Indian Market Closes Nearly a Percent Higher; SBI and Ranbaxy Rule

Indian Market Closes Nearly a Percent Higher; SBI and Ranbaxy RuleIndian Market closed positive on Monday with BSE Sensex closing 181 points higher at 19,577 after remaining most of the trading session in positive territory. The European markets opened positive and offered support to the upbeat sentiment in Indian market during the afternoon session.

Among major gainers in today's trade were banking major SBI, up by 3.17%, phamaceutical major Ranbaxy Labs, up by 5% and Maruti Suzuki, up by 4.4%. Other gainers in today's session were Reliance Infra, Sesa Goa, DLF, JP Associates, BHEL, Jindal Steel, PNB, Tata Power, Tata Steel and Hindalco.

Among major losers were technology stocks including HCL Tech, Infosys, Mahindra Satyam, Tech Mahindra and TCS.

In Mumbai market, Gold and Silver were trading almost flat. Gold was at 25,714 per 10 grams while Silver was Rs 40000 per KG.

Indian currency started the day positive against USD and Euro, however by the afternoon, started drifting down. After touching a high of 59.00 for USD, Indian currency has come down to Rs 59.55 per USD. EURO-INR was trading at 77.65 after touching 76.90 during the morning session.