Markets rise; IT up on global cenbank hopes1 min read . Updated: 31 Jul 2012, 03:16 PM IST
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.
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%.