Sensex rallies over 350 points; Maruti, Airtel lead

Sensex rallies over 350 points; Maruti, Airtel lead

Sensex rallies over 350 points; Maruti, Airtel lead

At about 9.40 am, the Sensex jumped 150 points or 0.46 per cent at 32,746.90 while the NSE Nifty gained 49.05 points or 0.49 per cent to 10,093.15.

Both the benchmark indices surged more than a per cent.

Gas stocks ended higher.

Stocks of state-run oil marketing companies such as HPCL, BPCL and International Olympic Committee recorded gains of up to 1.83 per cent after global crude prices dropped by almost three per cent to trade below $63 a barrel. Investors seemed to be bargain buying after the recent fall. The benchmark BSE Sensex fell further by 100 points in early trade today due to selling in interest-sensitive stocks ahead of RBI's policy announcment later in the day.

The index had lost 205 points on Wednesday after the Reserve Bank held the policy rate and raised the inflation forecast for the remainder of the financial year.

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Firm global cues: Positive opening in European shares boosted investors' sentiment in the domestic market.

Major gainers in the 30-share index were NTPC (2.20%), Maruti Suzuki India (2.16%), Tata Steel (2.08%), Bajaj Auto (1.95%), and Larsen & Toubro (1.66%).

Major Asian indices closed higher.

"A weak dollar overseas capped the rupee losses", a dealer said. Among the Asian bourses, Hong Kong's Hang Seng was down 1.12 per cent while Japan's Nikkei shed 0.90 per cent.

Defying the bullish spirit were index heavyweights such as TCS (down 0.52 per cent), Coal India (down 0.64 per cent), Cipla (down 0.50 per cent), Sun Pharma (down 0.26 per cent) and Wipro (down 0.34 per cent).

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