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Sensex Ends Higher; ONGC Surges On Crude Price Rally

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Benchmark indices ended the day higher as global markets staged a rally, following gains in crude prices. Strength in the dollar, pushed global crude prices higher, which in turn sparked a rally across global markets.

 

Almost all of the Asian markets ended the day higher, except the Japanese Nikkei, which dropped in trade. The Shanghai Composite, the Hong Kong's Hang Sang and the Seoul Composite all notched gains in excess of 1 per cent.

Sensex Ends Higher; ONGC Surges On Crude Price Rally
The Sensex ended the day higher by 115 points, while the Nifty gained 42 points in trade. Leading the pack of gainers from the Nifty and the Sensex were stocks like Vedanta and Tata Steel from the metal space.

Larsen and Toubro saw smart gains on hopes that economic recovery would gather momentum. The company is a good proxy for the infra sector.

ONGC surged on a sharp spike in crude prices. Banking stocks were once again very subdued in trade. ICICI Bank and Oriental Bank of Commerce hit fresh 52-week lows.

State Bank of India also fell sharply to a new 52-week low. The bank is set to announce its quarterly results next week, which would be eagerly watched.

 

Shares in Bajaj Auto climbed after its results beat expectations. Meanwhile, markets across Asia ended the day higher, while most of Europe was trading higher.

GoodReturns.in

Read more about: sensex nifty ongc oil india
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