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Sensex Ends 216 Pts Up At Near 3-week High On Exit Poll Results

Indian stocks ended on a buoyant note on Friday after exit poll results predicted a win for the Bharatiya Janata Party in the recently held Gujarat and Himachal Pradesh state assembly elections.

Global cues were weak, with most of the markets across Asia declining amid uncertainty about U.S. tax reforms plan, but investors chose to pick up stocks, betting on hopes the government will push reforms with renewed vigour.

The BSE benchmark Sensex ended up 216.27 points or 0.65 percent, at 33,462.94, its highest close in nearly three weeks. The Nifty50 of the National Stock Exchange ended at 10,333.25, gaining 81.15 points or 0.79 percent.

Metals stocks turned in a fine performance, lifting the BSE Metal index up by about 2.8 percent. Automobile and realtysstocks were also in demand.

Bank and capital goods edged higher as well. FMCG, healthcare and information technology stocks ended on a mixed note.

Axis Bank gained 1.2 percent. The bank announced that it has decided to keep the marginal cost of fund based lending rate of the bank unchanged. HDFC Bank ended nearly 2 percent up after the bank said its board will meet next Thursday to consider a proposal for raising of funds through various means including a proposal for preferential issue to Housing Development Finance Corporation. IndusInd Bank and Yes Bank too ended sharply higher.

Mahindra & Mahindra gained more than 3.5 percent after the company announced that it plans to increase prices of its passenger and commercial vehicles by up to 3% with effect from 1 January 2018.

Metal stocks Tata Steel, JSW Steel, Hindalco, Jindal Steel & Power, Hindustan Zinc, Nalco and NMDC posted strong gains. Vedanta ended 4.7 percent up after the company said it proposes to offer rated, secured, redeemable, non-cumulative, non-convertible debentures aggregating to Rs 500 crore.

Several stocks from midcap and smallcap segments too moved higher and the market breadth was fairly strong, with gainers outscoring losers by 3 to 2.

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