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Sensex at mid-day

Sensex at mid-day

Markets rise; IT up on global cenbank hopes

Markets rise; IT up on global cenbank hopes

Mumbai: The BSE index gains 0.58%, while the NSE index adds 0.55% heading for a 3rd day of gains tracking gains in Asian shares on continued hopes for monetary stimulus from the US Federal Reserve and European Central Bank.

Sensex at mid-day

Software services exporters are among the leading gainers: Infosys, Tata Consultancy Services and Wipro rise about 1-2% each.

Cipla rise 1.3% ahead of its April-June results due later in the day.

RBI left policy repo rate unchanged, but raised its inflation outlook for fiscal 2012/13, casting doubt about the timing of and scope of potential rate cuts.

Traders say the unexpected cut in statutory liquidity ratio (SLR) by 1% is a marginal positive for banks, showing the RBI remains focused on managing liquidity.

Bank shares see little impact, with top-ranked State Bank of India down 1.4% and ICICI Bank falling 0.5%.

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