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Volatile Sensex recovers as June inflation eases; SBI gains
16 Jul 2012, 11:51 AM
The BSE Sensex and NSE Nifty recovered from day's low after lower than expected inflation for June, but remained in a tight range. According to Central Statistics Office, inflation for June declined to 7.25% as against 7.55% in May. CNBC-TV18 poll had expected at 7.61%. Inflation for April has been revised to 7.5% as against 7.23% (provisional).

The BSE benchmark gained 26.54 points at 17,240 and the NSE benchmark rose 8 points to 5,235.30. Even the Indian rupee recovered to 54.88 from 54.98 against the US dollar during the day. It was up by 26 paise over Friday's closing.

Country's largest lender State Bank of India extended gains, rising 1.4% on hopes that the Reserve Bank of India may consider rate cut in its quarterly monetary policy review on July 31. ICICI Bank moved up 0.66% and HDFC Bank gained 0.4%.

Top telecom operator Bharti Airtel extended gains, rising 3% and index heavyweight Reliance Industries was up 0.44%.

Healthcare stocks continued to rally since early trade - Dr Reddy's Labs, Sun Pharma and Cipla gained between 1.5% and 1.8%.

However, software services exporter Infosys has been falling for the third consecutive session today, losing 1.5% especially since after its disappointing results for the quarter ended June 2012. Its rival TCS and Wipro were down 1% and 0.5%, respectively.

Metal stocks extended losses - Tata Steel crashed over 3% and Jindal Steel lost 2% while Hindalco and Sterlite Industries were down 0.7%.

Engineering and construction major by sales Larsen & Toubro slipped over 0.5%.

At 10:31 hours IST: Sensex listless; JSPL, Tata Steel tank, inflation data eyed

Indian equity benchmarks were completely listless in trade today as it is waiting for inflation numbers because that will decide the RBI's move in quarterly monetary policy review on July 31. Market experts on average expect inflation around 7.61% for June and core inflation in the range of 4.9-5.5%.

But, analysts feel the Reserve Bank of
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