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Sensex rises 109 points; Infosys, L&T and RIL lead gain

Sensex rises 109 points; Infosys, L&T and RIL lead gain

Mumbai: The BSE benchmark Sensex Wednesday closed 109 points higher led by buying mainly in stocks of realty, capital goods, IT and banking sectors amid a firming global trend.

Rising for the second straight day, the Sensex ended 109.44 points, or 0.57 percent, up to close at 19,252.61. The index had gained 265 points in the previous session.

Similarly, the broad-based National Stock Exchange index Nifty rose by 34.35 points, or 0.59 percent, to 5,818.60.

Brokers said the rate-sensitive stocks rose on expectations the Reserve Bank of India might cut interest rates in its policy meeting this month.

They said IT stocks rose as investors felt a weak rupee and a rally in global markets might increase revenue of software companies, which get over 60 percent business from the US and Europe.

The Dow Jones Industrial Average index increased to a record high, as the US service industry expanded at the fastest pace in a year and investors bet global central banks will continue stimulus measures.

The two most heavy with their nearly 16 percent weightage on the Sensex Reliance Industries and Infosys spurted by 1.03 percent to Rs 834.80 and 1.56 percent to Rs 2,966.45, respectively.

Another index-linked Larsen and Toubro advanced by 2.86 percent to Rs 1,433.70 after Goldman Sachs joined Nomura Holdings and Jefferies India to raise the stock’s rating.

In 30-BSE index components, 18 stocks gained while 12 ended with losses. The Realty sector gained the most by 4.52 percent to 2,034.94 as DLF spurted by 3.81 percent to Rs 269.55.

The capital goods index was second best performer by rising 2.47 percent to 9,525.41 followed by metal index by 2.20 percent to 9,329.08. IT sector index rose by 1.32 percent to 6,944.59 and Banking index by 0.65 percent to 13,616.18.

 

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