The Indian benchmarks ended on a strongly positive note on May 02, 2013. After opening flat, they started gaining ground and scaled new highs almost every hour. Though the HSBC Manufacturing Purchasing Managers' Index (PMI), fell for the second consecutive month in April, dipping to a 16-month low of 51.0, down from 52.0 in March. Today's upmove took the market by surprise, given another weak macro-economic indicator and weak quarterly numbers from telecom major Bharti Airtel. RBI meet on credit policy is to take place tomorrow. Given cooling wholesale price inflation and sluggish industrial output, the market is almost certain that the RBI will cut interest rate by 25 basis points at its policy review meeting on Friday. All these led the Sensex to close at the level of 19735.77 i.e. up by 231.59 points and the Nifty to close at the level of 5999.35 i.e. up by 69.15 points. The midcap index and the small cap index closed in green with a gain of nearly eight-tens of a percentage point and six-tens of a percentage point respectively. On the sectoral front, all the indices closed in green. IT Index was the biggest gainer with the gain of nearly two and a half of a percentage point. This was followed by the Teck Index which closed with a gain of more than two percentage point. On the other hand Metal Index closed as the smallest gainer with a gain of nearly one-tens of a percentage point.
Further, the market breadth closed positive as three stocks were seen advancing against two declining stocks.
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