MARKETS END WITH MODEST GAINS LED BY FINANCIALS

Market finished the session on a firm led by financials after Finance Minister in discussion with the banks laid stress on clearing the stalled infrastructure projects and capital infusion in public sector banks.
However, upside gains were capped on profit taking in IT shares and investors remained wary ahead of the release of key macroeconomic data, CPI and IIP. Meanwhile, the worsening of deadlock between Greece and its creditors over reforms after International Monetary Fund IMF quit the talks hurt the sentiments.
The government is scheduled to unveil IIP data for April and the CPI for the month of May later during the day.
The Sensex gained 54 points to end at 26,425 and the Nifty climbed 18 points to close at 7,983.
The rupee declined for the second straight day and is quoting at 64 against the US dollar tracking weakness in the Indian equities.
"After the break of 8000 mark yesterday, today was a quiet day relatively for the markets. Many stocks were in focus today, RIL, TCS, INFOSYS with all the events and newsflow doing the rounds. However, the IIP and the CPI data are awaited and that could be another trigger the markets may eagerly watch out for," said Kunal Bothra, Head - Advisory, LKP Securities.
"Technically, Nifty has support at 7850 mark, which may get tested in the coming week. Banknifty saw a flattish close to the week, and has good support
On the sectoral front, BSE IT index lost 1.6% and was the top loser followed by BSE Consumer Durables, Metal indices down over 1% each. However, BSE Bankex gained 1% and was the top gainer.
Shares of TCS and Infosys slipped 1.8% and 1.2% respectively after reports suggest that the US government has opened an investigation against two of the Indian IT outsourcing companies for possible violations of H1-B visa rules.
Among other shares , NIIT Tech, 8K Miles, Tech Mahindra, Zensar Tech, Sasken Communication, Financial Tech, Ramco Systems, KPIT Tech, HCL Tech, Mindtree, Wipro, Geometric slipped up to 4% on caution following the reports.
Finance Minister Arun Jaitley on Friday held discussions with banks on issues including asset quality and transmission of Reserve Bank rate cuts by banks..Meanwhile, he laid focus on clearing the stalled infrastructure projects along with capital infusion in public sector banks. Among the banking stocks, ICICI Bank, Axis Bank, IndusInd Bank, Kotak Mahindra Bank, HDFC Bank, Canara Bank climbed between 0.5-3%.

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