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Sensex ends 133 points higher on hopes of rate cuts

Maharashtra,Business/Economy, Thu, 12 Apr 2012 IANS
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Mumbai, April 12 (IANS) A benchmark index for Indian equities markets advanced 133 points Thursday as lower than expected industrial output numbers reinforced expectations of a rate cut by the Reserve Bank of India for the first time in three years.

 

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the positive at 17,276.87 points, ended the day at 17,332.62 points, up 0.77 percent or 133.22 points from its previous close at 17,199.40 points.

 

The 50-scrip S&P CNX Nifty of the National Stock Exchange closed 0.96 percent higher at 5,276.85 points.

 

There was good buying support in interest rate sensitive banking and auto stocks. The BSE banking index rose 1.62 percent and the auto index climbed 1.25 percent.

 

After lower than expected industrial output data, Finance Minister Pranab Mukherjee indicated that the central bank might cut rates next week in its annual monetary policy announcement.

 

The factory output, measured in terms of the Index of Industrial Production grew by lower than expected 4.1 percent in February due to sluggish performance of manufacturing and mining sectors.

 

The RBI is scheduled to announce the annual monetary policy for 2012-13 on April 17.

 

Mukherjee said the government and the RBI would take collective efforts to revive investment and growth.

 

Most sectoral as well as the broader markets indices closed in the positive.

 

The BSE midcap index rose 0.85 percent and the smallcap index closed 1.01 percent higher.

 

Prominent Sensex gainers were: Jindal Steel, up 4.86 percent at Rs.510.20; Sterlite Inds, up 3.91 percent at Rs.106.25; Maruti Suzuki, up 3.13 percent at Rs.1,312.60; Hindalco Inds, up 3.02 percent at Rs.127.95 and SBI, up 2.95 percent at Rs.2,224.10.

 

Only seven of the 30 Sensex scrips closed in the red. These included Infosys, down 1.87 percent at Rs.2,750.05; ONGC, down 1.27 percent at Rs.261.10; Wipro, down 1.27 percent at Rs.438.95; and DLF, down 1.09 percent at Rs.199.50.

 

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