Sensex gains over 300 points; rate-sensitives lead

Reuters Market Eye - The BSE Sensex gains 1.18 percent and the 50-share Nifty is up 1.3 percent. Rate-sensitive stocks gain after Indian 10-year bond yields fall to 7.76 percent, the lowest since July 28, 2010, after the government said exports had hit $300 billion for the fiscal year ended March, further stocking rate cut hopes.

Mortgage lender Housing Development Finance Corp Ltd gains 3.4 percent, ICICI Bank Ltd rises 2.2 percent, while Tata Motors Ltd is up 4.3 percent.

Oil marketing companies such as Hindustan Petroleum Corp Ltd gain on hopes recent slump in crude prices would lower the cost of under-recoveries.

 

Hindustan Petroleum gains 2.3 percent, Bharat Petroleum Corp Ltd is up 1 percent and Indian Oil Corp Ltd rises 0.8 percent.

Infosys Ltd gains 0.8 percent on value buying after the stock's recent fall due to the company's muted revenue guidance for 2013/14.

(Reporting by Abhishek Vishnoi)