Indian equity markets gained ground in the afternoon session as a result of purchasing in frontline counters. The mood on the street was upbeat after the RBI’s Monetary Policy Committee voted to maintain key interest rates unchanged. The MPC decided unanimously to maintain the repo rate at 4% and voted 5:1 to maintain an ‘accommodative’ stance for as long as needed to re-ignite growth on a sustainable basis.

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On the global front, Asian markets were trading mostly higher with Straits Times advanced 1.93 points or 0.06% to 3,421.97, Taiwan Weighted strengthened 186.29 points or 1.03% to 18,338.05, Nikkei 225 surged 116.21 points or 0.42% to 27,696.08, KOSPI rose 5.84 points or 0.21% to 2,774.69 and Jakarta Composite was up by 16.43 points or 0.24% to 6,851.04. On the other hand, Shanghai Composite declined 5.16 points or 0.15% to 3,474.79 and Hang Seng was down by 28.78 points or 0.12% to 24,801.21.

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The Sensex is presently trading at 58,983.15, up 517.18 points or 0.88% from a low of 58,332.28 and a high of 59,008.98. On the index, there were 23 stocks that advanced, 6 stocks that declined, and 1 stock that remained constant.

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The broader indices were trading in green with the BSE Midcap index rising 0.36%, while the Small cap index was up by 0.03%. The top gaining sectoral indices on the BSE were Bankex up by 1.36%, Metal up by 1.33%, Power up by 1.25%, Realty up by 1.21% and Utilities was up by 1.01%, while Consumer Durables down by 0.15%, Healthcare down by 0.05% and FMCG was down by 0.04% were the only losing indices on BSE.

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The top gainers on the Sensex were Kotak Mahindra Bank up by 2.78%, HDFC up by 2.36%, HDFC Bank up by 1.99%, Tata Steel up by 1.86% and Power Grid was up by 1.62%. On the flip side, Maruti Suzuki down by 0.49%, Dr Reddy’s Lab down by 0.35%, Asian Paints down by 0.31%, Hindustan Unilever down by 0.09% and Sun Pharma was down by 0.05% were the top losers.

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The Nifty is presently trading at 17,611.70, up 147.90 points or 0.85% after ranging between 17,427.15 and 17,622.65. On the index, there were 40 stocks that advanced and 10 stocks that declined.

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The top gainers on Nifty were Kotak Mahindra Bank up by 2.59%, HDFC up by 2.48%, ONGC up by 2.44%, HDFC Bank up by 2.04% and Tata Steel was up by 1.84%. On the flip side, BPCL down by 1.36%, Indian Oil Corporation down by 0.50%, Maruti Suzuki down by 0.49%, Dr Reddy’s Lab down by 0.38% and Asian Paints was down by 0.32% were the top losers.