Sensex soars 350 pts on broadbased buying; Marico in focus

14:17

Moneycontrol Bureau
Live Market Commentary
The market is on fire in afternoon trade with the Sensex rising more than 300 points and the Nifty trading above the 6200 level on RBI move.

The Sensex is up 355.64 points or 1.73 percent at 20925.92, and the Nifty is up 119.95 points or 1.97 percent at 6221.05.

It is a broadbased rally with the BSE Bankex gaining nearly 4 percent followed by Metal, Realty and Auto with 2-2.5 percent gains.

In the second quarter monetary policy review, Reserve Bank of India hiked repo rate by 25 basis points to 7.75 percent and cut marginal standing facility rate by 25 basis points to 8.75 percent with immediate effect, which was in-line with economists' expectations.

Marico shares gained 1.5 percent as its second quarter operating profit margin was better than analysts' forecast, though it disappointed on topline front. Net profit was largely in-line with a CNBC-TV18 poll.

Operating profit margin expanded by 210 basis points year-on-year to 15.1 percent during September quarter as against 13.6 percent expected by analysts.

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