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Posted by Shyam as Market News
After days of heavy sell off witnessed in the share markets, today was a good relief rally or to say a pull back rally. The sensex closed the day gaining close to 296 points or 2% from its previous close.Nifty gained 73 points or 1.73% today. 4400 and 4500 are crucial levels for Nifty to support the current relief rally.
Banking and Realty stocks which were the worst performing ones gained momentum today and were the market leaders today.Akruti city,DLF,HDIL were the smart gainers in realty pack.In banking BOI,HDFC,Axis Bank,union Bank were the gainers.
Nikkei-225 gained today along with some other key markets around the world due to lowering crude oil prices. So it had a positive impact on the markets today. The main news is with regard to Ranbaxy stake sale to a Japanese company.
Daiichi which is a Japanese pharmaceutical company, is all set to acquire the entire promoter’s stake in Ranbaxy labs which is about 34.82% at Rs 737/share. Putting this together the company would have around 50.1% stake in the company. The deal is expected to value at over 3$ billion.
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