Nifty crosses 5700

The government’s plan  to stick to its borrowing target for the rest of the year seems to be boosting the Indian markets, with the Sensex up 1 percent at 18759.50 and the Nifty up 0.8 percent at 5698.45.

The finance ministry asserted its commitment to containing fiscal deficit by sticking to its borrowing target and said that government will borrow Rs 2 lakh crore in the remaining period of the current fiscal to stick to the target of or 5.1 percent of the Gross Domestic Product

Even the rupee has risen to a  near five-month high. At 9:12, the rupee was trading at 52.72 level against the dollar, up 0.58 per cent or 30 paise from yesterday’s close of 53.01.

The currency had jumped to 52.56 levels to the dollar at open helped by continued inflows on hopes for improved global liquidity.

RIL, Infosys, Wipro, TCS, Tata Power, Bharti Airtel, Maruti, Coal India, HDFC, ICICI Bank,L&T, M&M,NTPC, ITC, HUL  are among gainers in Sensex and Nifty. Bajaj Auto, Cipla are among losers in Sensex and Nifty.

FMCG, Realty, Oil and Gas,IT, Teck, Bankex,Capital Goods, Consumer Durables,  Metal, Power and HC indices are the gainers.

The undertone is still upbeat on optimism that the government will carry on its reforms agenda forward in the coming days and weeks.

FII inflows remain strong although domestic institutions have been net sellers.
Corporate confidence may also improve on the back of the slew of reforms announced by the Government lately. Via

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