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Sensex, Nifty trade flat after three days of gains
The Nifty index gained 9.75 points or 0.13 percent to finish at 7,485.35, with Bank of Baroda, BPCL, Coal India, SBI, Vedanta and PNB climbing 3-6 percent.
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Investor sentiment has improved after the government stuck to its fiscal deficit target for the next financial year, raising hopes the Reserve Bank of India would soon cut key policy rates.
The sensex opened higher by 98 points to 24,704.59.It registered day high at 24,719.05, rallied by 139 pts, laterit slipped but managed to maintain postive trend but closed at24,646.48, rising by 39.39 pts from its last close.
In absolute terms, the Bank Nifty posted biggest weekly gains in 10 years.
“Some consolidation is the need of the hour given the kind of run-up we had already seen”, said Gaurang Shah, vice president at Geojit BNP Paribas Financial Services.
Major gainers were BHEL (4.03 per cent), Cipla (3.08 per cent), ONGC (2.71 per cent), Tata Motors (2.57 per cent) and Dr Reddy’s 2.41 per cent. Maruti lost heavily (down 1.74 per cent), followed by Adani Ports (1.12 per cent), Sun Pharma (1.07 per cent) and Axis Bank (1.02 per cent).
IT stocks retreated as a stronger rupee adversely affects their earnings amid profit-booking at prevailing attractive higher levels.
Sector-wise, the S&P BSE metal index gained by 2.15 percent, banking index got augmented by 1.28 percent, power index went up by 1.19 percent and finance index moved up by 1.18 percent.
In line with the trend, the mid-cap index rose 1.13 per cent and small-cap 0.75 per cent.
The Indian markets will be closed on Monday on account of Mahashivratri.
A total turnover on BSE amounted to Rs 3239 crore, higher thanturnover of Rs 2869.89 crore registered during the previous trading session.
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The other global markets had finished higher on Thursday.