The equity markets settled 1 per cent higher on Friday as the rupee recovered against the dollar.
The S&P BSE Sensex reclaimed the 38,000 mark to end at 38,091, up 373 points while the broader Nifty50 index settled at 11,515, up 145 points.
In the broader markets, the S&P BSE MidCap settled 1.6 per cent higher and the S&P BSE SmallCap rose 1.4 per cent.
Among sectoral indices, the Nifty Pharma index settled 2.5 per cent higher led by a rise in the share prices of Divi’s Laboratories and Piramal Enterprises. On the other hand, the Nifty Bank index rose 1.3 per cent led by YES Bank and IDFC Bank.
The rupee strengthened by over 60 paise to 71.58 against the US dollar in intra-day trade. On Wednesday, the domestic currency rebounded from its historic low of 72.91 to end higher by 51 paise at 72.18 against the dollar.
This apart, Prime Minister Narendra Modi will hold a meeting with finance ministry officials later in the day to discuss the fall in the rupee and other economic issues. Rupee is Asia’s weakest currency in 2018, down more than 12 percent on a widening current account deficit and higher oil prices.
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The benchmark indices settled over 1% higher on Friday after the rupee recovered from its all-time low and Asian peers staged a pullback.
The S&P BSE Sensex ended at 35,423, up 386 points while the broader Nifty50 index settled at 10,714, up 125 points.
Among sectoral indices, the Nifty Metal index settled 2.8% higher led by a surge in the shares of Jindal Steel & Power, NMDC and Hindalco Industries. The Nifty PSU Bank index also rose 1.35% led by IDBI Bank, Oriental Bank of Commerce and Syndicate Bank.
On the BSE, the S&P BSE Midcap index rose 1.8% higher on Friday and the S&P BSE Smallcap index ended 1.9% up.
Among individual stocks, Tata Steel was the biggest gainer on S&P BSE Sensex, gaining 3.6% to settle at Rs 567.85. The market heavyweight Reliance Industries also rose 3% to end at Rs 972.95 on Friday.
The rupee, which breached the 69 per dollar mark for the first time on Thursday, recovered tracking a rebound in Asian shares and currencies. The Indian currency had on Thursday breached the 69-mark but covered lost ground to finally close at an all-time low of 68.79 with a fall of 18 paise against the US dollar due to multiple headwinds like weak global cues and concerns related to inflation and fiscal slippage.
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