Stocks Edge Higher; Gold Lenders Dip

Softening inflation leads to monetary-policy easing hopes, boosts equities.
By Nazim Khan |  15-04-13 | 
 
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About the Author
Nazim Khan is Site Editor for Morningstar.in.

Indian stocks rose higher Monday, as inflation data revealed prices were lower than expected, leading to hopes the Reserve Bank of India would ease its tough stance on inflation and adopt more growth-boosting monetary steps.

At close, the S&P BSE Sensex rose 0.6% while the NSE Nifty was up 0.7%.

Shares traded without firm direction earlier, following negative cues in Europe after weak economic data in China pressured mining stocks, but perked up after the wholesale price index was shown rising 5.96%.

Rate sensitive stocks such as banks witnessed buying while metals and mining stocks were weak tracking overseas cues.

In other movers, IT stocks traded pressured after Infosys’ earnings last week led to concerns over the health of the sector.

In news-driven stocks, leading gold lenders Manappuram Finance and Muthoot Finance, tanked 9.8% and 13.1% after international and local gold prices, suffered a more than 5% fall following a mammoth 10% loss last week.

Oil marketing firms, however, climbed as crude oil dropped below $90 a barrel.

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