16:17
Moneycontrol BureauInvestors kept up their buying spree Tuesday, lifting benchmark indices to three month high, and pushing the Sensex closer to the psychological 20,000 mark. The Nifty closed above its key technical level of 6000, raising hopes this could encourage further buying.
Large cap shares were the flavour of the day, while buyers were choosy about midcaps and awaiting more clarity in terms of earnings.
The Sensex closed at 19888.95, up 215.21 points over the previous close. The Nifty rose 72.50 points to close at 6043.55.
FMCG, banking, auto and realty were the best performing sectors of the day, as the upbeat mood in global markets rubbed off on India as well.
Falling commodity prices, especially those of gold and oil, have been the key driver of the rally in Indian shares over the past three weeks. Foreign funds have net bought around Rs 2600 crore of Indian shares in the first two trading sessions of this month, compared to around Rs 5100 crore for the whole of last month.
"The market's love for 'quality' (defined as high ROE, low capex, low beta, high FCF and low financial gearing) is waning at the margin in favor of growth although the market is still not chasing beta," brokerage house Morgan Stanley said in its strategy note.
ITC, HDFC Bank, ICICI Bank, Tata Motors, Bharti Airtel, Reliance Industries and Larsen & Toubro were the key gainers in the Sensex, rising between 1-3 percent.
Coal India, Wipro and Mahindra & Mahindra were the key laggards, down between 1-2 percent.
Brokers said the pace of the rally was surprising considering that the economy was yet to show any clear signs of recovery.
The HSBC Services Purchasing Managers' Index for India, based on a survey of around 400 companies, fell to 50.7 in April, its lowest since October 2011.
And while RBI cut repo rates by 25 basis points on Friday, it warned that risks from rising inflation and a widening current account deficit could limit further rate cuts.
Mphasis, M&M Financial Services, Century Textiles and Essar Oil were the big gainers among midcaps, up 6-10 percent.
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