Rupee, IT stocks, global cues take the Sensex 456 points higher on Friday
Snapping previous session’s losses, the benchmark indices on Friday staged a smart recovery led by gains in IT and pharma stocks after the rupee on Thursday hit its all-time low against dollar. Positive global cues as dollar retreated from 14-year high mark also added to the gains.
The S&P BSE Sensex settled the day at 26,316, up 456 points, while the broader Nifty closed at 8,114, up 149 points. In broader markets, BSE Midcap was up 1.3% while smallcap ended 2% higher.
Export-driven businesses like information technology (IT) and pharmaceutical rallied on the index today after rupee touched its record low on Thursday. These stocks earn more revenues on rupee depreciation as every dollar earned through exports means more rupees added to their bottom line.
NSE IT was the top sectoral gainer and settled the day at 10,115 points, 4.75% higher, with TCS, Infosys and Tech Mahindra gaining 5.9%, 4.77% and 5.83% respectively .
Nifty Pharma index ended 3% higher with Sun Pharma (4.39%) gaining the most. Other gainers included Aurobindo Pharma (4.04%) and Lupin (3.16%).
Metal companies traded higher for the fourth straight-session with BSE Metals rising more than 2% during the day. NALCO ended the day 7.74% higher followed by JSW Steel (3.62%), SAIL (2.86%) and JSPL (2.70%).
