Sensex rose 123 points to 62969

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Mumbai: The Sensex, Nifty based index advanced for the fourth consecutive day on the back of continued heavy buying in stocks by foreign portfolio investors (FPIs) spurred by India's economic growth. With corporate results being encouraging, the biggest positive factor now is the arrival of monsoon on time and expectations of lower inflation in the event of a normal monsoon has seen funds invest in lower stocks. On the international front, the June 6 deadline for raising the US debt ceiling is approaching, despite expectations of a last-minute deal to raise the limit, uncertainty has gripped the US. Global markets were wary of the impending increase in interest rates by the Federal Reserve. The Sensex ended the initial shock by 122.75 points to 62969.13 and the Nifty spot 35.20 points to close at 18,633.85. In small, mid-cap stocks today despite sustained buying attractiveness in select stocks, cash stocks have seen an unexpected bounce over the past two days and a lower circuit of only sellers was seen. So the market breadth became negative. Out of the total 3614 scrips traded in BSE, the number of gainers was 1700 and the number of decliners was 1794.

Preparation of interest rate reduction? Bankex up 179 points: Attraction in Bandhan Bank, Kotak Bank, IndusInd

Funds were picked today in Banking-Finance stocks. With credit growth slowing due to high interest rates, expectations of the Reserve Bank of India's next credit policy review meeting to start cutting interest rates and good quarterly performance of banks, finance companies were picking up in fund stocks. Bandhan Bank increased by Rs.3.10 to Rs.267.05, Kotak Mahindra Bank increased by Rs.20.65 to Rs.1973.55, Axis Bank increased by Rs.8.40 to Rs.937.60, IndusInd Bank increased by Rs.10.15 increased to Rs.1294.80. The BSE Bankex index rose 179.26 points to close at 50442.

Profit booking in metal-mining stocks: Nalco, APL Apollo, Jindal, Hindalco, SAIL decline

The BSE Metal Index fell 263.53 points to close at 19,772.69 today on the back of a rally in metal-mining stocks as funds showed profitable selling. Nalco fell by Rs.1.87 to Rs.84.19, APL Apollo fell by Rs.20.95 to Rs.1115, Jindal Steel fell by Rs.8.75 to Rs.522.85, Hindalco fell by Rs.5.95 to Rs.413. 95, SAIL decreased by Rs.1.05 to Rs.83.29, Coal India decreased by Rs.1.80 to Rs.244.35. While Vedanta rose by Rs.3.70 to Rs.285.55, JSW Steel fell by Rs.4.55 to Rs.706.60.

Net purchase of Rs.2086 crore in cash of Khainj/Khainain, net sale of Rs.439 crore in cash.

Foreign Portfolio Investors-FPIs, FIIs had a net purchase of Rs.2085.62 crore worth of shares in cash today-Tuesday. A total of Rs.7703.85 crore was sold against a total purchase of Rs.9789.47 crore. While DII-domestic institutional investors had a net sale of shares worth Rs.438.93 crore in cash today. A total of Rs.6375.96 crore was sold against a total purchase of Rs.5937.03 crore.

The wealth of investors increased to Rs.283.88 lakh crore

Stocks continued to rise today, the aggregate market capitalization of BSE-listed companies, investor wealth rose by Rs.8 thousand crores to Rs.283.88 lakh crores in a single day today.

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