Mumbai: Market participants seemed to ignore data, showing retail inflation rose to three-month high of 8.59 per cent in April, squeezing the space for the Reserve Bank to ease interest rates in the monetary policy review in June.
Dipen Shah, Head- Private Client Group Research, Kotak Securities, said: "We expect new government to take steps to increase public investments and encourage private investments in infrastructure, ensure better governance, reduce fiscal deficit (including control of wasteful subsidies), implement Jignesh Chaudhary, Head Of Research, Veracity Broking Services said,"The Indian Equity Markets were strongest in the current week with the effect of Bhartiya Janta Party created a record by getting majority on individual basis.
The exit polls were also in the favor of the party the markets responded well with Narendra Modi becoming the next prime minister of the country. The Technical?s are suggesting a bullish trend for the Indian Markets in the coming days so the BSE Sensex is expected to trade in the range of 22,940 to 25,750 and CNX Nifty is expected to trade in range of 6870 to 7620 structural reforms like GST, DTC, etc."
Among the S&P sectoral indices, Realty rose by 13.03 per cent followed by PSU 12.00 per cent, Power 11.86 per cent, Oil&Gas 8.98 per cent, Metal 8.41 per cent, Bankex 8.10 per cent, CD 7.87 per cent and CG 7.32 per cent. Twenty-four scrips out of the 30-share sensex ended higher while remaining six finished lower. Major gainers were BHEL (18.30 per cent),SSLT (17.30 per cent), Tata Power (12.50 per cent), Coal India (12.20 per cent), NTPC (11.40 per cent), SBI (11.10 per cent), ONGC (10.70 per cent), Gail India (10.50 per cent), Maruti Suzuki (9.22 per cent), RIL (8.34 per cent), Hero MotoCorp (8.22 per cent), Axis Bank (7.68 per cent), Icici Bank (6.54 per cent), ITC (6.38 per cent), HDFC Bank (6.27 per cent) and L&T (6.16 per cent), Tata Steel (5.65 per cent) and Tata Motors (5.22 per cent). Small-cap and Mid-cap indices also shot up by 3.85 per cent and 4.15 per cent on strong buying from retail investors.
The total turnover at BSE and NSE rose sharply to Rs 21,792.18 and Rs 1,13,792.38 crs respectively from the last weekend's level of Rs 12,721.31 crore and Rs 62,850.48 crore.
