Positive Macro-Data, Rupee Cheer Indian Equities

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Positive domestic macroeconomic data and a strong rupee cheered the Indian equity markets on Monday.

Investors’ sentiments were buoyed by official data released after market hours on Friday — Wholesale Price Index (WPI) and Consumer Price Index (CPI) — which showed that inflation eased in April. The data on the annual rate of inflation was calculated on a revised the base year of 2011-12.

However, India’s factory output growth slowed to 2.7 percent in March on the back of poor manufacturing performance in the new Index of Industrial Production (IIP) with revised the base year of 2011-12.

The key indices traded with gains of close to half a per cent each during the mid-afternoon trade session, as healthy buying was witnessed in banking, metal and healthcare stocks.

Around 12.30 p.m., the wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 41.65 points or 0.44 per cent to trade at 9,442.55 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 30,287.37 points, traded at 30,323.15 points — up 135 points or 0.45 percent from its previous close at 30,188.15 points.

The Sensex has so far touched a high of 30,357.96 points and a low of 30,273.62 points during the intra-day trade.

The BSE market breadth was bullish, with 1,471 advances and 1,097 declines.

“Equity benchmark indices started off the first day of the week on a firm note tracking positive macroeconomic data. Appreciation of the rupee against the US dollar also supported the firm opening of the equity markets,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“Most banking stocks traded with firm sentiments lead by Kotak Bank. Auto, power, oil-gas and cement sector stocks complemented the firmness of the markets.”

On Friday, profit booking and global cues pulled the benchmark indices lower.

The NSE Nifty fell by 21.50 points or 0.23 per cent to close at 9,400.90 points, and the BSE Sensex closed at 30,188.15 points — down 62.83 points or 0.21 per cent.

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