Sensex up nearly 150 points on firm global cues Analysis for May 20, 2013

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Smart buying amid positive global cues saw the stock market benchmark Sensex gaining nearly 150 points in the early trade, led by rally in the interest rate sensitive banking and realty counters.

At 11:14AM BSE SENSEX was at 20422.55, up by 136.43 points or by 0.67 per cent while the NSE Nifty was at 6222.75 up by 35.45 points or by 0.57 per cent.

Leading the gains were Mahindra & Mahindra, Tata motors, Maruti Suzuki among other rate sensitive stocks amid hopes of a rate cut by the Reserve Bank of India in its monetary policy slated to be announced on June 17.

According to the analysts , as there in no major event eyed by the investors in the week , movement of foreign institutional inflows would continue to play a key role in the direction of the stock markets.

Meanwhile, the BSE Sensex touched an intraday high of 20443.62 and an intraday low of 20277.76 while NSE Nifty touched an intraday high of 6229.45 and an intraday low of 6195.25.

Besides, BSE MIDCAP was at 6656.84, up by 42.86 points or by 0.65 per cent while the BSE SMLCAP was at 6241.16, up by 41.97 points or by 0.68 per cent.On the sectoral front, major buying was observed in auto and realty index which grew 2.59 per cent and 1.06 per cent respectively.

The Market breadth, indicating the overall health of the market, was strong. On BSE out of total 2124 shares traded, 1194 shares advanced, 827 shares declined while 103 remained unchanged.

The top gainers of the BSE Sensex pack were Mahindra & Mahindra Ltd. (Rs. 1021.00,+3.60%), Tata Motors Ltd. (Rs. 313.85,+3.46%), Maruti Suzuki India Ltd. (Rs. 1762.00,+3.08%), Sun Pharmaceutical Industries Ltd. (Rs. 986.80,+2.23%), Bajaj Auto Ltd. (Rs. 1871.80,+2.07%), among others.

Moreover, investor confidence was boosted with the escalation in most of the Asian stocks. Hong Kong"s Hang Seng was trading up by 1. 58 per cent, China"s Shanghai Composite was up by 0.98 per cent while Japan"s Nikkei 225 was trading up by 1.44 per cent.

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Story first published: Monday, May 20, 2013, 13:20 [IST]
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