Sensex up nearly 1% ahead of monetary policy

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MUMBAI:  Indian shares rose nearly 1 per cent on Monday, marking their highest intraday level in two weeks as traders churned positions in favour of defensive stocks, especially among drug makers, a day ahead of the central bank’s policy review.The BSE index and the NSE index rose 0.86 percent each, after earlier marking their highest daily level since March 19.The Sensex finished 0.86 per cent higher or 244.32 points at 28,504.46 while the Nifty gained 73.65 points or 0.86 per cent to 8,659.90.Stocks so far have ignored concerns over US and European investor groups calling for the Indian government to urgently clarify its tax regime for foreigners, following surprise attempts by tax inspectors to claw back money they say is owed on years of previously untaxed gains.

Among other Asian markets, Japan’s Nikkei 225 index ended 0.2 per cent lower at 19,397.98 points. Financial markets in Hong Kong are closed for public holiday.The trading in Indian market in the early part of the week will be dominated by the RBI’s monetary policy meeting scheduled for Tuesday. Rajan’s action can either send stocks soaring or crashing, depending on whether rates are cut or status quo is maintained.

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