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Markets close higher; banking stocks rally

 Markets close higher; banking stocks rally
Markets closed the day higher led by a smart rally in banking stocks. The Sensex ended the day higher by 186 points (provisional), while the Nifty closed higher by 51 points.

Among the top gainers in trade today were the banking stocks which jumped on hopes that the Reserve Bank would cut rates when it meets for its policy review in the first week of May 2013.

HDFC Bank surged more then 3.59 per cent ahead of its quarterly results to be declared later tomorrow. Other banking stocks that witnessed gains were Axis Bank, Syndicate Bank, State Bank of India. Canara Bank surged 5 per cent on hoped of improving prospects for the industry.

Software stocks, however, dropped on increasing worries of growth for the industry. Wipro led the losses from among the pack losing 8 per cent, as investors fretted over growth at the company. Other notable losers from the space were Tata Consultancy and Infosys.

The infrastructure pack also saw some buying support with notable gainers from the pack including Larsen and Toubro and Jaiprakash Associates.

Shares in telecom major Reliance Communications jumped almost 10 per cent after the company said that a consortium of global PE funds is in advanced stages of due diligence to buy Rel Globalcom.

Government owned HMT also had a good session gaining almost 5 per cent on reports of cash infusion in the company by the government.

Meanwhile, markets in Asia closed the day higher led by strong gains in the Nikkei which rallied to a 5 year high on a weaker Yen.

Read more about: sensex nifty
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