Nifty hits 5-1/2-week high

Key benchmark indices continued uptrend to hit fresh intraday highs in late trade on expectations the Reserve Bank of India (RBI) will cut interest rates at mid-quarter monetary policy review on 18 June 2012 to prop up slowing economy after the latest data showed industrial production grew just 0.1% in April 2012. The 50-unit S&P CNX Nifty hit 5-1/2-week high. The barometer index, BSE Sensex, hit five-week high. The Sensex was provisionally up 182.97 points or 1.1%, up about 295 points from the day's low and off close to 45 points from the day's high. The market breadth turned positive from negative in late trade. Interest rate sensitive banking, realty and auto stocks extended recent gains on expectations the Reserve Bank of India (RBI) will cut interest rates at mid-quarter monetary policy review on 18 June 2012 to prop up slowing economy after the latest data showed industrial output grew just 0.1% in April 2012. Index heavyweight Reliance Industries (RIL) edged higher in volatile trade. Shares of power generation firms rose for the fourth straight day as Prime Minister Manmohan Singh on Wednesday, 6 June 2012, laid out ambitious infrastructure development plans for the current fiscal year which includes plans to add a record 18,000 megawatts (MW) of power capacity this year.