Nifty closes at highest level in 2013

The market has been on a high this week with the Nifty closing at its highest level in 2013 but just short of the psychological important 6100-mark. The Sensex too matched the Nifty move, ending the day above 20,000 level.

The Sensex surged 134.54 points to 20073.58 while the Nifty closed 41.85 higher at 6092.00. About 1183 shares have advanced, 1229 shares declined, and 164 shares are unchanged.

Auto stocks were on fire today as the index climbed 2.1 percent while Maruti Suzuki India touched 52-week high of Rs 1,731.9. The stock made massive gains as Japanese yen weakened to above 100 to the dollar on Friday and on optimism after the parent company Suzuki Motor Corp posted on Thursday a record profit in the financial year ended March.

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Maruti Suzuki's profit margins are set to show even stronger gains in the current quarter as India's biggest car maker reaps an even greater windfall from cheaper yen-denominated imports of components. The stock closed at Rs 1,726.15, up Rs 66.30, or 3.99 percent on the BSE.

Other auto stocks too joined the euphoria with Tata Motors (up 2.9 percent) and M&M (up 2.3 percent) leading gainers in the Sensex.

Investors lapped up banking, FMCG and consumer durables stocks as well. FMCG star ITC again touched 52-week high today.

Meanwhile, Coal India lost 3.9 percent as Inter-ministerial Group (IMG) approved 10 percent equity sale in Coal India which is expected to fetch over Rs 17,000 crore to the government. At present, the government holds 90 per cent stake in Coal India Ltd (CIL).

Jindal Steel, Sun Pharma, NTPC and RIL were the laggards of the day. NTPC surprised the street by posting 69 percent year-on-year jump in its March quarter profit to Rs 4381 crore boosted by an exceptional gain of Rs 1684 crore. Sales grew marginally to Rs 18462 crore, up a percent YoY.

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