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BSE Sensex gains for third day, ONGC, ICICI Bank shares surge

BSE Sensex gains for third day, ONGC, ICICI Bank shares surge

SE Sensex rose over 1 percent on Friday to mark its highest close in nearly a month, as bank stocks continued to rise after the central bank’s slew of measures unveiled by new Governor Raghuram Rajan, while oil and gas company ONGC’s shares rose on hopes of a diesel price hike.

ICICI Bank provisionally rose 7.6 percent while Oil & Natural Gas Corp (ONGC) ended 5.2 percent higher.

The benchmark BSE index provisionally rose 1.33 percent, while the broader NSE Nifty ends 1.44 percent higher, gaining for a third consecutive session on Friday.

Dipen Shah, Head- Private Client Group Research, Kotak Securities: Markets were volatile but ended the week on a high with gains of about 4% on benchmarks. The intention and initiatives of the new RBI Governor helped in changing the sentiments on the currency and equity markets. Banking stocks and other rate sensitive stocks were the major gainers and as a natural corollary, defensive sectors like IT and FMCG under-performed.

The recent appreciation in the Indian rupee against US dollar has improved market sentiments. There are expectations of additional dollar flows into the country, which has created optimism on the rupee. Equity markets have reacted on cues from the currency markets. We need to improve the investment climate and make it attractive for more funds to flow in. Further initiatives on the rupee and on fiscal reforms will help in taking the markets higher. In the near term, the decision of the US Fed on withdrawal of quantitative measures will influence the movement of the rupee.”

 

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