Bank stocks power Sensex, Nifty higher

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At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 10,166.70 points, was quoting at 10,205.70 points, up by 39 points or 0.38 per cent.

On Friday, the benchmark indices were dragged lower by growing concerns over the country's widening fiscal deficit, coupled with negative global cues and profit booking in auto, metal and oil and gas stocks.

Prominent gainers included Tata Motors, Bharti Airtel, Adani Ports, ICICI Bank, Axis Bank, Maruti Suzuki, ONGC, HDFC Bank, HDFC Ltd, Bajaj Auto, Wipro, TCS, Cipla and SBI, gaining up to 1.68 percent.

Brokers said unabated buying by retail and domestic institutional investors and a firm trend in other Asian markets influenced sentiment in Mumbai. Reserve Bank of India Governor Urjit Patel said on Wednesday the government would "in the coming days" detail how it plans to inject an announced $32 billion into state-run lenders, which was announced in October. Results are due later this month.

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"Markets will now look out for the Gujarat election outcome".

Asian markets were trading higher following a broad-based rally in USA equities. It has slipped 4.7 percent from a 10-year peak hit on November 23 as investors booked profits after robust gains this year.

The NSE Nifty50 fell by 74.15 points or 0.73 per cent to close at 10,044.10 points, while the Sensex at 32,597.18 points - down 205.26 points or 0.63 per cent. Shanghai Composite, however, shed 0.08 percent.

U.S. stocks closed higher yesterday, with the S&P 500 snapping a four-session losing streak on the back of gains in technology, industrials and materials sectors.

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