Markets close with modest gains

Mumbai, Apr 5 (UNI) The Sensex today closed with a modest gain of 69.31 points on the Bombay Stock Exchange to settle at 12,856.08, backed by firm buying interest in metal, banking and cement stocks.

The broader 50-stock Nifty Index also gained marginally by 19.75 points to close at 3752.00 from its previous close of 3733.25 points.

The total turnover on BSE amounted to Rs 3169 crore. Market breadth was positive with over 1.5 gainers for every loser. 1628 shares advanced as compared to 901 that declined, while 71 remained unchanged. Among the Sensex pack, 19 advanced while the rest declined, market analysts noted.

Meanwhile, official data released today revealed that India's wholesale price index rose 6.39 per cent in the 12 months to 24 March, lower than the previous week's increase of 6.46 per cent.

The figure was slightly above a forecast of 6.29 per cent expected by analysts here.

Besides, annual inflation for the week ended January 27 was revised to 6.69 per cent from 6.58 per cent. Annual inflation stood at 4.06 per cent in the corresponding week a year ago.

Markets will remain closed tomorrow on account of 'Good Friday', officials said.

Market pundits noted that China's central bank today said that it would raise the amount that lenders must hold in reserve for the sixth time in 10 months time since last June, with a view to further control liquidity and curb lending. The 0.5 per cent point increase in the reserve requirement ratio would take effect from April 16, the People's Bank of China notified.

Among the Asian markets, the Nikkei share average slipped 0.30 per cent today by 52.67 points to 17,491.42.

Among US stocks the Dow Jones industrial average rose by 19.75 per cent to 12,530.05 and the broader S&P 500 gained by 1.60 per cent to 1,439.37 points. The Nasdaq composite added 0.3 per cent.

US light crude oil for May delivery fell 26 cents to settle at USD 64.38 a barrel on the New York Mercantile Exchange yesterday after Iran's president pardoned and pledged to release the 15 British sailors and marines being held. Concerns about the standoff between the two nations had driven up the price of oil over the past week. Iran is the No 4 oil exporter.

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