The Indian equity market closed with handsome gains on Wednesday extending its winning streak for the second consecutive trading session. RBI’s decision of reducing interest rates by 50bps lifted sentiment on the street. Today’s rally was led by metals, FMCG, healthcare and IT stocks. Even the interest rate sensitive stocks like realty and auto participated in the upswing. However, the bank index, which was expected to see a strong follow up buying, was unable to carry forward Tuesday’s momentum and ended lower by 0.3%.
Index heavyweights like Infosys, ITC, Reliance Industries, Sun Pharma and Hindustan Unilever were among the top gainers among the 50 stocks of Nifty. On the other hand, Axis Bank, SBI, HDFC, Tech M and Bank of Baroda were among the major laggards.
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