BSE Sensex gains banks rally ahead of RBI

BSE-SENSEX-NIFTY-INDIA-STOCKS:BSE Sensex gains banks rally ahead of RBI

The BSE Sensex rallied on Friday as banks led gains on hopes for aggressive monetary easing from the RBI, with sentiment also boosted by hopes major central banks would take coordinated global action should Greek elections lead to turmoil.

The Reserve Bank of India reviews policy on Monday, with traders betting it will cut the repo rate by 25 basis points and potentially also cut the cash reserve ratio.

ICICI Bank gained 2.8 percent, while HDFC Bank added 2.3 percent.

Tata Motors jumped 5.3 percent after global sales rose more than expected.

The Sensex provisionally rose 1.55 percent to 16,936.22 points, its biggest percentage gain since June 6.

 

The broader 50-share Nifty gained 1.67 percent to 5,139.05 points.

(Reporting by Manoj Dharra; Editing by Rafael Nam)