16:07
Moneycontrol BureauIndian stocks gained for the third consecutive session Monday with the BSE Sensex reclaiming the 20000-mark for the first time since May 30. Better-than-expected monthly inflation and positive global cues helped the market.
The 30-share Sensex rose 76.01 points to close at 20034.48, and the 50-share Nifty gained 21.80 points to end at 6030.80, but the broader markets outperformed benchmarks.
The BSE Midcap Index advanced 0.9 percent and Smallcap climbed 0.8 percent. Advancing shares outpaced declining ones by 1341 to 958 on the BSE.
Amit Dalal of Tata Investment Corporation says the market can not blowout of the range which has been created now for almost six months. So, one should not expect substantially more up moves from the market, but July is definitely a better month than the month of June, he adds.
Wholesale Price Index inflation increased marginally to 4.86 percent in June from 4.7 percent in previous month, but that was higher-than-forecast of 5 percent .
Anand Rathi says a sharp jump in prices of food articles led to marginal pick up in the WPI inflation. However, impact of a 10 percent fall in rupee is yet to be factored in WPI inflation in coming months, the brokerage house adds.
"Nevertheless, due to weak pricing power of the manufactures, the impact of rupee depreciation is likely to be around 30-50bps on the overall WPI inflation. We expect RBI to maintain status quo in the July 2013 policy," Anand Rathi says.
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