Reversing losses in the previous two sessions, the benchmark Sensex on Friday bounced back by 386 points on strong global cues and recovery in the rupee. On the other hand, after crashing to a life-time low of 69.09 on Thursday, the rupee staged a strong recovery to end higher by 33 paise at 68.46 against the US dollar on suspected intervention by the Reserve Bank of India. The Sensex opened strong at 35,128.16 and stayed in the positive zone throughout the session as buying activity gathered momentum. It scaled the day’s high of 35,459.05 before closing at 35,423.48, a hefty gain of 385.84 points, or 1.10 per cent. The gauge had lost 452.40 points in the past two sessions. The broader NSE Nifty ended the session at 10,714.30, up 125.20 points or 1.18 per cent, after shuttling between 10,723.05 and 10,612.35. This is the benchmark’s biggest single-session gain since May 31, when it had vaulted 416.27 points. Global markets climbed after a prolonged spell of weakness, even as trade and crude oil woes remained. In Asia, China’s Shanghai Composite Index climbed 2.17 per cent, Hong Kong’s Hang Seng index gained 1.61 per cent, while Japan’s Nikkei rose 0.15 per cent. European indices too were trading higher at the start of trading. Frankfurt’s DAX rose 1.22 per cent, while Paris CAC 40 advanced 1.31 per cent. London’s FTSE gained 0.64 per cent. In the forex market, aided by heavy dollar selling by the RBI, the rupee touched a fresh intra-day high of 68.35. The rupee largely took cue from weak dollar overseas, despite month-end greenback demand from corporates and oil importers. The Indian currency had plunged to a fresh all-time low of 69.09 against the US dollar on Thursday before staging some recovery. Tata Steel emerged as the top performer among Sensex constituents by surging 3.61 per cent, followed by Yes Bank at 3.16 per cent. IDBI Bank surged by 10 per cent to Rs 54.90 amid reports that IRDAI has allowed LIC to buy 51 per cent stake in the bank. Among sectoral indices, the BSE infrastructure index topped with a gain of 3.09 per cent, followed by consumer durables 2.94 per cent, metal 2.82 per cent, capital goods 2.80 per cent, oil & gas 2.78 per cent, realty 2.21 per cent, PSU 2.12 per cent, FMCG 1.95 per cent, power 1.85 per cent, IT 0.95 per cent and banking 0.43 per cent. The BSE small-cap index rose 1.92 per cent, while the mid-cap gauge gained 1.81 per cent.
