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Markets notched up gains in late-morning session this Wednesday on back of buying in rate-sensitive sectors such as banks, real-estate amid hopes of an interest rate cut by the central bank in the next month policy meet.
At 11AM, the Bombay Stock Exchange's 30-share index Sensex gained 60 points at 18,806.45 while the National Stock Exchange's 50-share Nifty rose 26 points at 5,715.65.
Investors bought shares in sectors such as banks, real-estate amid hopes that the central bank would ease monetary policy more aggressively next month to boost growth into the Asia’s third-biggest economy.
Meanwhile, global risk appetite was firm as new-home construction in the U.S. jumped more than forecast, the International Monetary Fund raised its forecast for Japanese growth and the yen weakened
Asian markets traded mixed with China’s Shanghai Composite Index falling 0.5% to 2,184, Hong Kong’s Hang Seng declined 0.1 % to 21,654, Singapore’s Straits Times rose 0.36% to 3,299 while Japan’s Nikkei was up 1% to 13,353.
Back home, the key sectoral indices such as real-estate, capital goods, metals, bankex, auto gained while IT, oil & gas sectors declined on BSE.
The gainers on the Sensex at this hour were SBI and ICICI Bank gaining 2-3% each, Coal India rose 2.5%, Jindal Steel and Sterlite Industries were up 1.2% and 2% respectively on the BSE.
The laggards were Reliance Industries and TCS declining 2% and 1% respectively, Wipro and Infosys dropped 0.3% each, Dr Reddy’s was down 1% on the BSE.
The broader markets gained with mid-caps and small-caps adding 0.7-1% on BSE.
The market breadth was positive. Out of 1,738 stocks traded, 1,078 stocks gained compared to 573 declined on BSE.
