Sensex Rallies Further on Strong Global Cues

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Benchmark indices rallied in trade for the fourth straight day after inflation came in lower than expected and on hopes of a rate cut from the Reserve Bank of India.

Dealers were also reportedly taking positions ahead of the Union Budget in a couple of weeks from now.

Sensex Rallies Further on Strong Global Cues
Sensex28,077.18Sensex Quote-52.66 [0.19%]
Nifty8,693.05Nifty Quote-6.35 [0.07%]
The Sensex was trading with gains of 69 points, while the Nifty rallied 29 points in trade. Leading the set of gainers from the Nifty were banking stocks like ICICI bank and Axis Bank.

Shares in Bhel slumped after the company reported a poor set of results. The stock was down almost 6 per cent in trade. PSU banking stocks saw some recovery in trade with Punjab National Bank, Bank of Baroda and State Bank of India among the early gainers.

Shares in Cipla rallied more than 3 per cent after the company said that it has entered into an agreement with Biopharm SpA to establish JV co in Algeria.

Mid cap stocks were also see higher with Jubilant Foodworks and Voltas among the gainers in trade. State Bank of India was trading higher ahead of its results later today.

Shares in Bharti Airtel continued to slide for a third day in a row.

Meanwhile, markets in Asia were trading higher after the Russia Ukraine peace deal.

Read more about: sensex, nifty
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