Markets rally as petrol price hike boosts sentiments

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 Markets rally as petrol price hike boosts sentiments
Markets staged a smart rally today as sentiments improved following a government decision to ask oil marketing companies to hike prices of petrol. Analysts believe that the government decision now signalled tough measures , which would now help fiscal consolidation and signal a thrust on reforms.

The BSE Sensex gained 274 points to close the day at  16222 points, while the NSE Nifty gained 85 points.

In Europe markets were trading firm with the German DAX, French CAC and UK's FTSE all up more than half a per cent. However, there were growing worries over the possibility of a Greece exit from the euro and bank losses in Spain aggravated matters further.

Among the shares that gained in trade today were ONGC, Ranbaxy, Bharti Airtel and Axis Bank.

Among the shares that lost ground today were Jaiprakash Associates, Maruti Suzuki, Cairn India and Sun Pharma. Markets are likely to continue taking cues from Europe and will await an EGOM meeting on diesel and LPG hike. Any inability to move forward on diesel and LPG price hike may affect sentiments again.

Read more about: sensex, nifty
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