The intraday market closed with bumper gains as it gained steadily
throughout the day. The Sensex was up 467.51 points or 1.93 percent at
24684.85, and the Nifty closed at 7362.50, up 132.55 points or 1.83 percent.
About 2004 shares have advanced, 980 shares declined, and 106 shares are
unchanged. Bank, capital goods, oil & gas and metal stocks lend major
support to the indices. Bank Nifty was up 3 percent while Capital Goods index
gained 5 percent and Oil & Gas index jumped 3 percent.
The government today slashed import tariff value on gold and
silver to USD 408 per 10 grams and USD 617 per kg respectively, in view of
weakness in bullion prices globally. In the second fortnight of May, tariff
value on imported gold stood at USD 424 per 10 grams and silver at USD 650 per
kg.
Banking stocks remained favourite in today's trade as
Reserve Bank of India is expected to maintain status quo in its monetary policy
review tomorrow. SBI, HDFC twins, ICICI Bank and Axis Bank gained 2-4 percent
each. L&T, ONGC, Bharti Airtel and Tata Steel were major gainers in the
Sensex. Among the losers were Dr Reddy's Labs, Sun Pharma, ITC, Wipro and NTPC.
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