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Apr 03, 2012, 02.47 PM IST
The BSE Sensex continued to trade higher and NSE Nifty consistently retained the 5350 level quite nicely. Index heavyweights Reliance Industries, State Bank of India, ICICI Bank and Larsen & Toubro were the major contributors in today's rally, which surged more than 2%.
The BSE Sensex moved up 170 points or 1% to 17,648 and the NSE Nifty rose 55 points to 5,373.
Metals stocks extended rally in afternoon trade - Sterlite Industries and Hindalco jumped 3-3.5%. Jaiprakash Associates and Cairn India shot up 4.5% each.
However, shares of TCS, Hero Motocorp and Maruti were down 1-1.8%. HUL, Sun Pharma and M&M fell 0.3-0.8%.
The Indian rupee gained 0.6% to a ten-day high of 50.56 a dollar on strong risk on sentiment across Asian markets and currencies. Three-day holiday has also led to bunched up flows.
Government bond prices tumbled and yields jumped as the government prepares to inaugurate the borrowing season with the largest ever borrowing in a single week at Rs 18,000 crore. Yield on the 12-year bond, Rs 8000 crore of which will hit the market, has jumped to a 4-month high of 8.76%; the 10-year yield is at 8.67%.
The Sensex and Nifty retained its early trade gains, rising 0.8% each led majorly by oil & gas, banks and metals stocks. The broader markets remained outperformers since yesterday; the BSE Midcap and Smallcap indices rose 1% each.
The Sensex and the Nifty rose, led by lenders, on growing expectations for a rate cut from the RBI during its mid-April meeting, while rising global equities are raising confidence of foreign investors.
May 22 2013, 13:11
- in MARKET OUTLOOK
May 22 2013, 10:44
- in Economy