Investor wealth today soared
by over Rs 1 lakh crore helped by the BSE benchmark Sensex's nearly 390-point
surge on hopes of a aggressive rate cut by RBI and expectations of a lower
fiscal deficit on falling prices of crude oil and gold. The Sensex ended the
day 387.13 points higher at 18,744.93 and the NSE's 50-share Nifty closed with
a gain of 120.55 points at 5,688.95. Led by the rally in the stock market, the
investor wealth soared by over Rs one lakh crore to Rs 64.24 lakh crore. Among
the Sensex constituents, 27 ended up, with Maruti emerging as the biggest
gainer with 4.23 per cent rise. Overall market breadth remained positive as
1,338 scrips finished higher while 1,022 counters ended lower. Among the BSE 13
sectoral indices, 11 settled with gains led by banking index. In the market
1,338 stocks advanced. "Markets have taken cheer from better than anticipated
WPI inflation. Inflation is a keystone parameter and improvement in the same
can have cascading positives for the economy, leading to upsurge in cyclical
and rate sensitive stocks. It has also raised expectations of a rate cut in the
RBI's next policy meet," said Lalit Thakkar, Managing Director
Institution, Angel Broking. The recent deceleration of gold and crude prices is
also constructive for macros and a correction is likely to lend a favorable
bias to the current account deficit, which is one of our key concern areas, he
said adding decline in crude prices is also a big positive for the markets, as
it will help in narrowing the fiscal deficit and keeping inflationary pressures
in check. ICICI Bank, HDFC, HDFC Bank, SBI, Maruti Suzuki and Tata Motors saw
good buying on rate cut hopes. Investors are hoping that the central bank would
ease monetary policy next month to boost growth, experts said. There is an 80
per cent probability that the Reserve Bank will cut repo rate by 0.25 per cent
in its monetary policy review on May 3, but it is "not a done deal",
leading global brokerage firm Nomura said in a research note today. Oil
marketing companies such as BPCL gained for a second day on hopes that fall in
crude prices would lower the cost of under-recoveries.
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