Sensex Soars Over 300 Points as Rupee Recovers
The BSE Sensex jumped over 300 points, while the Nifty surged 100 points as markets witnessed a strong bout of buying in the last hour of trade on Tuesday.
The rupee also rebounded from near two-month low and traded at 60.05 per dollar after slipping past 60.50 in morning trade. Exporters were spotted selling dollars. The rupee also got a boost after the Reserve Bank of India chief said India was well positioned on the external front to deal with shocks.
RBI Governor Raghuram Rajan said the country is watching the Iraq situation, but despite the uncertainty the domestic economy is better prepared to deal with any shocks on the external front.
Banking shares led the rally rising nearly 2 per cent. Energy, capital goods and PSU shares advanced over 2 per cent.
On the Nifty, private lender Axis Bank was the top gainer, up nearly 4 per cent. State-run explorer ONGC surged over 3 per cent amid rising crude prices.
Coal India, Asian Paints, HCL Tech, SBI and Tata Motors advanced 2.5-3 per cent.
Only eight stocks traded lower on the Nifty. M&M was the top Nifty loser, down 1.8 per cent. United Spirits and JSPL also traded lower.
As of 2.46 p.m., the Sensex traded 302 points higher, while the Nifty was up 90 points at 7,623.
