Sensex ends higher as IT stocks stage a smart rally

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Sensex ends higher as IT stocks stage a smart rally
Sector churning was in view today on the exchanges with investors selling select banking and oil and gas stocks and buying into pharma and IT.

The Sensex ended the day with gains of 37 points, while the Nifty was up 15.60 points in trade. Leading the set of gainers from the Nifty were IT stocks including TCS, HCL Tech and Wipro. In fact, TCS hit a fresh 52-week high on the bourses today.

Pharma stocks had an excellent day in trade with Sun Pharma and Dr Reddy's gaining in trade. In fact, Ranbaxy ended the day higher by 5 per cent, after the company received a US FDA approval for one of its products.

A fire from one of the pipelines of government owned Gas Authority of India saw the stock fall in trade. Sentiments for oil and gas stocks was weak with ONGC also falling in trade.

Other Nifty stocks that declined in trade were Bharti Airtel and Bhel. Banking stocks ended the day lower with stocks like Bank of India, Axis Bank and Yes Bank declining in trade.

Select mid cap stocks were in the limelight with Havells rallying a huge 7 per cent, while Divis Labs and Bharat Forge were the other prominent gainers.

Meanwhile, markets in Europe were trading with gains with the German DAX, French CAC and the UK's FTSE edging higher, despite fears of interest rate hikes in the US.

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