GDP growth forecat pulls market higher - Stock Market Pulse

High GDP growth forecast for Q3,Q4 boosts market sentiment

Markets today closed higher post interim budget. After opening positive in morning markets traded range-bound. Market however closed higher after Finance Minister’s positive indication about GDP growth. Finance Minister has forecast GDP growth in the last two quarters to be at least 5.2 percent this fiscal year. The S&P BSE Sensex after opening up by 72 points at 20438 in the morning closed higher at 20464.06. It gained by 97.24 points or 0.48 percent. The CNX Nifty ended up nearly 25 points or 0.41% to 6,073.3.

Today sectoral indices closed mixed. Bankex was the top gaining index surging by 1.21 percent. Power, Auto and Healthcare indices also rising between 1-0.6 percent each. IT and Capital Goods were the other indices closing with marginal gains. Whereas, Realty index dropped by 0.82 percent. Consumer Durables and Metal indices also fell between 0.8-0.7 percent. Oil & Gas index declined by 0.49 percent while FMCG index closed marginally down by 0.11 percent. However broader market today underperformed as compared to benchmark index. Mid-cap index ended down by 0.18%, while Small-cap index ended almost flat with positive bias.

Among the index gainers Tata Power spurted by 4.81 percent. Mahindra & Mahindra, Dr Reddys Lab and ICICI Bank surged between 2-1 percent. Hero MotoCorp, Maruti Suzuki and HDFC Bank rose between 2-1.3 percent. HDFC and Axis Bank gained 1.15 percent each whereas NTPC gained by 1.10 percent. Tata Steel, ONGC, Gail (India), L&T, Infosys, Bajaj Auto, Cipla, TCS, ITC and Hindustan Unilever were among the index gainers.

Among the index losers, Coal India, Hindalco Industries and Reliance Industries slipped between 2-1 percent. Wipro and BHEL fell by 0.6-05 percent. Sun Pharma, Tata Motors and Sesa Sterlite also declined between 0.5-04 percent each. SBI fell marginally by 0.12 percent while Bharti Airtel closed almost flat down by 0.03 percent.

However market breadth today ended weak. Out of 2765 shares traded, 1373 shares declined as compared to 1235 shares advanced. While about 157 shared remained unchanged.

Tags – GDP Growth, GDP Growth India, Gross Domestic Product, Market Pulse, Stock Market Pulse

GDP growth forecat pulls market higher
http://www.stockmarketpulse.net/2014/02/17/gdp-growth-forecat-pulls-market-higher/