Sensex rallies 175 points on rate cut hopesJune 7th, 2012 - 3:31 pm ICT by IANS
Mumbai, June 7 (IANS) A benchmark index of Indian equities markets was trading over one percent higher in the afternoon session Thursday, after registering the sharpest rally in six month in the previous day, on positive cues from global markets and hopes of rate cuts by the central bank.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the positive at 16,578.01 points, was trading at 16,629.36 points in the afternoon session, up 1.06 percent or 175.06 points from its previous close at 16,454.30 points.
The benchmark Sensex had surged 2.71 percent Wednesday, the sharpest rally in percentage since early January.
The wider 50-scrip S&P; CNX Nifty of the National Stock Exchange was trading 0.92 percent higher at 5,043.05 points.
Interest rate sensitive banking, real estate and auto stocks surged for the second day after the Reserve Bank of India said there was room for rate cuts.
Early this week, RBI deputy governor Subir Gokarn hinted at rate cuts, saying decline in crude oil prices in the international markets and moderating core inflation coupled with slowdown in economic growth would give some room for easing monetary policy.
The RBI is scheduled to announce first quarter review of the monetary policy on June 18.
Banking index of the BSE was up 1.58 percent, realty index was ruling 1.34 percent higher and the auto index was up 1.03 percent.
- Sensex hits one-month high on strong global cues (Lead) - Jun 07, 2012
- Sensex surges 434 points on rate cut and policy push hopes (Lead) - Jun 06, 2012
- Sensex rises 102.09 points, banking, realty stocks rally (Lead) - Apr 17, 2012
- Sensex rises 89 points (Lead) - Apr 18, 2012
- Sensex rises 21 points, banking stocks rally - Apr 16, 2012
- Sensex drops 162.32 points as RBI rate cut hope fades away - Jun 18, 2012
- Sensex rises 100 points in the afternoon trade - Apr 18, 2012
- Sensex rises 110 points, banking, realty stocks rally - Apr 17, 2012
- Sensex rebounds on rupee recovery (Lead) - Jun 08, 2012
- Sensex gains 272 points on rate cut hope, global cues (Lead) - Jun 15, 2012
- Sensex jumps 304 points ahead of RBI policy review (Lead) - Jul 30, 2012
- Sensex closes 207 points up, banking, realty, auto stocks rally (Roundup) - Apr 17, 2012
- Sensex rises 154 points; auto, tech stocks climb - Oct 24, 2011
- Sensex snaps 3-week losing streak; up 359 points (Weekly market review) - Aug 04, 2012
- Sensex closes 244 points down as RBI rate cut hopes fade (Second Lead) - Jun 18, 2012
Tags: afternoon session, auto index, auto stocks, bank of india, benchmark index, bombay stock exchange, bse, core inflation, crude oil prices, cues, deputy governor, economic growth, global markets, international markets, monetary policy, mumbai, national stock exchange, reserve bank of india, sensitive index, slowdown