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Sensex Ends 481 Points Higher As Investors Cheer IMD Forecasts
Benchmark indices ended the day sharply higher, as investors cheered a forecast by the Indian Meteorological department that the monsoon this year would be above average.
Adding fuel to the rally were solid cues from across Europe, after Chinese exports surged, which led to across the board rally across Asian indices.
The Sensex ended the day with gains of 481 points, closing at 25,626 points, while the Nifty gained 141 points in trade.
Stocks whose fortunes are linked to the Monsoons gained ground. Tractor major, Mahindra and Mahindra jumped a huge 7 per cent following the monsoon forecast.
ICICI Bank jumped 5 per cent in trade on hopes that there would be further rate cuts from the Reserve Bank of India, following a drop in the CPI Inflation data.
Infosys was the only stock from the Sensex that lost ground. The company is set to declare its results later on Friday.
Among the non index stocks, Shilpa Medicare gained a huge 15 per cent, after the company got an approval for good manufacturing practice certificate for 2 API units from PMDA-Japan.
The share price of Bhel continued to surge after CLSA retained an outperform rating on the stock after it said that the company would be the biggest beneficiary of likely pick-up in India's power capex cycle.
Meanwhile, the rupee continued to gain against the dollar and was trading at 66.36.
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