It's a Summers rally for markets; Sensex crosses 20,000 pts

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 It's a Summers rally for markets; Sensex crosses 20,000 pts
Markets rallied in trade as reports surfaced that Lawrence Summers withdrew from consideration to be the next chairman of the US Federal Reserve. Summers is viewed as more hawkish on monetary policy issues, which is never good for stock markets, particularly for emerging markets like India.

The Sensex and the Nifty surged in trade as markets around the globe were jubilant on Summers' withdrawal. The Sensex was trading higher by 393 points at 20,022 points, while the Nifty rallied 85 points in trade. Banking stocks were on fire with Axis Bank rallying 3.3%, while ICICI Bank also gained 3%, HDFC Bank 2% and Yes Bank jumped 5% in trade.

Other top gainers in trade were Mahindra and Mahindra, ONGC, Grasim, Jaiprakash, Asian Paints and Hero Motor Corp.

Oil marketing company stocks were in the limelight after petrol prices were hiked. Stocks from the sector that climbed were ONGC, BPCL and HPCL.

Technology stocks were weak in trade following a sharp appreciation in the rupee. Stocks from the sector that lost ground were HCL Tech and Infosys Technologies.

Shares of Ranbaxy dropped almost 25% in trade after an import alert was sounded by the FDA for one of its units.

Mid Cap stocks were also having a good day in trade today with prominent winners from the space being the PSU banks including IDBI Bank, Vijaya Bank, Andhra Bank and Union Bank of India.

Real estate stocks also saw buying interest in trade today with Oberoi Realty, Unitech and Sobha Developers among the gainers.

Meanwhile, most of the markets in Asia were trading with gains notable among these being the Jakarta Composite, Strait Times and Seoul Composite.

Read more about: sensex, nifty, grasim, jaiprakash
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