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Sensex up nearly 550 points; ICICI Bank, Sun Pharma among top gainers

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With the bulls still calling the shots, the market, which opened on an upbeat note this morning amid rising optimism about reforms following BJP’s spectacular win in Uttar Pradesh and Uttarakhand, remains high up in positive territory around mid afternoon.Concerns about the likely impact of an imminent U.S. interest rate hikes appear to have subsided for now. Data showing India’s industrial production to have recovered at a faster than expected in pace in January – it climbed 2.7% (y-o-y), reversing a revised 0.1% drop in December – outweigh data that shows India’s wholesale price inflation accelerated at a faster than expected pace in February, rising 6.55%, following a 5.25% increase in the preceding month.The BSE benchmark Sensex is up 537.84 points or 1.86% at 29,484.07, off the day’s high of 29,561.93. The Nifty50 of the National Stock Exchange, which hit a new all-time high of 9122.75 this morning, is currently at 9091.35, up 1560 points or 1.75% from its previous close.ICICI Bank, the top gainer in the Sensex, is up 6% at Rs 287. Sun Pharmaceutical Industries is up 5.5%, Larsen & Toubro is gaining 4.7% and Asian Paints is up nearly 4.5%. HDFC, Adani Ports and Hindustan Unilever are trading higher by 3.3% – 3.5%.Maruti Suzuki is up 2.6%. Cipla, Tata Steel, Mahindra & Mahindra, Hero Motocorp, Reliance Industries, Wipro, Infosys, ITC, NTPC and State Bank of India are up 1% – 1.7%. Tata Consultancy Services, ONGC, HDFC Bank, Dr Reddy’s Laboratories, Tata Motors, Power Grid Corporation and Bajaj Auto are also trading firm. UltraTech Cement is rising 3.5%. Yes Bank, Grasim Industries, BPCL, BHEL, Eicher Motors, Aurobindo Pharma, Zee Entertainment Enterprises, Bank of Baroda, Tata Power, Tata Motors DVR and HCL Technologies are gaining 1% – 3.4%.

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