With the stock market recording gains for fourth straight session today, more than 200 stocks hit their one-year high level.
Extending its rally for the fourth straight day, the 30- share BSE barometer Sensex rose by 72.50 points to close at over one-week high of 28,187.06.
“Banking stocks led the rally on the benchmark indices on hopes of a rate cut by the RBI in the policy tomorrow. Strong rupee and continued fall in crude prices lifted the sentiment,” said Gaurav Jain, Director at Hem Securities.
Of the 30-share Sensex pack, 18 stocks ended higher led by SBI, ICICI Bank and Maruti Suzuki India.
Among those witnessed selling include Vedanta, M&M and Coal India.
At the BSE, 1,805 stocks advanced, while 1,117 declined and 111 remained unchanged.
“Though we have seen decent rebound in index in last four trading sessions but the momentum was largely missing, which shows positive yet cautious approach among the participants. We believe situation will improve post the monetary policy review; however, majority expecting unchanged stance from the RBI,” said Jayant Manglik, President Retail Distribution at Religare Securities.