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Markets close higher despite rate cut disappointment

Markets close higher despite rate cut disappointment
Indian markets ended the day higher despite a disappointment from the RBI with regards to a rate cut. The Sensex ended the day higher by 148 points (provisional), while the Nifty gained 41.65 points in trade.

Among the shares that rallied in trade were Mahindra and Mahindra which jumped 5 per cent following an agreement to buy 13.5 per cent stake in CIE Auto at 6 euro per share. Jet Airways which lost heavy ground in the early morning trade recovered and recouped significant portion of the early morning losses.

The Nifty gainers in trade were Sun Pharma, Bhel, HDFC, Maruti Suzuki and Bhartai Airtel. Top Nifty losers were Ranbaxy Laboratories, Dr Reddy's and TCS.

Metal stocks were weak in trade today with notable losers being Hindalco Industries, Sesa Goa and NMDC.

Banking stocks were also weak in trade as the RBI's hawkish tone dashed hopes of a rate cut. Among the losers from the banking sector space were Axis Bank and HDFC Bank. PSU banking stocks also lost ground with notable losers being Allahabad Bank, Syndicate Bank and Indian Overseas Bank.

Among non index stocks Pipavav Defence ended the day higher after the company received a sizeable contract. Meanwhile, most of the Asian markets ended the day with significant gains led by strong rally in the Japanese Nikkei.

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