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BSE Gains On IIP; Key Events Prowl Ahead

The Monday market started to catch speed after its opening, and unexpected industrial output data boosted some of the country’s major manufacturers, like State Bank of India rallied after observing last week’s cash reserve ratio.

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Earlier stronger gains were gained after the hike in the production data also reduced expectations for a rate cut. Some of the experts are expecting that it could have come as early as the meeting of the Reserve Bank of India.

Trading in the share market is expected to be volatile, because of the budget on Friday and inflation data on Wednesday. “IIP numbers are certainly ahead of expectations, markets will prefer to ignore as big events are ahead,” said Aneesh Srivastava, Chief Investment Officer at IDBI Federal Life Insurance.

The main 30-share in BSE index rose 0.5%, or 84 points, to end at 17,587.67 points. Meanwhile, the 50-share Nifty index ended up 0.5% at 5,359.55 points.


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