Sensex closes up 0.29%, Nifty closes up 0.21% - ICICI Bank : Treasury Research

Indian stocks ended a choppy session marginally higher, despite weak cues from Asian peers. Value-buying following yesterday's losses aided the benchmark indices. Meanwhile, the Cabinet Committee on Economic Affairs (CCEA) today approved the coal price pass-through mechanism, while it deferred the decision on gas pricing. The Finance Minister indicated that the Cabinet is likely to take up the issue of FDI caps towards mid-July. Today's gainers were auto and IT stocks. The Sensex ended higher at 18774.24 (+0.29%) while Nifty closed at 5667.65 (+0.21%).

The BSE Bankex ended lower at 19,967 (-0.37%). SBI ended lower at INR 1990.40 (-0.40%) while ICICI Bank ended down at INR 1043.40 (-0.22%).

Asian stocks ended largely in the red today, extending morning session's losses. Hang Seng and Shanghai Composite closed lower by 0.59% and 0.50% respectively, weighed by losses in commodity stocks. However, an easing of short-term lending rates that had spiked yesterday provided some relief to rate-sensitive stocks in the region. Kospi and Australia's ASX also closed lower by 1.49% and 0.41% respectively. However, Nikkei ended higher by 1.66%, aided by gains in exporters' stocks on the back of a weaker Yen.

Source : Equity Bulls

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