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Markets close sharply higher ahead of GDP data

Markets close sharply higher ahead of GDP data
Indian markets ended the day higher ahead of key GDP data due later at 5.30 pm IST. The Nifty ended the day with gains of 84 points, while the Sensex gained 243 points in trade today.

Banking stocks led the rally in trade today with notable gainers being ICICI Bank, which jumped almost 3 per cent, while other notable gainers in trade were Bank of Baroda, Punjab National Bank, State Bank of India, Syndicate Bank and Union Bank of India.

Other Nifty stocks that witnessed a strong rally in trade were Sesa Sterlite, ONGC, Cipla and Tata Consultancy Services. Heavyweight, ITC which had been witnessing some selling pressure in the last few days gained almost 2 per cent.

Only a few Nifty stocks ended the day soft, among them were Mahindra and Mahindra and Wipro. Wockhardt which has been falling in the last few trading sessions following a US import alert at one of its plants ended the day with gains.

Infrastructure and capital goods stocks jumped on the back of expectations of an economic recovery. Jaiprakash Associates was up 9 per cent, Reliance Infra was up 4 per cent and Adani Power gained 3 per cent.

Tech Mahindra ended the day firm following reports of its likely merger with Mahindra Engineering Services.

Power producer, NHPC saw its share gaining after its buyback of shares plan opened today. Shares in Balrampur Chini fell after reports that the UP Govt cannot accept sugar mills' demand of Rs 225/quintal state advised price.

Meanwhile, markets in Asia ended the day with losses with the Japanese Nikkei and the Singapore's Strait Times losing ground.

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