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Jun 12, 2012, 02.30 PM IST
Indian equity benchmarks moved up further led by support from banks, auto, capital goods and metals stocks. TCS, ONGC, Infosys, Bharti Airtel and ITC too were quite supportive.
The BSE Bankex led the rally, rising 1.5% on hopes of rate cut by the RBI after a flat industrial output for April. India's largest lender State Bank of India surged 1.8% while its rivals HDFC Bank moved up 1.5% and ICICI Bank gained 1.3%.
Country's largest engineering and construction company by sales Larsen & Toubro climbed 2%. Technology majors TCS and Infosys were up over 0.8%. Top telecom operator Bharti Airtel rose 0.9%.
Auto stocks too gained on rate cut hopes. According to industry body Society of Indian Automobile Manufacturers (SIAM), car sales grew 2.78% in May, which was at the slowest pace in seven months due to high interest rates and petrol prices.
Top commercial vehicle maker Tata Motors surged 2.6% while M&M, Maruti, Hero Motocorp and Bajaj Auto were up 1-2%.
Most active shares on the BSE were Pipavav Defence (up 2%) with 34,48,299 equity shares, Pantaloon Retail (up 3.5%) with 15,93,065 and Reliance Infrastructure (down 0.4%) 5,09,320 shares.
In the second line shares, India Infoline, Jet Airways, ILandFS Transportation and Prestige Estate rallied 3-8% whereas Godrej Industries, Phoenix Mills, Cox & Kings, S Mobility and Dewan Housing slipped 3-4%.
The Indian rupee fell 30 paise to 56.04 as against the US dollar. On the global front, France's CAC, Germany's DAX and Britain's FTSE were flat.
The BSE Sensex and NSE Nifty remained flat despite lower than expected industrial output for April. The reason may be that the Reserve Bank of India may cut repo rate by 50 basis points or cash reserve ratio by 50 basis points in policy meet (that schedule to be announced on June 18), say experts.
The 30-share BSE Sensex and 50-share NSE Nifty stayed marginally lower amid volatility due to fall in rupee. The Indian rupee fell below the 56 level as against the US dollar to 56.05, down 31 paise from previous close.
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