Indian shares rise for the 5th straight session

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    (Nvonews.com)

    Fuelled by heavy buying in banking and positive global cues, which have been helped by the robust jobs data from the US. The 30-share BSE Sensex rose 0.58%, to 17,707.31 points, indicating a gain of 102.35 points. The 50-share NSE Nifty rose 0.67% to 5,361.65 points.

    The BSE Realty index rose 4% with Capital Goods and Metal, following suit with a gain of 2% each. Healthcare was the only sector on the BSE that did not end in the green.

    Realty stocks have gained on expectations that the RBI would soon cut rates as the economy is booming and inflation is down. DLF was up nearly 2%, while DB Realty, Unitech and HDIL all gained between 4-14%.

    Metal stocks have risen today with the LMEX of the London Metal Exchange rising 2.45%. Jindal Steel rose 3%, while Hindalo and Sterlite were up between 1 and 2%. From the Capital Goods space BHEL and L&T were up by 2%. L&T surged after winning Rs 1,937-cr order from GVK group.

    RIL however was down 1%, and Tata Power was down 4%, making it the top loser on BSE today. The stocks have gained 15% this year so far, but investors expect a correction in the market soon.

    “There is optimism, retail investors are coming back to the market. However, this is nothing to be thrilled about, we are only recovering the lost ground,” an analyst at KRIS Arun Kejriwal said.

    “But this is a worrisome trend, as during this period, nothing much has happened which justifies the optimism of this magnitude,” he said.

    The SBI was one of the major gainers today with the bank rising 2.83% and ICICI rose 1.28%. The broader market was ahead of the benchmarks with the BSE midcap and smallcap indices rising between 1-2%.

    The market breadth on the BSE was positive with 1,856 shares advancing as against 1053 shares declining.