Nifty up 1% in short week; Bank Nifty dn 0.3%; midcaps gain

Moneycontrol BureauIndian equities rose this week after the Reserve Bank of India (RBI) slashed interest rates by 50 basis points and as sentiment in global equities appeared to be stabilising following recent turmoil.

In key indexes, the Nifty was up 1 percent, Sensex rose 1.4 percent, the midcap index rose 2 percent while smallcap shares gained 1 percent.

Among sector gainers and losers, metals, PSU banks and IT fell 0.7 percent to 2 percent while FMCG, realty and pharma jumped between 2.5 percent and 4 percent. The closely-tracked Bank Nifty index fell 0.3 percent.

Among individual stocks, top Nifty gainers were Idea (up 7.7 percent), Dr Reddy's (up 6.4 percent) and Lupin (up 5.5 percent) while among losers, HUL, Power Grid and Asian Paints were off 4 percent to 4.4 percent.