Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
The Indian Rupee on Thursday hit a new low of 73.77 by plunging 43 paise against the American currency to close at a record 73.34, amid soaring crude oil prices and unabated capital outflows.
The dollar index stood tall, boosted by a spike in Treasury yields following upbeat US data
The rupee on Wednesday breached the 73-mark against the US dollar for the first time ever on strong demand for the American currency from importers.
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The rupee Monday tumbled 43 paise to end at a two-week low of 72.91 against the US dollar on steady capital outflows.
Forex dealers said besides strong demand for the American currency from importers, concerns of fears of rising fiscal deficit and capital outflows mainly weighed on the domestic currency.
Benchmark indices continued to reel under selling pressure on Thursday with the Sensex falling 465.63 points or 1.29 percent to 35,510 on the back of crude oil prices hitting multi-year highs and rupee touching record lows.
NSE Nifty slipped 140.80 points or 1.30 percent to 10,717.50.
(With agency inputs)
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