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Rate cut hope fuels rally
Thu, 2 May Closing

Buying interest in capital goods, IT and realty stocks helped indices in Indian equity markets to close the day in the positive. The markets rallied on hopes that the Reserve Bank of India (RBI) monetary policy tomorrow may surprise investors by reducing both interest rates and cash reserve ratio by 25 basis points to boost growth. While the BSE-Sensex closed higher by 231 points, the NSE-Nifty closed higher by 69 points. Both the BSE Mid Cap and the BSE Small Cap closed on a strong note.

As regards global markets, Asian indices closed in the red. European indices have opened mixed. The rupee was trading at Rs 53.83 to the dollar at the time of writing.

Oriental Bank of Commerce (OBC) has announced results for the quarter and full year ended March 2013. The bank has reported a 16.2% YoY growth in net profits for the fourth quarter ended March 2013. Total income of the bank increased from Rs 45.6 bn for the quarter ended March 31, 2012 to Rs 49.9 bn. For the full-year ended March 31, 2013, the bank's net profit rose by 16.3% to Rs 13.2 bn from Rs 11.4 bn. Total income increased to Rs 193.5 bn for the entire year ended March 31, 2013, from Rs 170.5 bn in FY12. The board of directors of the bank has proposed a dividend of Rs 9.20 per share for the year ended March 31, 2013.

India's factories lost momentum in April as output grew at its weakest pace in over four years. But a pick up in the export orders index suggests factories could step up production in coming months. The HSBC Manufacturing Purchasing Managers' Index (PMI) fell for the second straight month in April, dipping to 51.0 from 52.0 in March. The reading for April was the lowest since November 2011. The latest PMI showed inflation pressures eased further last month with both costs of raw material and prices charged rising at a slower pace than March.

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1 Responses to "Rate cut hope fuels rally"

silpi das

May 24, 2013

equty market is fall down

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