Sensex up for 4th day; ends 195 points higher

The Indian markets stayed higher all throughout the day for the fourth consecutive day and ended the session on a positive note. The Sensex closed 195 points higher while the Nifty surged 53 points. Headlines of the Day SBI sheds deposit rates by 25 bps PM makes an effort to motivate Infra projects RIL aims to outperform global peers MRPL gains as K'taka govt sanctions incentive package Rallis India gains on Rakesh Jhunjhunwala stake buy Indian Indices The Indian markets closed on a positive note in today's trade, with the Sensex and the Nifty rising above 1% each. The markets continued with its rally for the 4th straight day and remained higher for the whole day owing to the gains in heavyweights like HDFC Bank, ICICI Bank, Infy, ITC, RIL, HDFC and M&M, which helped the markets to remain on an upbeat mode full day. All the sectors were on the buyer's radar in trade today, except consumer durables which was marginally down by 0.47%. The Nifty was trading above 5k, while the Sensex was trading above 16,600. 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 0.72% while the BSE Smallcap index was up by 0.47%. Market breadth was positive at close. The Sensex closed at 16649.05, up by 194.75 points, while the Nifty rose 52.55 points to close at 5049.65. The markets witnessed a rising trend with the help of gains in global markets, recovery in rupee and gains in heavyweights. Tracking today's stock specific action, Index heavyweight Reliance Industries (RIL) was amongst the gainers on the Sensex, the stock gained 2.49% today and touched the monthly high at Rs731.90. In the 38th Annual General Meeting today (June 07, 2012), Mukesh Ambani emphasized that partnerships will be key to RIL's future growth and the group would partner with global leaders across all its businesses. The company also said that it hopes to produce an additional 30 million cubic metres per day of gas at its KG D6 field off India's east coast. The stock closed today 0.92% higher. Focussing on the other major news of the day, India's largest lender State Bank of India (SBI) reduced its retail deposit rates by 25 basis points in tenure up to 240 days with effect from June 08, 2012. The stock closed today 0.39% higher. Also the Mangalore Refinery and Petrochemicals (MRPL) traded higher today, after the company said that the Karnataka Government sanctioned a special incentive package for the company's phase-III expansion and up gradation. The stock closed 2.09% higher. On the sectoral front, the rate sensitive sectors like realty, bankex and auto have consistently been rising since yesterday on the hopes that the Reserve Bank of India (RBI) may cut repo rates to revive economic growth. Coming to currency, today the Indian rupee appreciated by 34 paise to 55.02 as against the US dollar. Market sentiment: The market breadth stood in favor of advances. Of the 2824 stocks traded on the BSE, 1527 (54.07%) rose, 1172 (41.50%) fell and 125 (4.43%) stocks remained unchanged Sectoral & stock screening: Among the 13 sectoral indices, only one sector closed in red zone, while remaining twelve closed in green zone. Top Gainers: BSE Realty (up by 2.19%), BSE Bankex (rose by 2.11%), BSE Auto (surged by 1.32%) and remaining sectors rose in range of (0.30% - 1.32%). Only Loser: BSE CD (down by 0.38%). Among 'A' group stocks, top three gainers were- Reliance Capital (rose by 7.17%), TTK Prestige (up by 6.59%) and Zee Ent (surged by 4.98%). Top three losers were- Strides Arco (down by 3.35%), Tata Comm (declined by 2.55%), and IRB Infra (fell by 2.00%). Global signals: World shares traded at their highs for the week on Thursday and the euro rose on signs that the policymakers in Europe were taking urgent action to help stem Spain's banking crisis and that the United States might embark on monetary stimulus. Also, the Asian markets rose today on speculation that the euro zone leaders would take policy action to curb the spread of the region's debt crisis, lending some additional support. US stock index futures pointed to a slightly higher opening at the Wall Street on Thursday following the previous session's sharp rally. Market Outlook: Data to be released in the US on Thursday is Jobless Claims.