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Markets cheer Obama’s victory

The BSE benchmark gained 100 points after the Barack Obama re-elected as a US President for the next four years.Asian (ex-Japan) markets too gained ground following the US Elections outcome.
The Sensex moved up 98 points to 18,914.95 and the Nifty rose 31 points to 5,755.10, helped largely by banking and financials stocks.

Country’s largest lender State Bank of India surged over 2 percent while its rival ICICI Bank went up 1.34 percent. Housing finance company HDFC was up 1.4 percent and private sector lender HDFC Bank gained 0.3 percent.

Commercial vehicle major Tata Motors and steel producer Tata Steel were up over 1 percent. Software services exporters TCS, Infosys and Wipro moved up 0.4-0.7 percent.

Engineering conglomerate Larsen & Toubro was up 0.8 percent and power equipment maker BHEL rallied 1.3 percent.

Drug producer Dr Reddy’s Labs, aluminium major Hindalco Industries and top car maker Maruti gained over 1 percent.

Two-wheeler maker Bajaj Auto and utility vehicle major Mahindra & Mahindra climbed 0.8 percent each.

FMCG majors ITC and Hindustan Unilever fell 0.4 percent and 1 percent, respectively.



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