Shares rallied across the board with all sectors closing in the green. Banking stocks were in the limelight with State Bank of India and ICICI Bank rallying sharply.

Today's rally in stocks is likely to come as relief, for markets around the globe, though analysts believe that this could be a technical bounce. Shares of FDC rallied sharply by more than 4%, after the company announced a buyback of shares at Rs 110 per share.

In Europe the UK's FTSE, The German DAX and the French CAC were all trading higher. However, analysts warn that problems in Greece are likely to linger for sometime. Greece holds elections on June 17, 2012 and markets are eagerly watching the outcome to see if pro austerity parties return back to power.

Should that happen it could result in a fresh rally across the globe.

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