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Sensex, Nifty Rise As RBI Keeps Repo Rate Steady

Indian shares rose notably on Wednesday after the Reserve Bank of India (RBI) left its key interest rates unchanged, as widely expected, but slashed the statutory liquidity ratio (SLR) by 50 basis points to spur banks into lending more.

Solid core sector output data, gains in rupee and falling oil prices also supported underlying sentiment. The benchmark BSE Sensex ended the session up 174 points or 0.55 percent at 31,672 while the broader Nifty index finished up 55 points or 0.56 percent at 9,915.

Hindustan Petroleum, Dr Reddy's Laboratories, Aurobindo Pharma, Sun Pharma and Reliance Industries climbed 2-3 percent in the Nifty pack, while Axis Bank, HDFC Bank, ICICI Bank and Bharti Airtel lost 1-2 percent.

Cadila Healthcare jumped 4.8 percent on receiving the U.S. FDA approval for Desmopressin Nasal spray solution USP.

Natco Pharma shares soared as much as 20 percent. Its partner Mylan NV has received the U.S. FDA approval to launch the generic version of multiple sclerosis drug Copaxone in the American market.

by RTTNews Staff Writer

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