16/05/13 May Tomorrow Stock Tips India, Today Sensex surges 490 points; Nifty scales 6,100 level

Record Level of Today- The S&P BSE Sensex and the Nifty extended intraday gains towards the end of the session on Wednesday and closed nearly 500 and 150 points higher respectively as foreign institutional investors pumped in dollars on hopes of interest ratecuts by the Reserve Bank of India at its policy meet next month.

India's headline wholesale inflation eased below 5 per cent in April, dropping within the central bank's comfort zone for the first time in more than three years.

"We expect the RBI to cut policy rates 25bp on June 17 and have preponed another 25bp rate cut to July 30 from October. To improve bank liquidity to soften lending rates, the RBI should continue to OMO (Rs 1600 billion BAMLe) in FY14, assuming 50bp CRR cut in 2HFY14," said Bank of America Merrill Lynch report.
The 30-share index registered its biggest gain in terms of points in at least one year to close at 20,215.30, up 493.01 points or 2.50 per cent. It touched a high of 20,241.96 and a low of 19,798.18 in trade today.
The Nifty closed at 6,142.25, up 146.85 points or 2.45 per cent. It touched a high of 6,157.10 and a low of 6,018.85 in trade today.

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