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Equities rally on monsoon revival

MUMBAI AUG. 5. Reacting to fairly heavy rainfall in some parts of the country, equities rallied smartly lifting the Sensex by about 26 points at close on the Bombay Stock Exchange today.

Investors turned optimistic following a sudden change in weather with heavy rainfall in Maharashtra, Eastern Rajasthan, Madhya Pradesh and Orissa after a prolonged dry spell and made fresh commitments in old economy stocks.

Though Unit Trust of India reportedly was booking profits at the day's higher levels, other domestic mutual funds led by Life Insurance Corporation seemed to have made heavy purchases in cyclicals, particularly heavyweight counters.

The BSE benchmark 30-share index opened firm at 2996.89 and gradually moved upwards to the intra-day high at 3018.71 before ending at 3011.35 against last Friday's close of 2985.01, netting a gain of 26.34 points. — PTI

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