Markets end higher as ECB initiatives spark rally

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Markets end higher as ECB initiatives spark rally
The European Central Bank's (ECB) decision on a new bond-buying programme on Thursday to lower struggling eurozone countries' borrowing costs, fired markets across the globe with Indian stocks rallying across the board.

The BSE Sensex closed the day higher by 341 points, while the Nifty gained 103.70 points at 5342 points. High beta stocks, including those in metal led the rally. The gainers amongst the metal stocks included Tata Steel which closed higher by 5.6%, Sterlite Industries jumped 3% and Hindalco closed higher by 3.5%.

Banking stocks too were in the limelight with ICICI Bank gaining more than 4.5%, Axis Bank gaining 2.6% and State Bank of India rallying slightly under 2%

Heavyweight Reliance Industries too participated in the rally and gained more than 3%. However, oil marketing companies came in for some selling pressure with BPCL, Hindustan Petroleum all remaining subdued, after oil minister Jaipal Reddy ruled out an immediate fuel hike.

Globally, all of the markets were trading higher, following a decision by the ECB on a bond buying programme for troubled countries in the eurozone region.

Asian markets closed higher today with the Chinese Shanghai Composite closing up almost 4%, Hong Kong's Hang Sang rallying 3% and the Japanese Nikkei up more than 2%.

Read more about: sensex, nifty
Story first published: Friday, September 7, 2012, 15:18 [IST]
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