Post-market: Markets inch up to close at record highs; NIFTY crosses 7400 mark Analysis for Jun 03, 2014

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Major Indian averages surged to close at record highs as the market welcomed the outcome of the RBI policy meet. The Reserve Bank of India (RBI) in the bi-monthly monetary policy review today kept the repo rate unchanged at 8 per cent as per the street's expectations. The Cash Reserve Ratio (CRR) was also unchanged at 4 per cent of net demand and time liabilities (NDTL). However, it slashed Statutory Liquidity Ratio (SLR) to 22.5 per cent, a move that will help inject liquidity, paving the way for credit growth revival in the near term. RBI also reduced the liquidity provided under the export credit refinance (ECR) facility from 50 per cent of eligible export credit outstanding to 32 per cent with immediate effect.

At closing, BSE SENSEX was at 24858.59 up by 173.74 points or by 0.7 per cent and the NSE Nifty was at 7415.85 up by 53.35 points or by 0.72 per cent. The BSE MIDCAP was at 8705.06 up by 54.54 points or by 0.63 per cent while the BSE SMLCAP was at 9305.87 up by 108.95 points or by 1.18 per cent. The BSE Sensex touched intraday high of 24892.06 and intraday low of 24626.97 The NSE Nifty touched intraday high of 7424.95 and intraday low of 7342.15.

The top gainers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 525.75,+6.69 per cent), Sesa Sterlite Ltd. (Rs. 297.90,+6.53 per cent), Coal India Ltd. (Rs. 393.10,+5.29 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 416.80,+4.40 per cent), Bharat Heavy Electricals Ltd. (Rs. 257.30,+3.48 per cent), among others.

The top gainers of the NSE Nifty pack were Tata Steel Ltd. (Rs. 526.80,+6.88per cent), Sesa Sterlite Ltd. (Rs. 297.95,+6.41 per cent), Coal India Ltd. (Rs. 393.40,+5.37 per cent), Grasim Industries Ltd. (Rs. 3327.50,+5.29 per cent), DLF Ltd. (Rs. 219.50,+4.85 per cent), among others.On the sectoral front, BSE Metal index was at 13155.3 up by 633.58 points driven by increase in China"s manufacturing activity and BSE Realty index was at 1981.79 up by 60.43 points.

The Market breadth, indicating the overall strength of the market, was positive. On BSE out of total shares traded 3236, shares advanced were 1987 while 1141 shares declined and 108 were unchanged.

Asian stocks ended today"s session on a mixed note as investors digested solid U.S. and Chinese manufacturing data as well as monetary policy decisions in Australia and India. However, the investors are eying the ECB meeting on Thursday and US employment report slated to be released later this week for major market momentum. Japanese shares closed at a fresh two-month high, with a weaker yen and gains on Wall Street overnight underpinning sentiment. Chinese shares ended on a flat note as trading resumed following a holiday. The benchmark Shanghai Composite Index went down 0.04 percent to 2038.31 point plateau. The Hang Seng increased by 0.91 per cent and NIKKEI 225 inched up by 0.61 per cent.

Story first published: Tuesday, June 3, 2014, 17:00 [IST]
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