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    Nifty, Sensex end higher for sixth consecutive session; energy, bank stocks rise, auto, IT drag

    Nifty, Sensex end higher for sixth consecutive session; energy, bank stocks rise, auto, IT drag

    Nifty, Sensex end higher for sixth consecutive session; energy, bank stocks rise, auto, IT drag
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    By Pranati Deva   IST (Updated)

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    Gaining for the sixth straight session, Sensex, Nifty ended higher on Monday amid positive Asian markets and strong rupee.

    Gaining for the sixth straight session, Sensex, Nifty ended higher on Monday amid positive Asian markets and strong rupee.
    Asian shares pulled ahead on mounting speculation that the US Federal Reserve will sound decidedly dovish at its policy meeting this week.
    Meanwhile, the rupee rose to its highest in more than seven months, boosted by strong dollar inflows while broad weakness in the dollar over the previous week also aided sentiment.
    Strong foreign fund inflows and expectation of the current coalition government returning to power after the general elections starting next month also boosted investor confidence.
    The S&P BSE Sensex ended at 38,095, up 70 points, while the broader NSE Nifty50 settled at 11,479, up 52 points. Meanwhile, in broader markets, Nifty MidCap underperformed the benchmark indices, down 0.2 percent while Nifty SmallCap was up 0.1 percent.
    IOC, HPCL, Bajaj Finance, Reliance Industries, and Axis Bank were top gainers on Nifty50, while, Maruti Suzuki, HeroMoto Corp, Wipro, Bharti Airtel, and Eicher Motors fell the most on the index.
    Among sectors, Nifty Realty rose the most, up nearly 3 percent followed by Nifty Bank, Nifty Private Bank, and Nifty PSU Banks.
    Nifty Bank ended at record high again after hitting 29,700 for the first time in early deals. Axis Bank, Bank of Baroda, Kotak Bank, IndusInd Bank and PNB were the best performing stocks in the sector.
    Energy stocks gained, with the Nifty Energy index rising 2 percent. Indian Oil Corp and Hindustan Petroleum were the top gainers, climbing over 3 percent each.
    Nifty Auto capped gains, down 1.5 percent dragged by Maruti Suzuki, Ashok Leyland, Bharat Forge, HeroMoto Corp, and Eicher Motors declining in the range of 1.3-3.4 percent.
    Nifty IT fell over 1 percent on strengthening rupee. Wipro fell the most, down 2.4 percent followed by Tech Mahindra, NIIT Tech, HCL Tech and Infosys, all down over 1 percent.
    Shares of IT company Mindtree rose as much as 1.8 percent after the company said it is considering a share buyback proposal of the fully paid-up equity shares of the company on the March 20 meeting. The development comes as the company is going through a takeover war with its rival company Larsen and Toubro (L&T).
    Dewan Housing Finance Corp rose 2.5 percent after its chief financial officer Santosh Sharma was redesignated to another role.
    Globally, Japan’s Nikkei advanced 0.59 percent, and MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6 percent.
    Shanghai blue chips climbed 1.6 percent and spread betters pointed to modest opening gains for the major European bourses.
    -With inputs from Reuters.
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