Sensex and Nifty shoot 2% up in a single day

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Indian Oil Corporation topped the value chart on the BSE with a turnover of Rs. 1,080.81 million.

The barometer 30-scrip Sensitive Index (Sensex) closed at 33,917.94 points - up 610.80 points, or 1.83 per cent, from the previous session's close.

Gaining over 350 points during the day, the Sensex was at 33,630.39 points, up 323.25 or 0.97% at 11am.

India inflation: India's consumer price inflation eased for the second straight month in February to 4.44 percent but remained above the 4 percent medium-term target of the Reserve Bank of India.

Tech Mahindra (+2%), Yes Bank (+1.8%), Ambuja Cement (+1.4%), Ultratech Cement (+1%) and HCL Tech (0.7%) were top gainers on Nifty50. On the NSE, Yes Bank shares rose to Rs 317.90, 1.53 per cent higher than the previous closing.

PNB shares ended higher at 3.59 per cent to Rs 98 on hopes of settlement of fraud dues.

IT, technology, FMCG, capital goods, oil & gas, metal and auto stocks saw the highest amount of trading due to the release of crucial IIP and inflation data scheduled for yesterday evening.

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Metal Index has fallen the most on NSE with Jindal Stainless Hisar (-2%), Welcorp (-1.8%) and MOIL (-1.7%) pulling it down by 0.8%. Shares like Bharti Airtel, Vedanta, ITC, Hindalco, and NTPC gained about four percent.

Industrial production data for January, retail inflation or inflation data based on CPI and inflation data based on Wholesale Price Index (WPI) for February will be released this week.

Meanwhile, the BSE mid cap and small cap indices were trading with minor gains of 0.06% and 0.11% respectively.

Asian shares eased amid fears of rising U.S. protectionism as President Donald Trump fired his Secretary of State, regarded as a moderate in his administration.

Key indices in rest of Asia declined, with Japan's Nikkei falling 0.87% and Hong Kong's Hang Seng shed 0.53% while Shanghai Composite Index down 0.57%.

This is unedited, unformatted feed from the Press Trust of India wire.