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Sensex Recovers 102 Pts Ahead Of Key Economic Data

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Expecting some recovery in economic data to be announced late today, the benchmark S&P BSE Sensex, after taking a breather for a day, continued its upward journey and closed higher by over 102 points at 25,576.21.

The government is scheduled to announce Index of Industrial Production (IIP) data for April and inflation based on the combined consumer price index (CPI) for rural and urban India for May 2014 after market hours today.

According to analysts there could be some improvement in data which might compell the apex bank to cut key interest rate in the next policy meet to be scheduled on June 3, which is likely to bring more cheer to the market.

Housing loan provider HDFC and private banking major, HDFC Bank, were the most sought after stocks and closed with sharp gains, contributing more than 80 points to the sensex surge. Other sensex-based stocks like TCS, Sun Pharma, ITC, Tata Motors, Hindalco, Maruti Suzuki and NTPC also notched handsome gains.

The BSE 30-share barometer resumed higher and moved side ways in a range of over 200 points before ending at 25,576.21, revealing a rise of 102.32 points or 0.40 pct. Yesterday, it was down by 109.80 points or 0.43 pct.

The wide-based 50-issue CNX Nifty of the NSE also recouped by 23.05 points or 0.30 pct to 7,649.90.

Meanwhile, Foreign Institutional Investors (FIIs) turned net sellers and offloaded shares worth Rs 313.40 crore yesterday, as per provisional data from stock exchanges.

In Asian markets, except Singapore which ended higher by 0.09 per cent other markets like China, Hong Kong, Japan, South Korea and Taiwan declined by 0.15 pct to 0.64 pct after the US stocks stepped back from record levels while civil war in Iraq supported oil prices.

European markets were trading higher as investors awaited data on US retail sales and jobless claims to gauge the health of the world's largest economy. Key indices in France, Germany and UK moved up by 0.03 pct to 0.38 pct.

Mr. Jignesh Chaudhary, Head Of Research, Veracity Broking Services said," Today local equities traded positively and added over quarter percent during the day with the help of some blue chip co. Positive sentiments in the market has boosted the confidence of the investors as Modi effect is seen in the market. Already Modi has touched some vital issues and has taken positive decisions which has spread a sense of hope in the mind of investors. Now Investors are closely watching the every single move of government for further directions.

FIIs buying in the local equities also helped the indices to trade positively".

Turning to the domestic market, 20 scrips out of the 30- share sensex pack ended higher, nine declined while Tata Power ruled steady.

Major gainers were Hindalco Ind (3.78 per cent), Sun Pharma (2.80 per cent), HDFC (2.62 per cent), HDFC Bank (2.37 per cent), Maruti Suzuki (1.33 per cent), NTPC (1.33 per cent), TCS (1.22 per cent), Tata Motor (0.91 per cent) and Cipla (0.70 per cent).

However, Bharti Airtel fell by 3.57 per cent, Coal India 2.31 per cent, Axis Bank 1.90 per cent and BHEL 1.17 per cent.

Among the S&P BSE sectoral indices, Healthcare rose by 1.39 per cent, Auto 0.60 per cent, FMCG 0.46 per cent, Realty 0.39 per cent and Power 0.35 per cent.

Total market breadth continued to remain positive as 1,746 stocks closed with gains while 1,356 ended with losses.

The total tunover dropped to Rs 3,812.71 crs from Rs 4,722.59 crs yesterday.


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