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Indian shares lifted by strong global cues; auto, bank stocks advance

Indian shares lifted by strong global cues; auto, bank stocks advance

Indian shares lifted by strong global cues; auto, bank stocks advance
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By Ajay Vaishnav  Mar 12, 2019 10:10:09 AM IST (Published)

Indian shares started Tuesday on a strong note, extending previous session's gains, on the back of positive global cues. 

Indian shares started Tuesday on a strong note, extending previous session's gains, on the back of positive global cues.

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In Asia, stocks rallied after data showed US retail sales rising in January, providing comfort to US investors. Additionally, British Prime Minister Theresa May's deal to revise the terms of exit from the European Union may also lifted sentiment.
The BSE Sensex surged 300 points, or 0.81 percent, to trade at 37,353 at 9.35 am. The NSE Nifty50 rallied 85 points, or 0.76 percent, to 11,253.
Broader market indices slightly outperformed with the Nifty MidCap index rising 0.85 percent. The BSE MidCap also rose 0.84 percent, while BSE SmallCap was up over a percent. Among sectors, all sectors rose except BSE Telecom.
Among the top index gainers, Power Grid, NTPC, Titan, Hindalco, L&T, Reliance Industries and ICICI Bank, surged between 1 and 3 percent.
Tata Motors stock gained 2 percent on orders from institutional customers to deliver over 2,500 passenger commercial vehicles in five states. The sentiment in the Tata Group auto stock also rose on British PM May's new Brexit deal, which could boost Jaguar Land Rover sales.
Laggards included, Bharti Infratel, Eicher Motors, Bharti Airtel, BPCL and UPL shares down by up to 2 percent.
Bharti Infratel shares lost 2 percent after the parent firm Bharti Airtel said it will cut its stake in the telecoms tower company by more than half to 18.3 percent.
Shares of HDFC Life Insurance Co fell 4.5 percent as Standard Life (Mauritius Holdings) will sell a part of its holding in the insurance company at a base price of Rs 357.50 a share, or at a discount of nearly 9 percent from its closing price on Monday.
Earlier, the Indian rupee opened higher by 13 paise at 69.75 per dollar on Tuesday versus Monday's close 69.88 against the greenback.
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