Next level of support could be around 5350-5330.
FIRST LIGHT HEADINGS
LIC plans to open a subsidiary in Singapore
FIIs stood as net buyers in equities on May 30, 2011: SEBI
Action Construction Equipment board recommends dividend
Indian Oil Corporation board recommends dividend
Indian apparel exports touch $1 billion mark in April; surge by 13% yoy Sharon Bio-Medicine gets Certification of Substances from European Health Authorities
FIIs stood as net buyers in equities on May 30, 2011: SEBI
Action Construction Equipment board recommends dividend
Indian Oil Corporation board recommends dividend
Indian apparel exports touch $1 billion mark in April; surge by 13% yoy Sharon Bio-Medicine gets Certification of Substances from European Health Authorities
MARKET INSIGHT
On Monday 30 May 2011,Indian equity markets bid adieu the month of May on a highly enthusiastic note as the investors tailing positive global cues, mainly concentrated on value buying. The benchmarks stroke a two week high though slower-than-expected GDP growth in Q4 March 2011 as the lower GDP growth in March eased the fears of a hawkish policy stance by the Reserve Bank at its policy meet scheduled next month. India's economy grew 8.5 per cent in fiscal year 2010/11, slightly below the government's estimates of 8.6 per cent. For the quarter ended March 20011, the GDP grew at lower-than-expected 7.8 per cent against 9.4 per cent in the same period a year ago and as compared to 8.3 percent in the previous month. Meanwhile, Asian Indices ended mostly higher Tuesday, with the Nikkei lifted by an upbeat outlook from Japan's manufacturers and a weaker yen, while regional solar plays gained after Germany said it would phase out nuclear power by 2022.
The BSE Sensex surged 276.17 points or 1.51% and settled at 18,508.23. The index touched a high and a low of 18,380.17 and 18,199.52 respectively. 13 stocks advanced against 17 declining ones on the index. The BSE Mid-cap gained 0.85% while Small-cap index was up by 0.55% respectively. On the BSE Sectoral front, Health Care advanced 2.27%, Consumer Durables up 2.06%, Realty up 1.62%, PSU up 0.46% and Bankex up 0.42% were the major gainers. On the flip side Auto down 1.48%, Oil & Gas down 0.70%, Capital Goods down 0.35%, Metal down 0.25% and FMCG down 0.24% were the top losers.
India VIX, a gauge for market's short term expectation of volatility lost 5.87% at 16.82 from its previous close of 17.87 on Monday. The S&P CNX Nifty gained 88.05 points or 1.61% to settle at 5,561.15. The index touched high and low of 5,571.60 and 5,489.70, respectively. 47 stocks advanced against 2 declining ones and 1 remained unchanged on the index. (Provisional)
All the Asian equity indices ended the day's trade in the positive terrain on Tuesday led by Japanese shares which surged about two percent today on report that country's factory output rebounded from a record drop following the devastating earthquake and tsunami. Seoul Composite remained the major gainer among the Asian peers ended with a gain of over 2.3 percent on Tuesday as foreign investors turned net buyers, with rallies in automakers and shipyards such as Kia Motors and Hyundai Heavy Industries lending support. Moreover, Taiwan stocks too rose about two percent tracking gains in regional bourses, with tech firms like HTC higher amid optimism over new models launched at the Computex computer show in Taipei this week.
According to the data released by Central Statistics Office (CSO), India's GDP at factor cost at constant (2004-05) prices for the full fiscal year ended March 31 showed a growth rate of 8.5% over the 8% GDP growth for the year 2009-10. While the quarterly estimates of GDP for the fourth quarter showed a growth rate of 7.8% against 9.4% year-on-year and 8.3% quarter on quarter.
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