Sensex rallies 490 points on rate cut hopes

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Sensex rallies 490 points on rate cut hopes
Sensex, Nifty rallied today as strong buying support was seen banking, realty and auto stocks on expectation of rate-cut after inflation fell to a three-year-plus low.

The Sensex ended the day higher by 490 points, while the Nifty ended with gains of 152 points.

The S&P BSE Bankex index was up 403.45 points or 2.8% . HDFC Bank was up 3.78%, ICICI Bank was up 3.83%, SBI rallied 4.20% and PNB was higher by 7.61%.

Shares of Tata Motors were up over 3.5% after its unit Jaguar Land Rover Ltd reported a 12% increase in sales in April.

Among the sectoral indices all the sectors were trading in positive terrain. IT, TECk, Consumer Durables leading the rally.

The benchmark Sensex touched a high of 20,226 points and low of 19,798.18 points in the trade.

The only losers in today's trade were Power Grid, Cairn India and Ultratech Cement. Among major gainers, L&T, Mahindra and Mahindra, Maruti Suzuki, ONGC, Bajaj Auto, Cipla, Bharti Airtel and Dr Reddy's lab advanced on investment buying.

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