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Sensex gained 222 points on hopes that the fall in inflation may lead to cut in key bank rates in the coming policy review. The whole sale price index eased to the lowest level in the last few months, according to data released by the Government after market hours on Monday.
The benchmark index opened on a positive note at 25,101 against the previous close of 25,007. It made a high of 25,254 and low of 25,020 before closing at 25,229. The turnover on BSE were up at Rs 2,684 crore against Rs 2,480 crore recorded on Monday.
In NSE, Nifty was up 72 points at 7,527.
Bank stocks gained across the board on expectation of RBI lowering bank rates. Among private bank stocks, HDFC Bank was up one per cent at Rs 827, IndusInd Bank moved up one per cent at Rs 539, Kotak Mahindra Bank jumped two per cent to Rs 871, while Axis Bank and ICICI Bank gained three per cent and four per cent to Rs1,897 and Rs 1,394, respectively.
State Bank of India advanced four per cent to Rs 2,516 after the bank lowered its bulk term deposit (above Rs1 crore) interest rates to 6.25 per cent from 6.5 per cent for deposits between 7 days to 60 days with effect from July 18. It lowered bulk term deposit rates to 6.75 per cent from 7 per cent for deposits between 61 days to less than 1 year. The retail term deposit (below Rs 1 crore) rates were cut to 7 per cent from 7.5 per cent for deposits between 7 days to 179 days.
Reliance Power gained two per cent to Rs 95 after the company said the boiler light up has been achieved for the fifth 660 megawatts unit at the 3,960 MW at Sasan ultra mega power project. The sixth and last unit of the project is in advanced stages of construction, it said.
Major gainers for the day include Financial Tech (10%), MCX (9%), Future Retail (8%), Mphasis (7%), Reliance Infra (6%), Syndicate Bank (6%), Federal Bank (6%), Bharat Forge (6%) and Gitanjali Gems (5%).
Prominent losers were Piramal Ent (-10%), Crisil (-4%), Sobha Dev (-2%), Dr Reddys Lab (-2%), CESC (-2%), Hero MotoCorp (-2%) and Marico (-2%).
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