Sensex rises 261 points, Nifty closes above 10,600 level; rupee recovers by 56 paise

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Sensex rises 261 points, Nifty closes above 10,600 level; rupee recovers by 56 paise

The Sensex surged over 261 points to close at 34,924 level today, led by gains in energy, metal, infrastructure, auto and banking stocks. The wider NSE Nifty too went past the 10,600-mark and ended 91 points higher at 10,605 level.

Strong recovery in the rupee against the dollar and unabated buying by domestic institutional investors added to the momentum, brokers said. The Indian rupee recovered by 56 paise to close at 67.77 level to the dollar.

The 30-share BSE Sensex opened on a strong footing at 34,753 and maintained its upward trend to hit the day's high of 35,017. It finally ended at 34,924, up 261.76 points, or 0.76 per cent.

The index had rallied 318.20 points in the previous session.

On a weekly basis, the Sensex scored a moderate gain of 76.57 points, or 0.22 per cent while the Nifty rose 8.75 points, or 0.08 per cent.

ONGC (4.59%), Tata Steel (3.43%) and YES Bank (2.71%) were the top Sensex gainers.

The BSE oil and gas and auto indexes rose 412 points (3.05%) and 404 points (1.70%), respectively and added to the stock market gains.

 All 18 sectoral indexes except BSE consumer durables index (-0.29%) ended in the green.

VK Sharma, head private client group and capital market strategy at HDFC Securities said, "The Nifty began on a positive note buoyed by a sliding crude that slipped 1.6% in overnight trade. Crude fell further 1.82% in Asian trade which helped the rupee appreciate further. By the time the equity Markets closed, the Rupee appreciated by 0.86%.  This was the best intraday rise in the last 14 months in the rupee.

A sharp slide in the Crude and Dollar improved the frail macro indicators lighting a fire in the Nifty.

MCX was the star performer of the day with a gain of 14% with media reports suggesting that regular bourses are eyeing the successful commodity exchange.

The Nifty now faces resistance from its 20-Day SMA at 10,670."

Market breadth was positive with 1630 stocks closing in the green against 1004 ending lower on BSE.

Meanwhile, domestic institutional investors (DIIs) net bought equities worth Rs 1,480.51 crore, while foreign portfolio investors (FPIs) sold shares to the tune of Rs 701.93 crore on Thursday, provisional data showed.

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