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Sensex reclaimed the 60K mark in early trade today ahead of the Reserve Bank of India’s  (RBI)  monetary policy review. Market sentiment was also positive after RBI lowered inflation projection to 5.3% from 5.7% in 2021-2022.

The banking regulator also revised Q3 inflation forecast from 5.3% to 4.5%.

Sensex gained 342 points to 60,020 against previous close of 59,577 and Nifty rose 107 points to 17,896. The 50 stock index closed at 17,790 on Thursday.

The market capitalisation of BSE-listed firms reached a high of Rs 266.91 lakh crore.

Tata Steel was the top Sensex gainer, rising 1.99% per cent, followed by Reliance, TCS, Sun Pharma and Tech Mahindra. HUL, Nestle India, Titan, IndusInd  Bank were the top Sensex losers, falling up to 0.77%. Of 30 Sensex stocks, 24 were trading higher.

Mohit Nigam, Head – PMS, Hem Securities said, “On the technical front, 17,920 level is a good resistance at the moment but any move above 17,920 can push Nifty to the level of 18,100. On the downside, 17,620 is a strong support for Nifty today.”

Foreign institutional investors (FIIs) sold shares worth Rs 1,764 crore on October 7, and domestic institutional investors (DIIs) bought shares worth Rs 2,528 crore, as per provisional data available on NSE.

On Thursday, Indian equity market ended higher in line with positive global cues. Sensex rallied 488.10 points or 0.82 per cent to end at 59,677.83 and Nifty zoomed 144.35 points or 0.82 per cent to 17,790.35.

Titan was the top Sensex gainer, zooming 10.69 per cent, after the firm reported strong demand recovery in the July-September quarter. Other Sensex gainers were M&M, Maruti, IndusInd Bank, Sun Pharma, Asian Paints, HCL, TCS, Tech Mahindra and ICICI Bank, rising up to 5.32 per cent.

Global markets

In Hong Kong, the Hang Seng index zoomed 46 points to 24,748. Australia’s S&P/ASX 200 gained 58 points to 7,315. Nikkei rallied 597 points to 27,990. On Wall Street, the S&P 500 rose 36 points to 4,399, the Nasdaq gained 152 points to 14,654 and the Dow zoomed 337 points to 34,754.

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