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Closing Bell: Sensex gains 280 points; Metal, IT gain

Closing Bell: Sensex gains 280 points; Metal, IT gain

Closing Bell: Sensex gains 280 points; Metal, IT gain
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By Nidhi Chugh  Jun 7, 2018 3:41:29 PM IST (Updated)

The market closes at 3 week high with benchmark indices BSE Sensex at 35,463 points and NSE Nifty at 10,768 points and Nifty crossing 10,800 intra-day after 16 trading sessions and maximum gains coming from banks, metals and automobiles.

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(The above-mentioned detail is the market update as of 3:37pm)
How has the market fared so far?
The market continued to trade positive while approaching the second half of the trading session on Thursday. The BSE Sensex was trading at 35,498 points and the NSE Nifty was at 10,777 points, gaining 93 points and hitting its three-week high in intra-day trade.
Idea Cellular, ICICI Bank, Axis Bank, Adani Ports and Vedanta were the top index gainers while Power Grid Corp, Coal India, Lupin, Sun Pharma and Titan were the top index losers.
The market opened in the green on Thursday, a day after RBI announced its monetary policy. The BSE Sensex opened at 35,278 points and the NSE Nifty reclaimed the 10,700-mark, at 10,722 points.
The RBI raised the repo and the reverse repo rates by 25 bps, but maintained a 'neutral' stance, which brought relief to the market.
The rate hike is a negative but markets are recovering due to short-covering, since people sold off their positions at higher levels prior to the RBI meet and are now covering their positions at lower prices, Sumit Pokharna, vice president, Kotak Securities told Reuters.
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