The Indian stock markets continue to rally for the fourth consecutive day on back of positive global triggers. Sensex opened up 52.12 points or 0.30% at 17,370.93, while Nifty started with a rise of 6.15 points or 0.12%, at 5,254.30. Buying pressure is mostly seen in consumer durables, FMCG, metal and realty stocks. The FMCG heavyweight – HUL beat markets expectations and posted 15.7% growth in net sales and 21% rise in profits and is among top gainers with Hero MotoCorp after the company reported rise in sales. Investors will observe also Tata Motors shares as the automaker reported a decline in monthly sales. Bharti Airtel, India's biggest mobile phone carrier by subscribers reported its ninth straight quarterly profit decline as intense price competition and losses on foreign exchange eroded earnings. Net profit fell to Rs 1,006 crore in the 4Q ended March from Rs 1401 crore a year earlier.
Overnight, US stocks moved sharply up with the Dow Average reaching the highest level since December 2007, after a report indicated U.S. manufacturing expanded in April, offsetting concern about the economic recovery. The Dow Jones industrial average was up 108.23 points, or 0.81%, at 13,321.86. The Standard & Poor's 500 Index was up 14.94 points, or 1.07%, at 1,412.85. The NASDAQ Composite Index was up 25.71 points, or 0.84%, at 3,072.07.
Asian shares also edged today following the Wall Street stocks and on the back of positive economic data from Taiwan, South Korea and China. Japan's Nikkei 225 index was trading 0.1% higher at 9,360.62 and Hong Kong’s Hang Seng index was trading higher at 21,291.12, up 0.9%. South Korea's Kospi index was trading 0.8% higher at 1998.45. China’s Shanghai index was trading at 2418, up 0.9%.
Other Economic and Political News:
- Exports down 5.7% in March at US$28.7bn
- Power sector needs Rs.13.72 lakh cr for 12th Plan period: Government
- Bill to transfer RBI shareholding in NHB to Centre
- Engineering exports at US$58bn in FY2012, 19% short of target
- Vodafone ups price for Mumbai postpaid users
- HCC Concessions bags Rs.800cr contract from NHAI
- Punjab & Sind Bank cuts lending rate by 0.25%