Markets rally for second day on strong local, global cues

A combination of positive cues from domestic and overseas markets helped the Indian equity bourses extend its rally for the second consecutive day. Cues from overseas market that corporate earnings, especially in the banking sector, would be better than expected and signals from the government in India that it would continue on the reforms route resulted in renewed buying by foreign institutional investors (FIIs) and domestic institutional investors (DIIs). According to provisional figures released by stock exchanges, FIIs bought net equities worth Rs 255.46 crore on Wednesday while domestic mutual funds and insurance companies bought equities to the tune of ...

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