BSE Sensex gains 200 pts, HDFC Bank shares soar
Reuters: Mar 08 2013, 14:34 IST
The BSE Sensex is up 1.1 percent, while the 50-share NSE Nifty gains 1.12 percent, heading for a fourth consecutive day of gains. Goldman Sachs says a RBI rate cut on March 19 or firmer industrial output data due next week may give confidence that the growth cycle is turning.
HDFC Bank shares gain 1.6 percent while mortgage lender HDFC shares rise 2.8 percent.
State-run energy companies gain after the Indian government sought parliament's approval to spend an additional 247.74 billion rupees on oil subsidies in the current fiscal year that ends in March.
Oil and Natural Gas Corp gains 1.5 percent, Oil India shares rise 2.2 percent while Bharat Petroleum Corporation Ltd is up 3.8 percent.
Maruti Suzuki India Ltd shares fall 1 percent after a company executive said the company would suspend production of petrol cars at one of its plants on Saturday, as the country's top carmaker looks to cut inventory amid slowing sales.
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