Markets gather momentum on positive global cues

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Markets gather momentum on positive global cues
The Indian benchmark indices surged in opening trade today, tracking positive global cues. Globally, markets in Europe and the US were buoyant as the Spanish bonds had a successful auction.

Markets were also boosted by a cut in the repo rate, after the RBI eased its monetary stance. Sentiments were boosted when the RBI surprised the markets by cutting repo rates by 50 basis points against the consensus estimates of 25 basis points.

The Sensex was trading at 17491.61 up 133.67 points or 0.77% and Nifty was at 5331.80 up 42.10 points or 0.80% at 9.35 am IST. Among the stocks that gained today were the HCL Tech, Bajaj Auto, ACC and Tata Motors.

HCL surged 4.48% after posting  the better than expected Q4 results. SBI surged more than 1% after it hinted at cutting lending rates soon.

While on the losing side, the stocks failed to lure investors were Infosys, Reliance Communication, Reliance Infra and Reliance Power.

Read more about: sensex, nifty, rbi
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