Markets rally sharply as rupee recovers

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Markets rally sharply as rupee recovers
Markets rallied sharply in the last 30 minutes of trade as the rupee recovered to 66.04 levels. Heavy buying in TCS and Hindustan Unilever also helped push indices higher. 

The Nifty ended the day with gains of 62 points, while the Sensex gained 243 points (provisional) in trade.

Metal stocks which rallied sharply in trade on Thursday gave up gains with Jindal Steel dropping 8 per cent, while Hindalco dropped 2 per cent and Sesa Goa lost 2.3 per cent.

Other prominent Nifty losers were Ranbaxy Labs, Jaiprakash Associates, Tata Motors, IDFC, DLF and Coal India.

IT stocks saw good buying interest with Tata Consultancy Services hitting a 52-week high of Rs 2050 on the NSE. Wipro joined TCS higher and ended the day with 2 per cent gains.

Other Nifty stocks that gained in trade were Cipla, Bajaj and Hero Motor Corp.

Realty stocks came in for some selling pressure following the passage of the Land Acquisition Bill in the Lok Sabha. Among the stocks from the sector that lost ground were Sobha and DLF.

Banking stocks were in the limelight following stability in the rupee and a drop in bond yields. Yes Bank, HDFC Bank, Bank of India and Bank of Baroda were the notable gainers.

Shares in Financial Technologies dived 18 per cent on fresh worries over the NSEL saga.

Meanwhile, most of Asia ended the day with gains, while Europe was trading significantly lower on poor data

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Read more about: sensex, nifty, tcs, hdfc
Story first published: Friday, August 30, 2013, 15:09 [IST]
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