The Sensex 30 and Nifty 50 rose by a massive point margin in today’s trade. The markets were led by infrastructure, auto and banking stocks. Hopes of a stimulus from the European Central Bank and an expectations of a rate cut by the RBI later this month also buoyed markets in trade today. The Sensex 30 closed at 16454.30, up 433.66 points or 2.71 percent. It touched an intraday high of 16494.50 and a low of 16100.36 points in today’s trade. The Nifty 50 closed at 4997.10, up 133.80 points or 2.75 percent. It touched an intraday high of 5010.45 and a low of 4886.15 points today.
India’s Prime Minister expected meeting with key ministers to discuss on the infrastructure sector also encouraged stock in the infra sector. Elsewhere, economic data in Europe disappointed in a way with German Industrial Production, EU 1Q12 GDP and Spanish output numbers, coming lower. Japan’s Nikkei rose in trade after it recovered from Monday’s six-month closing low on policymakers to undertake measures to stem the euro zone crisis. The Hang Seng index gained 2 percent while the Shanghai Composite index was down marginally.
Coal India announced that it would provide lower than expected supply of coal to industries which was a dampener. But it failed to affect the markets today. Moody’s downgraded and altered ratings of various institutions in Europe today.
Finally commodities gained with WTI at USD 85.15 up 1.02% and Brent trading at USD 100.29 up 1.47%. Later in the day (IST 20:00) EIA inventories for crude oil are expected to show a drawdown of -0.488m versus the previous level of 2.213m. On the weather front, warmer conditions are in store across the Northeastern and Midwestern part of United States.
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(Moneycontrol, Economic Times)
Categories: General News