The NSE index, Nifty went up and closed at 5,012 level, reflecting a gain of 71.60 points or 1.45%. Meanwhile on the BSE, the major index gained 242.16 points reflecting a change of 1.47% to 16,709 level.

Indian Rupee touched its two-and half year low of 48.02 per dollar hit earlier recovered as local shares rebounded and the euro pulled back. Some analysts were of the opinion that FII pull out form the Indian market for safe haven led to fall of Indian rupees.

The beneficiary of this depreciation were the IT companies, in the momentum of the information this led the BSE IT to be the best performing index among all the sectoral indices.

Only Capital Goods ended on a negative note among all the sectoral indices. The best performing BSE IT went up by 4.27% and the TECk increased by 2.92%.

Among the Nifty stocks, the biggest gainer on was JP Associates and the biggest loser was Sesa Goa.

JP Associates, Infosys, Wipro, HCL, BHEL were the major gainers with 6.85%, 6.07%, 4.36%, 4.08% and 3.82%, respectively.

The major losers on NSE were Sesa Goa (-2.42%), Tata Power (-2.07%), Cipla (-1.55%), L&T (-1.52%) and Bharti Airtel (-1.06%).

Most active stock on the NSE was KS oils.

4.53

IT stocks on a high as rupee depreciates. Sensex up nearly 200 points

Stock markets started a sudden upward movement. Though so far there is no cleat reason for such a move but since 12.35 p.m.; Sensex gained over 200 points to 16,670. Meanwhile, there is NIfty too gained 1.31% or 64.6 points to reach above the 5k mark.

Among the Nifty stocks, the best performing stocks are IT companies Infosys which was up more than 4.95%, followed by Wipro 4.71%, HCL 4.48% and TCS 3.3%. This was on account of depreciating value of ruppe, as it will benefit the export services, especially the IT companies.

The most traded stock on NSE was KS Oils followed by BirlaPower. Birla power gained 15%.

By late afternoon the indices will face pressure on account of high inflation, thus increasing the possibilities that RBI will hike the interest rate in its meeting on Friday, September 16.

On the sectoral front on BSE, only Realty and Consumer Goods fell by 0.02% and 0.33% respectively. The best performing sectoral index was information Technology with 4.07% rise. This was followed by TECk, which was up by 2.71%.

1:15 p.m.

Stock Market volatile. Nifty up 0.04% and Sensex down 25 points

Despite high inflation numbers, the Indian stock market did not react to the news. The August inflation was higher-than-expected 9.78%.

The 30-share BSE Sensex was trading at 16,442.66, down over 24.78 points. meanwhile, 50-share NSE Nifty was up by 1.95 points or 0.04% at 4,924.

At the time, Shanghai and Nikkei were down by 1% each. And Kospi fell 3.7%. Hang Seng and Taiwan also lost 2% each. Straits Times slipped by 0.5%.

On the sectoral front, capital goods, realty, FMCG, power, bankex and consumer durables were witnessing selling pressure. The worst performing index was 1.28%. However, Information Technology, Teck, metal, oil and gas, auto, Healthcare were sought after. IT was the best performing index with gains of 2.14%.

Of the Nifty-50 stocks Infosys, Sail, Gail, Wipro and HCl tech were the best performing stock. Meanwhile, among the same set, Tatapower L&T, bharti Airtel were the worst performing stock. The most active stock on the bourse was Birla Power, followed by KS oil.

12:15 p.m.

Stock Market volatile. Sensex gains 38 points

Indian stock market made small gains in the opening trade and then lost all of it soon afterwards. Only to make comeback later onwards.

The National Stock Exchange benchmark, Nifty, was up by 13.10 points to 4,954.05 or 0.27% gain. Meanwhile, its peer on the Bombay Stock Exchange, Sensex registered a gain of 38.89 points or 0.24% to 16,507 levels.

Among the 30-stocks that represent the Sensex, Tata Power was the biggest loser with 1.49%. Infosys was the biggest gainer with 2.28% gains. 17 stocks had a positive movement meanwhile 13 stocks reported a fall.

On the sectoral front. Only Health Care, Capital Goods and FMCG were in the negative terrain at 0.04%, 0.30% and 0.31% respectively.

10:14 a.m.