Markets soar on ECB stimulus hopes, good monsoons and rate cuts

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Markets soar on ECB stimulus hopes, good monsoons, rate hope
Markets staged a dramatic rally today, with stocks soaring across the board on hopes of a stimulus by the European Central Bank and a subsequent rally in European indices. The BSE Sensex closed the day higher by a whopping 433 points,  while the Nifty gained 133 points to close at 4997 points.

Hopes of a repo rates cuts by the Reserve Bank of India and the advent of monsoons also bought about good cheer for the markets.

Today's rally can however be credited in a large measure to hopes that the European Central Bank which is meeting later today would add fresh liquidity and thus help ease concerns about lenders in Spain.

Hopes were also raised that in the US, the Federal Reserve would unveil a fresh round of quantitative easing also saw risk trades re emerging in the markets today.

Domestically, there were hopes that the RBI would cut rates, which saw fresh buying support in stocks.

Among today's star performers was Tata Motors, Hero Motor Corp, Jindal Steel and IDFC. Markets are expected to remain volatile ahead of the elections in Greece and on continued worries in Spain.

Read more about: sensex, nifty
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