Country's largest lender State Bank of India shot up 2% on hopes that the RBI may surprise the street at its mid-quarter monetary policy review. Market experts feel the RBI may cut repo rate or CRR by 25 bps, but the market may rally if the RBI cuts rates by 50 bps. Private sector lender ICICI Bank was up 1.5% while HDFC Bank and HDFC were up 0.5%.
Top commercial vehicle maker Tata Motors jumped nearly 3% after Finance Minister rejected Petroleum Minister's proposal of tax hike on Diesel cars. Maruti, M&M, Hero Motocorp and Bajaj Auto gained 1-1.6%.
Engineering and construction major by sales Larsen & Toubro and state-owned capital goods company BHEL were up 1.6% each.
Reliance Industries, India's most valued stock rose 0.7%. Technology majors Infosys and TCS moved up 0.5% each.
Tata Steel gained more than 2.6%; it made open offer to shareholders of Tinplate (up 16%) and Tata Sponge Iron (up 11%) for buying 1.46 crore shares and 17.34 lakh shares, respectively.
However, FMCG majors ITC and HUL were marginally down.
Asian markets like Hang Seng, Nikkei, Straits Times, Kospi and Taiwan Weighted gained 1-2% while Shanghai was up 0.7% as Greece exit from Eurozone averted for the time being after New Democracy Party emerged as the largest party with around 30% vote share followed by Syriza party with 27% vote share.
At 9:20 hours IST: Sensex gains 150 pts on rate-cut hopes, global cues aid
The BSE Sensex and NSE Nifty started off trade with 1% gain on Monday following strong Asian cues after favourable outcome from Greek election. RBI's mid-quarter policy review will also be closely watched by the market today.
The BSE benchmark was up 150.72 points at 17,100.55 and the NSE benchmark climbed 50 points to 5,189. The broader markets were up over 0.5%.
Among Asian markets, Hang Seng, Nikkei, Straits Times, Kospi and Taiwan Weighted rose 1-2% while Shanghai was up 0.75%. The Dow Jones futures climbed 67 points, pointing