Expectation of a rate cut gaining momentum along with bullish overtone on metal stocks saw the Nifty and the Sensex gain over 0.8 per cent on Monday.

The Nifty closed at 5,834, up 51 points while the Sensex closed at 19,170, up 153 points.

Tirthankar Patnaik, Director, India Strategist and Chief Economist - Religare Capital Markets, said “We maintain a 25 basis points (bps) repo cut on May 3 but a 50bps cut cannot be ruled out given recent macro events. On the negative side, while falling gold prices benefit the current account deficit at the margin, it has led to a 7.6 per cent year to date decline in the RBI’s gold reserves.”

FIIs bought net equity worth Rs 916 crore while DIIs sold net equity worth Rs 443 crore.

Volatility was high and the the volatility index India Vix closed six per cent higher at 16.22.

R-Infra, Coal India, L&T, HDFC Bank and Indusind Bank were the top five Nifty gainers while Ultratech Cement, Infosys, HCL Tech, ONGC and TCS were the top losers.

(This article was published on April 22, 2013)
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