Sensex gains 150 points, Nifty flirts with 5900 levels; auto stocks up - NDTV

New Delhi: The BSE Sensex gained over 150 points in late morning trade and the NSE Nifty flirted with 5,900 levels on the back of positive global cues and broadly positive regional risk sentiment on hopes for more monetary easing. At 11:33 a.m., the 30-share Sensex gained 161 points to trade at 19,340.79, while the broader 50-share NSE Nifty jumped 1 per cent, or 61.05 points, to 5,897.95. Market analyst Saumil Trivedi said, "If the Nifty holds above 5,800, it can surprise many on the upside. The immediate resistance for the Nifty is 5,950. The last five to six days data for the Nifty indicate a further upmove." Auto stocks were the key gainers, led by Tata Motors (2.97 per cent). Maruti Suzuki was up 2.42 per cent, while Bajaj Auto and M&M gained 1.77 per cent and 1.48 per cent, respectively. Hero MotoCorp rose 0.84 per cent. The BSE Auto index gained 2 per cent. On the Sensex, NTPC (3.62 per cent) was the top gainer, followed by Dr Reddy's (3.26 per cent). Market heavyweights ONGC (2.33 per cent) and Reliance Industries (2.13 per cent) were the other significant gainers. Jet Airways, which soared 20 per cent in opening trade, pared gains to trade 13 per cent higher after it  announced a deal with Abu Dhabi-based Etihad Airways to sell a 24 per cent stake for Rs. 2,060 crore yesterday. Aviation stocks rose on hopes that the Jet deal may pave the way for more foreign investment in the sector. SpiceJet rose more than 11 per cent and Kingfisher traded 1.5 per cent higher. Among other gainers were banking shares on hopes for a rate cut next week with the NSE banking index up 1.16 per cent, while BSE Bankex rose 1 per cent. Shares in Axis Bank rose 3.7 per cent after it posted marginally better-than-expected results for the quarter ended 31 March on Wednesday. The bank posted a net profit of Rs 1,555 crore versus estimates of Rs 1,277 crore. SBI rose 1.3 per cent, while ICICI Bank gained 1.13 per cent. However, HDFC Bank bucked the trend, falling 0.5 per cent. The RBI is likely to cut interest rates next week for a third time this year, drawing comfort from a fall in inflation as it seeks to help lift the economy from its lowest growth in a decade, according to a Reuters poll. Six of the Sensex's 30 stocks traded in the red as IT stocks fell. BSE's IT index dropped nearly 1.5 per cent. Tata Consultancy Services (TCS), Infosys, Wipro  and HCL Technologies fell 1 to 2 per cent as traders rolled over short positions. Hindustan Unilever (0.56 per cent), HDFC Bank (0.5 per cent), and BHEL (0.37 per cent) were the other laggards. Clive McDonnell of Standard Chartered said, "We believe it will be difficult for India to outperform in the near term, particularly given that fund managers are already on overweight positions. But we remain positive on Indian equities on a 12-month horizon."   Asian shares rose on Thursday, with recovering commodities and views that a run of weak global economic data will encourage major central banks to keep or deepen their monetary stimulus improving risk sentiment, but weak data undermined the dollar. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.7 per cent, with Hong Kong shares rising 1.1 per cent and hitting a three-week high, spurred by recovering commodity prices and positive quarterly earnings from China Minsheng Bank, the country's seventh-largest lender. Global equities rose on Wednesday on strong corporate earnings and speculation the European Central Bank will cut interest rates next week. With inputs from Reuters via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEC4hjCRp-qdPJ3rwdQ-EtOhFKGFw&url=http://profit.ndtv.com/news/market/article-sensex-gains-150-points-nifty-flirts-with-5900-levels-auto-stocks-up-321382

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