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Sensex rebounds 295 pts on positive global cues

12 February 2018

Investors globally were said to be concerned about rising inflation, which could force central banks to raise interest rates.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,203.34 points, closed at 34,300.47 points - up 294.71 points or 0.87 per cent from its previous close.

After opening on a strong footing, the Sensex advanced to hit a fresh high of 34,351.34 on the back of continued buying by domestic funds and retail investors but later declined to 34,115.12 on profit booking.

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Asian markets were also trading in the green after a late-day rally on Wall Street on Friday.

Meanwhile, Nifty Bank index of which Bank of Baroda is a constituent, has added around 1.69% in last one month and is now quoting at 25463.65, up 0.65% on the day.

Last week on Friday, the key equities plunged into the negative territory amid a global sell-off.

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The BSE benchmark Sensex rebounded by about 295 points to finish at 34,300 and the NSE Nifty reclaimed the 10,500-level today as investor sentiments were buoyed by robust corporate earnings and positive global cues. The markets saw some major correction in the last week as global markets crashed.

Tata Steel, Aurobindo Pharma, UPL, YES Bank, and Indusind Bank were the Nifty drivers.

After a stellar 2017 and a January that saw record and multi-year highs around the world, traders are scurrying to the hills this month as a strong economic outlook - particularly in the United States - healthy corporate earnings and rising inflation have sent borrowing costs surging.

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The Indian equity markets will remain closed on Tuesday (February 13) for Mahashivratri.

Sensex rebounds 295 pts on positive global cues