Key benchmark indices extended gains to hit fresh intraday high in early afternoon trade as gains in Asian stocks boosted sentiment. The S&P BSE Sensex was up 170.92 points to 19350.28. The CNX Nifty was up 60.85 points to 5897.75. The market breadth was positive. The Prime Ministers Economic Advisory Council has projected 6.4% growth in Indias GDP for FY14 higher than an estimated 5% growth for FY13. In 2013-14 the headline WPI inflation is expected to be around 6% compared with provisional figure at 5.96% at the end of 2012-13 the PMEAC said. Net FDI inflow is expected at $24 billion in 2013-14 from an estimated $18 billion in 2012-13. In contrast FII inflows are seen sliding to $18 billion in 2013-14 from an estimated $24 billion in 2012-13 it said. The RBI will announce the Monetary Policy Statement 2013-14 on May 3 2013. The RBI cut its repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on March 19 2013. Inflation based on the monthly wholesale price index (WPI) eased the lowest level in 40 months at 5.96% in March 2013 and sharply lower than 6.84% in February 2013 data showed.
Nifty spot For Tomorrow
Nifty Spot has resistance at 5940-5970.
Above 5884 No worry for bulls.
Above 5924 see 5933-5945