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The BSE Sensex and NSE Nifty ended the day up 133 points and 50 points respectively on hopes of the RBI cutting rates after weak IIP numbers announced today.
Sensex closed at 17,332, while the Nifty closed at 5,276.
Factory output for February was lower-than-expected at 4.1 per cent. In the same month last year, IIP growth was at 6.7 per cent.The metals, banking and FMCG were the top gainers sectorally.
“While the IIP showed a weak performance by Indian industry, it is expected to increase the probability of monetary easing by the RBI in the upcoming monetary policy. As a result, financial and auto stocks performed well,” said Mr Milan Bavishi-Head Research-Inventure Growth & Securities.
The Infosys stock led the losses and closed in the negative territory as results are expected tomorrow.
On the global front, American markets and Asian markets were up around 0.7 per cent each. Two of the European markets were down by around 0.2 per cent each.
The top gainers on the BSE were Jindal Steel, Sterlite Industries and Maruti, while the top losers were Infosys, Wipro and ONGC.
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