Markets close the day higher; banking stocks subdued

Markets ended the higher led by smart gains in cement stocks like ACC and Ambuja Cements. The Sensex closed the day higher by 34 points to close at 17392 points, while the NSE Nifty closed the day higher by 10 points.

ACC was up 3.5% in trade today and Ambuja Cements was up 3.15%. HCL Technologies which surged almost 5% in trade today saw profit booking towards the end of the day. The company posted a spectacular set of financial results.

Banking stocks remained laggards today despite the RBI cutting the repo rate on Tuesday. ICICI Bank, Punjab National Bank, Union Bank of India and State Bank of India all ended the day lower.

Among the shares that lost ground today were ITC, Reliance Communications, IDFC and DLF. Markets are now expected to take cues from global events, given that the Monetary Policy Review action is now complete.

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