Markets gain on European cues, inflation data

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Markets gain on European cues, inflation data
Markets gained for a second day in succession with strong European cues and lower than expected inflation data.

The BSE Sensex ended the day higher by 94 points, at 32 points.

Banking shares were in the limelight today, following lower than expected inflation data. Shares of private sector banks saw buying interest on hopes that the lower than expected inflation data might prompt the RBI to cut rates.

Shares of ICICI Bank and Axis Bank, both gained more than 2% in trade today. Shares of ONGC, Reliance Industries and Jindal Steel were the other prominent winners among the Nifty stocks. Among the shares that lost ground in trading today were HDFC, which saw selling pressure following sharp gains witnessed on Monday.

Today's smart gains can be attributed to the strong gains witnessed in Europe, following positive GDP data.

Read more about: sensex, nifty
Story first published: Tuesday, August 14, 2012, 15:14 [IST]
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