The sharemarket continued to see buying interest, rising 1 percent following a surprise repo rate cut. Banking & financials, auto, realty and capital goods supported the market.

Cairn India is in focus today as media reports suggested that the ministry of petroleum and natural gas is set to extend the production-sharing contract onshore block at Barmer in Rajasthan by 10 years.

The stock gained 0.9 percent. Eicher Motors recovered 5 percent from day’s low to trade flat amid huge volumes after 12.8 lakh shares or 4.7 percent equity shares changed hands in 3 large block deals seen on the NSE and BSE in the price range of Rs 15,111-15,300/share. Volvo sold more than half its stake.

The market continued to see buying interest, rising 1 percent following a surprise repo rate cut. Banking & financials, auto, realty and capital goods supported the market. The Sensex rose 308.80 points to 29902.53 and the Nifty climbed 83.25 points to 9079.50. Two shares advanced for every share declining on the Bombay Stock Exchange.

The Reserve Bank of India slashed repo rate by 25 basis points to 7.5 percent but kept cash reserve ratio unchanged at 4 percent. Bank Nifty jumped 2 percent. ICICI Bank, HDFC, HDFC Bank, State Bank of India and Axis Bank gained 1-2 percent. Tata Motors topped the buying list on Sensex, up 2.4 percent as US sales of Jaguar Land Rover increased 14 percent year-on-year to 6,327 units in February. FMCG major ITC also led support to the market, up 2 percent.

Coustery : http://www.moneycontrol.com/news/local-markets/sensex300-pts-icici-hdfc-itc-tata-motors-lead_1320149.html