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Sensex Advances Over 100 Points; IT, Banking Stocks Gain

The Sensex rose over 100 points while Nifty held firm above 10,700.

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Sensex Advances Over 100 Points; IT, Banking Stocks Gain

Among the banking stocks, ICICI Bank, Axis Bank and SBI also rose around 1 per cent


The benchmark BSE Sensex gained over 100 points on gains in IT, banking and healthcare stocks despite weak Asian cues. The 30-share index, which had lost 72.46 points in the previous session, was up 121 points at 34,892 while Nifty rose 30 points to 10,730. Gains in the rupee also improved the market sentiment. The rupee recovered sharply by 25 paise to hit a high of 63.77 against the US dollar in early trade. Foreign investors had put in Rs 693.17 crore in stocks on net basis yesterday.

Brokers said besides selective purchases by cautious investors, sustained foreign fund inflows influenced the sentiment.

Banking stocks gained after government cut its additional market borrowing requirement by more than half for the fiscal year ending in March to Rs 20,000 crore, Economics Affairs Secretary S.C. Garg said on twitter. The news sent benchmark 10-year bond yields down over 15 basis points.

Last month, the finance ministry had said that the government is likely to borrow additional 500 billion rupees ($7.79 billion) in 2017/18 fiscal year that ends in March.

Among the IT stocks, Infosys and TCS rose over 2 per cent as investors indulged in expanding their positions. Even though IT stocks underperformed the benchmark Sensex in 2017, the possibility of a pick-up in tech-spending during the current year could help improve investor sentiment towards these stocks, says a report from Morgan Stanley.

Among the banking stocks, ICICI Bank, Axis Bank and SBI also rose around 1 per cent. Among Asian markets, Hong Kong Hang Seng moved down 0.51 per cent, while Japan's Nikkei shed 0.43 per cent in early trade today. Shanghai Composite Index too inched lower by 0.01 per cent.

The US Dow Jones Industrial Average ended 0.04 per cent lower in yesterday's trade. (With Agency Inputs)


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