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Sensex Ends higher On Strong Global Cues; ICICI Bank Surges

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It was a spectacular beginning of the week for global markets with Asian stocks rallying and Europe trading with gains of more than 2 per cent.

Benchmark indices ended the day higher as Asian and European markets surged in trade. The Sensex ended the day higher by 86 points, while the Nifty gained 28 points in trade.

Sensex Ends higher On Strong Global Cues; ICICI Bank Surges
Leading the set of gainers from the Nifty and the Sensex were stocks from the banking space ahead of retail inflation date. A strong retail inflation data is expected to bolster hopes for a rate cut. ICICI Bank surged a near 4 per cent on hopes of the rate cut, while SBI and Axis Bank were the other gainers.
 

IndusInd was the only loser from the banking space. Other notable Nifty gainers were from the metal space including Vedanta and Hindalco. NMDC rallied after prices in iron ore gained ground. The company has now hiked the prices of iron ore.

IT stocks were weakish to flat as the rupee gained ground against the US dollar. TCS was among the losers, while Infosys ended the day flat. Coal India dropped by 7 per cent in trade, after its shares went ex dividend.

ONGC was trading higher after oil prices showed a bounce in trade. Oil India too rallied on the back of gains in crude prices.

Meanwhile, the prices of gold by Rs 75 to trade at Rs 29,475 per 10 grammes.

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