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Markets ended near the day's high as buying interest emerged in Oil & gas and banking shares following positive WPI inflation numbers. The BSE Sensex, after touching a low of 18,144 managed to recover to a high of 18,424. The index finally ended (provisional) at 18,358 - up 115 points. The Nifty ended at 5,568 up 40 points.
After the moderate rise in February, the Wholesale price index (WPI) inflation fell to 5.96% in March 2013. This is the lowest recorded figure in 40 months.
After declining for four months straight, the WPI inflation had risen from 6.62% in January 2013 to 6.84% in February 2013, according to the data released by the Central Statistical Organisation (CSO), the Ministry of statistics and program implementation.
Japan's Nikkei share average dropped on Monday, moving further away from near five-year highs tapped last week as exporters lost ground after weak economic data from China and the United States raised concerns over the outlook for the global economy. The Nikkei fell 1.6 percent to 13,275.66, retreating from July 2008 levels of 13,568.25 tapped on Friday.
Bank stocks edged higher on hopes of interest rate cut from the Reserve Bank of India after latest data released by the government today. Bankex was up 1% at 13,201.
BSE oil & gas index surged 2.3% at 8,561. Europe's second biggest oil firm BP Plc head Bob Dudley and his partner Reliance Industries Chairman Mukesh Ambani today sought clarity on pricing of natural gas as they felt an interim arrangement being considered by the government was inadequate.
BSE PSU index gained 1.4% at 6,545 following news that Public Sector Units (PSUs) in the Indian economy accounted for $383 billion turnover in FY12 with a revenue growth of 11% since 2009.
According to a study on Indian PSU Landscape by Zinnov, a market expansion and globalisation advisory firm, Indian PSUs are expected to witness a turnover of more than $1 trillion by 2020 and a large part of the growth will be attributed to investments in modern forms of IT including cloud, big data & mobility.
Meanwhile, BSE IT index was down marginally at 6,016. Consumer durabels, auto and metal indices remained in red - down 1-2% each.
"CNX IT Index itself seems to have topped out from medium term to longer term perspective. Any minor degree bounce should be sold into. Infy can very weel slip below 2000 as the medium term target comes to 1930. Short term & medium term targets for TCS are 1400 - 1300, whereas those for WIPRO are 355 - 310", said Gaurav Ratnaparkhi, technical analyst, Sharekhan.
Tata Motors slipped 2.2% at Rs 269. Mahindra & Mahindra and Hero Motocorp also declined around 1.3% each. From the metal space, Sterlite shed 2.6% at Rs 86, Tata Steel and Hindalco were down 0.5-1.5% each. Dr Reddy's, Cipla, Tata Power and TCS were key losers in the index today with Dr Reddy's shedding 2.6% at Rs 1,851.
On the other hand, ONGC added 3.5% at Rs 319. SBI was up 3%, followed by Reliance, Bharti Airtel, ITC and Infosys.
Meanwhile, Gold futures prices today fell by 2.95% to trade at over one-year low of Rs 27,100 per ten gram as speculators engaged in offloading their positions after the precious metal dropped to two-year low in overseas markets. At the Multi Commodity Exchange, gold for delivery in June fell sharply by Rs 825, or 2.95%, to Rs 27,100 per 10 gm, the lowest level since March last year. It clocked a business turnover of 3,190 lots. Among the individual jewellery stocks, Tribhovandas Bhimji Zaveri (TBZ), Renaissance Jewellery, PC Jeweller, C Mahendra Exports and Thangamayil Jewellery dipped more than 5% each on the Bombay Stock Exchange (BSE).
BSE market breadth was positive. Out of 2,431 stocks traded, 1,262 shares advanced while 1,045 shares declined in trades.
