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The stock markets closed on a positive note on Monday. The movement was supported by banks, power, auto and infrastructure sector stocks.
The Nifty was up 1.33 per cent or 66 points to close at 4,986 while the Sensex rose by 1.23 per cent or 199 points and closed at 16,417.
Mr Milan Bavishi, Head Research, Inventure Growth & Securities said: “As we enter into the May 2012 derivative expiry week, the Nifty showed strength on the upside. The benchmark index was up 1.4 per cent on the back of broadbased buying driven mainly by banks.”
“Good results and reasonable valuations of SBI are attracting investors and traders in the stock. The stock was a top gainer with the rise of 4.8 per cent. Other banking stocks too saw buying interest with Axis Bank and Bank of Baroda up 3 per cent each,” he added.
Volatility was down, with the India Vix closing almost 5.80 per cent up at 23.68.
SBI, BHEL, Tata Power, PNB and Sesa Goa were the top Nifty gainers while GAIL, BPCL, Maruti, ONGC and Ranbaxy were the losers on the Nifty.
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