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Markets pared gains in afternoon session this Monday back of profit-booking in rate sensitive sectors such as banks, real-estate after the central bank’s hawkish stance in monetary policy.
The Reserve Bank of India in its monetary policy review reduced repo rates by much-anticipated 25 basis points but hinted towards a little room for future policy easing.
At 12:50PM, the Bombay Stock Exchange's 30-share index Sensex was up 37 points at 19,613.64 while the National Stock Exchange's 50-share Nifty gained 7 points at 5,951.
Global risk appetite was firm after a report showed that the US employment rose at better-than-expected pace in April.
U.S. employers added 165,000 workers last month and many more in February and March than previously estimated. The unemployment rate fell to 7.5 percent, which was the lowest level in four years.
Asian markets traded higher with Hong Kong’s Hang Seng rising 1% to 22,919.83, China’s Shanghai Composite rose 1.2% to 2,232, Singapore’s Straits Times rose 0.5% to 3,389. Japanese markets are shut today and will reopen on Tuesday.
Meanwhile, European markets traded lower in opening deals. France’s CAC declined 0.1% to 3,907, while Germany’s DAX fell 0.06% to 8,117.
Back home, the key sectoral indices such as metals, technology, healthacre and IT gained while banks, real-estate, FMCG and PSU sectors declined on the BSE.
The gainers on the Sensex included, Jindal Steel gaining 1.3%, Hindalco Industries and Tata Steel were up nearly 3%, TCS rose 2.7% Infosys added 1% on the BSE.
The laggards included counters such as HDFC Bank falling 1.6%, ONGC and ITC fell over1% respectively on the BSE.
The key notable movers included, AstraZeneca Pharma India has rallied 6% to Rs 843 in early noon deals on BSE ahead of its board meeting today to consider a “Strategy Plan” for the company.
SpiceJet has rallied 6% to Rs 42.85, extending its previous day’s over 6% gain, after billionaire investor Rakesh Jhunjhunwala’s wife Rekha Jhunjhunwala acquired 2.5 million shares in the company through open market transaction on Friday.
The broader markets gained with mid-caps and small-caps rising nearly 0.7% on the BSE.
The market breadth was positive. Out of 2,153 stocks traded, 1,131 stocks advanced compared to 907 declines on the BSE.
