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Nifty firm after a gap-up; Aviation stocks fly high

This article was posted on Apr 25, 2013 and is filed under Market News

The broader markets was positive with mid-caps and small-caps gaining 0.3-0.5% on the BSE.

Markets soared in opening trades with 50-share Nifty inching above key resistance level of 5,850 led by significant buying witnessed in stocks of airline companies after Jet Airways clinched a deal with Abu Dhabi-based carrier.

At 10:20AM, the Bombay Stock Exchange’s 30-share index Sensex rose 125 points at 19,303 while the National Stock Exchange’s 50-share Nifty gained 47 points at 5,883.

Trading, however, may be volatile ahead of the April derivative contracts expiry and the central bank monetary policy next week.

Investors expect the Reserve Bank of India to cut interest rates by 25-50 basis points on May 3rd monetary policy as WPI inflation eased to 3-year low in March.

Global risk appetite remained firm on hopes of aggressive monetary policy easing by the European Central Bank next week as economic data continued to hint towards sluggish growth.

Asian markets traded mixed with China’s Shanghai Composite Index down 0.4% to 2,208, Hong Kong’s Hang Seng rose 0.4 % to 22,272, Singapore’s Straits Times fell 0.15% to 3,317 while Japan’s Nikkei was up 0.147% to 13,862.

Back home, the key sectoral indices such as auto, oil and gas, bankex, PSU gained while IT , sectors declined on the BSE.

The gainers included counters such as Tata Motors and Maruti Suzuki rising 3% and 1.4% respectively, Dr Reddy’s added 1.3%, ICICI Bank and SBI gained 2% and 0.6 respectively.

The laggards were IT pack with TCS and Infosys falling nearly 2%, HDFC Bank shed 0.3%, Sun Pharma was down 0.1% on the BSE.

For more visit: Business Standard

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