Stock market erases previous losses; Maruti, Reliance drive rally
Sensex ended higher by 526.01 points or 0.73% at 72,996.31 level while the Nifty 50 closed at 22,123.65 level, up 118.95 points or 0.54%.
Sensex ended higher by 526.01 points or 0.73% at 72,996.31 level while the Nifty 50 closed at 22,123.65 level, up 118.95 points or 0.54%.
Sensex opened the day at 72,396.97 against the previous close of 72,831.94 and traded in the negative territory throughout the session. The Nifty 50 opened at 21,947.90 against the previous close of 22,096.75
The Industrial Products sector emerged as the top performer, welcoming 48 new entrepreneurs and witnessing a staggering 147 per cent increase in cumulative wealth.
The rupee depreciated 35 paise to settle at an all-time low of 83.48 against the US Dollar. Forex traders said foreign fund outflows also weighed on the local unit.
This led to a relief rally in the global equity markets, serving as a major boost for midcap and smallcaps
The S&P BSE Sensex ended 37.38 points or 0.10 per cent lower at 38,369.63 levels. Kotak Bank was the top loser in the Sensex pack, skidding 2.10 per cent.
Among the individual stocks, Tata Steel was the top gainer on the BSE, rising around 4 per cent.
RBI has left the benchmark repurchase (repo) rate unchanged at 4 per cent.
PowerGrid, Tech Mahindra, Infosys, Nestle India and HCL Tech too ended with losses.
Maruti, Axis Bank, HDFC, ICICI Bank and Bajaj Finance also finished with gains.