Sensex rises 64 points on rate cut hopes

June 12th, 2012 - 2:50 pm ICT by IANS  

Sensex Mumbai, June 12 (IANS) A benchmark index of Indian equities markets was trading 0.38 percent higher in the afternoon session Tuesday, led by hopes of a rate cut after the government released the industrial output data.

According to government data released Tuesday, India’s industrial output was almost flat at 0.1 percent in April compared to a year ago.

There was good buying support in banking and consumer durable stocks as well.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,570.51 points, was trading at 16,732.14 points in the afternoon session, up 0.38 percent or 64.13 points from its previous close at 16,668.01 points.

RBI Deputy Governor Subir Gokarn has 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.
The wider 50-scrip S&P; CNX Nifty of the National Stock Exchange was trading 0.49 percent higher at 5079.10 points.

The BSE consumer banking index was up 144.81 points, the consumer durable index was up 59.43 points and the capital goods index was up 70.85 points.

Major Sensex gainers were Sterlite Inds, up 1.72 percent at Rs.103.20; SBI, up 1.38 percent at Rs.2,194.50; Larsen and Toubro, up 1.33 percent at Rs.1,300; HDFC Bank, up 1.29 percent at Rs.546.50 and Maruti Suzuki, up 1.14 percent at Rs.1,121.90.

Major Sensex loses were Dr Reddys Lab, down 2.04 percent at Rs.1,578; Wipro down 1.60 percent at Rs.393.95; Hindustan Unilever, down 0.56 percent at Rs.432.65; Tata Power, down 0.42 percent at Rs.95.80; ITC, down 0.29 percent at Rs.238.80.

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