Indian Markets end 2% higher on Friday amidst firm global cues - LuvKush Finserve

Markets ended 2% higher on Friday, amid firm global cues, led by financials after headline inflation in May which remained within RBI's comfort zone for the second straight month and stabilising rupee sparked hopes of a further policy rate cut by the central bank at its policy meet on Monday. The Sensex ended at 19,178 up 351 points or 1.86% and the Nifty ended at 5,808 up by 109 points or 1.92%. The Sensex and the Nifty reached an intra-day high of 19,213 levels and 5,819 mark, respectively.

India's wholesale price index (WPI)-based inflation fell further to 4.70% in May from 4.89% in April. This is the second month in a row that inflation remained in RBI's comfort zone of 4-5%. On the sectoral front, BSE Consumer Durable index surged by nearly 4% followed by counters like Auto, Realty and Metal, all gaining by nearly 3%. Infact, all the major BSE sectoral indices ended in green zone.

Shares of rate sensitive sectors such as realty, infrastructure, banking and automobiles ended higher ahead of the Reserve Bank of India (RBI) mid-quarter policy review on June 17. Hindalco Industries was the top Sensex gainer, up over 8%, extending its previous day's over 5% rally, on hopes of the recent weakness in the Indian rupee will benefit the stocks.

Tata Motors moved higher by nearly 5% after its UK-based subsidiary Jaguar Land Rover Limited (JLR) recorded a strong growth in retail sales in May 2013.

Source : Equity Bulls

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