to Rs 425 crores in the June quarter. Analysts on an average had forecasted PAT of Rs 518 crores.
News you can use
Only 1/3rd of India's slowdown due torate hikes: RBI
Hindalco Q1 net drops 34% on higher input cost
Reliance Infra Q1 net profit declines 24% to Rs 327 cr
Essar Oil Q1 loss higher than forecast at Rs 1,400 cr
Factors to watch:
Nifty looks bullish
Buy on dips
Bank Nifty looks bullish
Strategy: Buy on dips
STOCKS TO WATCH
SCRIPS IN BAN PERIOD
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