BSE Sensex gains on steps to stop rupee rout, HDFC Bank, Sun Pharma shares soar

Jul 09 2013, 17:37 IST
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HDFC Bank Ltd provisionally rose 1.5 percent, while Sun Pharmaceutical Industries Ltd ended 3.3 percent higher. HDFC Bank Ltd provisionally rose 1.5 percent, while Sun Pharmaceutical Industries Ltd ended 3.3 percent higher.
SummaryStock markets mirrored the currency's movement which bounced back from a record low.

Tracking firm global cues, the BSE Sensex today rose by nearly 115 points led by HDFC Bank and Sun Pharma shares, in step with a smart recovery in the Indian rupee.

Stock markets mirrored the currency's movement which bounced back from a record low of 61.21 after Sebi and Reserve Bank of India (RBI) announced a slew of measures to curb speculative trade in currency derivatives, brokers said.

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The 30-share index started the day's trade on a firm note at 19,446.30 and rose further to close 114.71 points, or 0.59 per cent higher at 19,439.48. Sensex had lost 171.05 points yesterday.

Profit booking at yesterday's low levels also boosted shares on the index, they added.

The market remained bullish ahead of a meeting to be chaired by Prime Minister Manmohan Singh, where some major decisions to boost the manufacturing sector were expected.

Similarly, the wide-based National Stock Exchange index Nifty gained 47.45 points, or 0.82 per cent, to close at 5,859.00. Also, SX40 index, the flagship index of MCX-SX, closed 62.75 points, or 0.54 per cent higher at 11,598.19.

Also, a firming trend in the global markets on cheerful beginning of earning quarter in the US further supported the market sentiment, brokers said.

Out of the 30 BSE index components, 22 stocks ended with gains led by Sun Pharma rising 3.57 per cent to Rs 1,079.95.

Market heavyweights Reliance Industries and Infosys rose by 0.58 per cent to Rs 873.35 and 0.97 per cent to Rs 2,495.70.

After falling heavily yesterday, banking stocks recovered sharply as rupee rose to 60.12 against the dollar intraday today. Among the major gainers, HDFC Bank rose by 1.27 per cent to Rs 668.75 and ICICI Bank by 0.66 per cent to Rs 1,034.70.

Sectorally, the consumer durable sector index gained the most by 1.93 per cent to 6,276.96, followed by power index by 1.86 per cent to 1,644.48.

Indian shares gain as regulators step in to curb rupee slide

(Reuters) Indian shares rose on Tuesday as a recovery in the rupee from a record low in the previous session boosted blue-chips such as HDFC Bank, highlighting how the fortunes of the currency have become a determining factor across markets

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Late on Monday, the Reserve Bank of India

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