Indian Stocks end in green despite subdued cues from Asia, Europe - ICICI Bank Global Markets

Indian stocks ended in the green today despite subdued cues from Asian and European peers. The April WPI inflation print eased to 4.89% YoY vs. prior print of 5.96% YoY, thereby providing some support to domestic equities. Further, positive Q4 2013 corporate earnings results by companies like Dr. Reddy's Laboratories and United Bank of India also aided sentiment. Gains today were led by banking and pharma shares. The Sensex ended higher at 19,722.29 (+0.16%) while the Nifty closed at 5995.40 (+0.25%).

The BSE Bankex ended higher at 14,395.07 (0.12%). SBI ended higher at 2291.30 (+0.57%) while ICICI Bank ended higher at 1148.05 (-0.17%).

Asian stocks ended in mixed territory today. Kospi ended higher by 1.04% on the back of gains in auto and technology stocks. Australia's ASX edged higher by 0.20%, led by gains in financial stocks. Shanghai Composite and Hang Seng, however, ended lower by 1.11% and 0.26% respectively after media reports suggested further property sector curbs might be imposed in Beijing. Nikkei ended down by 0.16% on the back of profit booking.

Source : Equity Bulls

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