A sixth consecutive day on a trot and the Nifty closed with a gain of nearly eight tenth of a percent finishing near the level of 5650. Banks, FMCG and metals were the leaders of the rally today. The broader markets were, however, quiet in today's trade and closed with modest gains. The volumes were significantly higher today being the F&O expiry day though technically there were first signs of momentum easing off and also the very crucial level of 5700 is approaching.The market for now seems to be following the global footsteps with European stocks trading with gains of near half a percent and S&P trading at a four week high.On the commodity side Silver prices rose further at the bullion market here today on hectic buying from speculators and stockists on the back of a strong rally in global markets.
Gold, however, declined owing to profit selling amidst subdued demand from jewellery makers despite firm overseas trend.The All India Retail inflation for industrial workers in May fell to 8.72% from 9.41% in the previous month on the back of decrease in prices of wheat atta, vegetable and pan leaf.The overall inflation based on the Wholesale Price Index (WPI) was 9.06% in May, while it was 8.66% in the previous month.The inflationary pressure still presents a prominent danger though there was a positive surprise on the retail inflation front.
By
Pavan (PGP-2) for SOFIA
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