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Sensex Rises 219 Points To Rebound From 3-Session Fall

Tuesday, April 28, 2015
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MUMBAI: The benchmark BSE Sensex on Tuesday reversed its three-session fall by rising 219 points to settle at 27,396.38 as blue-chips ICICI Bank and Maruti Suzuki jumped on better-than-expected earning numbers.

Besides, World Bank on Tuesday said Indian economy has taken strong strides towards higher growth and enhanced stability, aided by a supportive external environment, in particular the sharp decline in oil and commodity prices.

The multilateral lending body said India will grow 7.5 per cent this fiscal year. “Growth has accelerated, inflation has declined, the current account deficit has narrowed and external reserves have increased,” the World Bank noted.

Moreover, recovery in the rupee that strengthened to Rs. 63.12 against the dollar (Intra-day) too boosted sentiments. Snapping its three-day losing streak, the Sensex opened on a strong footing at 27,215.61 and rose further to 27,365.72 in early trade on emergence of value-buying.

However, it succumbed to profit-booking and slipped into the negative zone to touch a low of 27,073.25, but staged a strong comeback on a flurry of buying in last one hour to hit the session’s high of 27,482.14 before settling 219.39 points or 0.81 per cent higher at 27,396.38.

Stocks of ICICI Bank climbed 8.2 per cent to Rs. 326.65, its biggest single session gain since September 2013. Country’s largest carmaker, Maruti Suzuki share continued Monday’s winning streak and gained 4.93 per cent to Rs. 3,826.65 after its Q4 earnings beat estimates.
Source: PTI

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