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Apr 12, 2012, 05.59 PM IST
The BSE Sensex rose on Thursday, after weaker-than-expected growth in industrial output data sparked expectations for an interest rate cut next week, boosting lenders such as ICICI.
Though banks would benefit more directly from a cut in the cash reserve ratio, lowering India's main lending rate could improve growth prospects, helping a sector clamouring for relief either in liquidity or in bolstering the economy, analysts said.
"Market expects that RBI may cut interest rate on 17th April which will be boost the industry growth and investment," said Rikesh Parikh, vice president of equities at Motilal Oswal Securities.
The 30-share Sensex rose 0.77% to close at 17,332.62 points, while the broader Nifty closed 0.96% up at 5,276.85 points. Lenders were among the leading gainers. ICICI Bank
Bharat Heavy Electricals (BHEL)
Shares in India's largest car maker Maruti Suzuki
However, among decliners, India's second-largest software exporter Infosys
Rivals Tata Consultancy Services
The BSE Sensex shed some gains in late trade amid volatility, before closing the session with 133 points gains on Thursday. The fall in technology stocks ahead of Infosys' quarterly earnings and shedding of gains by European markets dampened somewhat sentiment towards the close.
INDIA-MARKETS-SENSEX-RBI-ICICI:BSE Sensex up on hopes of RBI rate cut
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