AGL 40.05 Increased By ▲ 0.05 (0.13%)
AIRLINK 127.50 Increased By ▲ 0.46 (0.36%)
BOP 6.59 Decreased By ▼ -0.08 (-1.2%)
CNERGY 4.52 Increased By ▲ 0.01 (0.22%)
DCL 8.44 Decreased By ▼ -0.11 (-1.29%)
DFML 41.65 Increased By ▲ 0.21 (0.51%)
DGKC 86.80 Decreased By ▼ -0.05 (-0.06%)
FCCL 32.23 Decreased By ▼ -0.05 (-0.15%)
FFBL 65.10 Increased By ▲ 0.30 (0.46%)
FFL 10.12 Decreased By ▼ -0.13 (-1.27%)
HUBC 110.42 Increased By ▲ 0.85 (0.78%)
HUMNL 14.69 Increased By ▲ 0.01 (0.07%)
KEL 5.17 Increased By ▲ 0.12 (2.38%)
KOSM 7.24 Decreased By ▼ -0.22 (-2.95%)
MLCF 41.49 Increased By ▲ 0.11 (0.27%)
NBP 60.25 Decreased By ▼ -0.16 (-0.26%)
OGDC 194.00 Increased By ▲ 3.90 (2.05%)
PAEL 28.15 Increased By ▲ 0.32 (1.15%)
PIBTL 7.86 Increased By ▲ 0.03 (0.38%)
PPL 150.95 Increased By ▲ 0.89 (0.59%)
PRL 26.70 Decreased By ▼ -0.18 (-0.67%)
PTC 16.19 Increased By ▲ 0.12 (0.75%)
SEARL 78.39 Decreased By ▼ -7.61 (-8.85%)
TELE 7.39 Decreased By ▼ -0.32 (-4.15%)
TOMCL 35.40 Decreased By ▼ -0.01 (-0.03%)
TPLP 7.91 Decreased By ▼ -0.21 (-2.59%)
TREET 15.90 Decreased By ▼ -0.51 (-3.11%)
TRG 52.75 Decreased By ▼ -0.54 (-1.01%)
UNITY 26.60 Increased By ▲ 0.44 (1.68%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 9,955 Increased By 71.5 (0.72%)
BR30 30,899 Increased By 298.5 (0.98%)
KSE100 93,987 Increased By 631.8 (0.68%)
KSE30 29,153 Increased By 222.3 (0.77%)

India's benchmark share index rose on Monday, recovering from seven-month lows after slowing inflation and lower crude and gold prices led to hopes that the central bank will likely cut interest rates at its May review. Lenders such as State Bank of India led gainers on hopes the Reserve Bank of India would now have room to ease monetary policy for a third time this year.
Investors also welcomed the sharp slump in gold and crude oil prices, which if sustained, would help ease narrow the current account deficit, a factor which has been cited by the central bank as a key variable in its monetary policy making. "The commodity price movements played out in the market today. The lower WPI number has also raised rate cut hopes," said Sudip Bandyopadhyay, managing director and chief executive at Destimoney Securities. "The market will continue to remain volatile. We will see counter specific and sector specific action."
The benchmark BSE index rose 0.63 percent, or 115.24 points, to 18,357.80 after earlier hitting its lowest intraday level since September 13. The 50-share NSE index gained 0.72 percent, or 39.85 points, to 5,568.40. Both indexes thus recovered from sharp falls on Friday, when the BSE slumped 1.6 percent after software service exporter Infosys Ltd issued lower-than-expected revenue guidance, sparking a selloff in technology stocks. Lenders gained after data showed wholesale price inflation cooled to 5.96 percent in March, lower than 6.84 percent in February.
The data raised expectations the RBI would cut interest rates, which would help loan growth and ease margin pressures, according to analysts. Public sector banks could also benefit as they are big holders of government bonds, which could rally should the RBI eases monetary policy. State Bank of India rose 3.1 percent, while Axis Bank gained 2.4 percent. Shares in ITC Ltd ended up 2.41 percent. Reliance Industries Ltd rose 2.4 percent ahead of its March quarter earnings on Tuesday, which is expected to show good profit growth.
Infosys Ltd rose 1.9 percent on value buying after slumping to its lowest closing low in a decade on Friday after it disappointed with a muted revenue guidance for the current fiscal year. However, other IT stocks fell on caution ahead of earnings. Tata Consultancy Services fell 2.6 percent ahead of its results on Wednesday while HCL Technologies Ltd, which also reports on Wednesday, lost 1.4 percent down. Gold loan providers slumped on fears that the sharp fall in gold prices will erode the value of the collateral and make some loans non-performing. Muthoot Finance Ltd fell 12.2 percent, while Manappuram Finance Ltd slumped 9.8 percent.

Copyright Reuters, 2013

Comments

Comments are closed.