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Rupee falls further. Markets gain.

Technology, telecom and banking stocks were leading the market higher.

At 9:20 hours , the Sensex rose 120 points to 16,866 and the Nifty gained 36 points to 5,067 amid volatility.

The Indian rupee depreciated to 48.18 per dollar, down 0.38 from previous closing value.

Technology stocks were on buyers’ radar post depreciation in rupee. Infosys, TCS and Wipro rose over 1%.

Reliance Communications, SIL, HUL and NTPC were other gainers.

However, Maruti fell over 1% post conflict escalated as govt pulled out of talks. Negotiations broke down after union leaders arrest.

ONGC, Reliance Industries, Jaiprakash Associates and BHEL were other losers in trade.



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