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The Nifty and Sensex continued their gains for the third consecutive trading session ending Friday in excess of 0.85 per cent.
The Nifty closed at 5,880 up 55 points and the Sensex closed at 19,340 up 169 points.
Market-men said that the RBI was likely to come under immense pressure for cutting rates in the near term.
“The second quarter income growth at 5.3% was marginally higher than our expectations, but in line with consensus. We maintain expectations of another 50 bps (basis points) easing on the repo rate by March 2013, and possibly more going forward,” said Gautam Trivedi, Managing Director & Head of Equities, Religare Capital Markets.
The rally was led by metals, power, PSU, banks and consumer durable sectors.
Volatility shed 1.43 per cent and the volatility index India Vix closed at 15.15.
Ultratech Cement, Jindal Steel, BHEL, ONGC and IDFC were the top five Nifty gainers while Ranbaxy, HUL, Tata Motors, Maruti and Bajaj Auto were the top losers.
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