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Sensex above 9K, stares into risk

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  • Though stocks pared part of their gains on Thursday as lingering economic concerns and uncertainty related to coming national elections triggered profit-taking, the 30-share BSE Sensex crossed the 9,000 level and closed up 25 points at 9,001.75.

    The Sensex had initially climbed to 9,086.77, a day after posting its best close in a month, and then slipped into the negative before pulling back. The 50-share NSE Nifty index rose 0.45 per cent to 2,807.15.

    Traders said the possibility of a disparate coalition emerging after the elections was a potential risk for the market, and could worsen an economic slowdown in the wake of the global financial crisis.

    Stocks had initially risen, tracking a rally across Asian peers and on Wall Street after the US Federal Reserve decided to inject $1 trillion to revive the recession-hit US economy. HDFC Bank fell 0.9 per cent to Rs 338.10, while Hindustan Unilever shed 1 per cent to Rs 230.30.

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    Reliance Industries, India's largest listed firm with the biggest weight on the main index, ended up 1 per cent at Rs 1,344.65. The stock had fallen as much as 0.8 per cent earlier in the session. Infosys climbed 1.44 per cent to Rs 1,295.85 while top outsourcer Tata Consultancy rose 1.6 per cent to Rs 514.80.

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