The market rebounded in last hour of trade. The Sensex rose 15.29 points to 25243.46 and the Nifty advanced 4 points to 7546.10. The BSE Midcap and Smallcap gained too, up 0.4% and 0.1% , respectively. About 1206 shares have advanced, 1639 shares declined, and 105 shares are unchanged.
GAIL rallied nearly 4% after brokerage house Nomura maintains buy rating on the stock and raised target price to Rs 525 from Rs 450 earlier.
Inflation rates haven’t petered down enough for the central bank Reserve Bank of India to cut rates, but it is unlikely to hike them either. WPI inflation in May touched its highest level since December 2013 at 6.01% versus 5.3% in the previous month; negating positive trend depcited by consumer prices . This surge is courtesy higher food, fuel and and manufactured product prices. Core inflation in May jumped by 40 basis points to 3.8%.