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Benchmark indices the Nifty and the Sensex ended the day on a positive note. This was on the back of a number of positives such as Government nod for FDI in aviation, FDI in multi-brand retail and the CRR cut announced by the Reserve Bank of India.
The Nifty closed at 5610, up 32 points while the Sensex closed at 18,542, up 78 points.
“The markets are riding high on events spree. Last week, the US announced QE3. In India, it was announcement of FDI norms. Today, the RBI cut CRR by 25bps. All these measures are expected to add liquidity into the system. These aggressive moves by the Government are viewed as positives for the market,” said Nagji K. Rita, Chairman and MD, Inventure Growth & Securities. The markets were also supported by the strengthening rupee.
The Realty index was up by 6.21 per cent, followed by Capital Goods and Banking indices.
Jindal Steel, ICICI Bank and SBI were the top three gainers, while ITC, TCS and Dr Reddy's Lab were the top three losers.
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