Nifty at 3-month high; up 500 pts in last 14 trading days

Indian shares were trading at three month high on renewed optimism after recent fall in commodity prices. India being the net importer of gold and crude will benefit the most from the commodities fall. The earnings season so far has thrown up more positives than negatives as expected before the start of earnings season.

The Sensex was up 258.38 points or 1.32% at 19762.56 and the Nifty was up 79.90 points or 1.35% at 6010.10. About 1214 shares advanced, 991 shares declined, and 120 shares remain unchanged.

The Nifty has rallied close to 500 points or roughly 9 percent in the last fourteen trading sessions including today.

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Rupee also surged to fresh two month high tracking movement in equity markets and government’s recent announcement saying that all foreign institutional investors (FIIs) investment in Indian debt paper will attract only 5 percent withholding tax.

Banking stocks were trading firm ahead of the RBI’s credit policy tomorrow. Market watchers and bankers expect RBI to cut cash reserve ratio by 50 basis points to revive the ailing economy.

Key gainers in the Nifty were Reliance Infra, Jaiprakash Associates, TCS, Mahindra and Mahindra and Larsen, up between 2.5-4.5 percent.

Laggards included HUL, Cairn India, GAIL, Hindalco and Dr Reddys Labs.

On earnings front, private sector lender Kotak Mahindra Bank reporte better earnings than street expectations with the fourth quarter (January-March) consolidated net profit rising 27.8 percent year-on-year to Rs 666 crore. Net interest income (NII) grew 26.2 percent to Rs 1,324 crore, way ahead of forecasts.

Oriental Bank of Commerce (OBC) on the other hand reported a lower-than-expected 16 percent year-on-year growth in its fourth quarter net profit at Rs 308 crore. Moderation in net profit was due to higher provisions.

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