Pressure likely as Nifty eyes 6000 - IIFL

Given that the country has got some things done to put economy back on track, it deserves an upgrade. That's what a finance ministry official seems to suggest after Standard & Poor's officials visited North Block on Thursday.

The Nifty, which has gained 4.1% since the expiry of the last derivatives contract on March 28 may look at some consolidation now. The Indian indices which have been scaling on expectations of a rate cut at the Reserve Bank of India's (RBI) upcoming annual monetary policy review next week. Globally, major central banks are expected to ease monetary policy further.

Rate sensitive stocks will remain in focus in anticipation of a rate cut by RBI on May 3. A host of results are on tap today. These include auto heavyweight HeroMoto Corp and private lender ICICI Bank besides Maruti among others.

European markets in Thursday's trade edged higher as British economy made a comeback and dodged a triple dip. UK economy grew by 0.3% in the first quarter of 2013 as against a contraction seen in the last quarter of 2012. US stocks too rose on Thursday amid a drop in weekly jobless claims.

Source : Equity Bulls

Keywords