The S&P BSE Sensex today rose by 283 points, its best daily gain in a month, on optimism about the rupee after the government took more steps to curb the burgeoning current account deficit.
Realty, bank and auto stocks led the gains amid strong global cues coupled with capital inflows. The 30-share Sensex resumed lower and dipped to 18,864.81, triggered by weak June industrial output data released after trading hours yesterday. Helped by value-buying, the index recovered to settle at 19,229.84, a gain of 282.86 points, or 1.49 per cent. The 50-share Nifty on the National Stock Exchange firmed up by 86.90 points, or 1.55 per cent, to a one-week high of 5,699.30.
The rupee, meanwhile, today wiped out initial losses and closed eight paise higher at 61.19 against the dollar as the government announced additional steps to curb the widening current account deficit. The rupee opened lower at 61.39 a dollar from the previous close of 61.27 at the Interbank Foreign Exchange Market and had dipped to a low of 61.66 intra-day on early weakness.