Markets end on a strong note; Sensex up 199 pts

The Indian markets stayed higher throughout the day on the back positive global cues and continued pullback in the rupee. The Sensex closed 199 points higher and the Nifty rose 65 points. Major Headlines Oil India slips after posting Q4 nos Bharat Forge Q4 net profit jumps by 42% IOC Q4 cons net profit declines by 46% No price hike for diesel, LPG, kerosene: Jaipal Reddy RIL proposes new plan to develop D-6 block Indian Indices The Indian markets closed on a positive note in today's trade, with the Sensex and the Nifty rising 1% each. Today, Indian markets stayed higher throughout the day owing to gains in heavyweights like SBI, ICICI Bank, ITC, RIL, HDFC Bank, Tata Motors and HDFC, which helped the markets to remain on an upbeat mode full day. All the sectors were on the buyer's radar in trade today. The Nifty was trading above 4,950, while the Sensex was trading above 16,400. Positive sentiments from the Asian markets backed by strong European cues acted as a major support today. The broader markets were in line with the benchmark indices. The BSE Midcap index ended the day with gains of 1.21% while BSE Smallcap index was up by 0.87%. Market breadth was positive at close. The Sensex closed at 16417, up by 199 points, while the Nifty rose 65 points to close at 4986. The markets witnessed a rising trend with the help of gains in global markets, rising rupee and gains in heavyweights. The rupee rose for the third straight day. Markets in Asia closed with gains and European stocks too traded higher for a third consecutive session, as Greek opinion polls indicated rising support for pro-bailout parties that calmed speculation of a disorderly exit by Athens from the single currency. Tracking some stock specific actions, Procter & Gamble (P&G) is likely to increase its focus in developed economies after losing market share in these countries. The stock closed 0.83% higher. Coal India is likely to post a 21% growth in sales aided by higher dispatches & realisations. All the eyes were on FY13 production numbers as the company has set an ambitious target of 464-470 million tonne. The stock closed at 0.57% higher. On the earnings front, Indian Oil Corporation's (IOC) consolidated net profit in Q4 rose 224% at Rs12,670 crore, which surpassed the estimates. The stock closed 0.06% higher. On the other hand, Oil India fell nearly 2% on the BSE, after the company’s Q4 net profit declined 20.94% to Rs444.81 crore. The stock closed trade today after falling 0.12%. Also the consolidated net profit of Bharat Forge surged 42.35% to Rs413.04 crore for the year ended March 31, 2012. At the end of the market hours, the stock closed at 2.99% higher. Net loss of Gujarat NRE Coke stood at Rs45.51 crore for the quarter ended March 2012 as against for the quarter ended March 2011. The stock closed 3.23% higher. Focussing on the updates from the most trending news from quite some time, the government today announced that it has no immediate plans to raise the retail prices of diesel, kerosene and cooking gas, Oil Minister S. Jaipal Reddy made this statement today (May 28, 2012). It is assumed that the 'United' Bharat Bandh on May 31, 2012 can force UPA to withdraw the hike in petrol prices. Market sentiment: The market breadth stood in favour of advances. Of the 2838 stocks traded on the BSE, 1714 (60.39%) rose, 1008 (35.52%) fell and 116 (4.09%) stocks remained unchanged. Sectoral & stock screening: All the 13 sectoral indices closed in green zone. Top Gainers: BSE Bankex which gained 2.42%, BSE Power rose 2.33%, BSE CD surged 2.20% remaining ten indices closed in the range of 1.85% to 0.20%. Among 'A' group stocks, top three gainers were- Neyveli Lignite (rose by 8.38%), Piramal Health (up by 6.90%) and Jubilant Food (surged by 6.09%). Top three losers were- Pidilite Indus (down by 3.20%), Gail (declined by 2.62%), and BPCL (fell by 1.90%). Global Signals The Asian markets rose on Monday (May 28, 2012) as an opinion poll indicated a victory for pro-austerity conservatives in next month's Greek general election, but the gains were tempered by concerns about Spain. The European stock markets rallied during the start of trading session today. The US Stock markets closed due to 'Memorial Day'.