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Nifty rallies sharply as rupee recovers

Nifty rallies sharply as rupee recovers
The Nifty rallied for the second day in a row as the rupee recovered marginally against the dollar and was trading with gains when the stock markets closed.

The Nifty closed the day higher by 63 points, while the Sensex closed higher by 203 points. Banking stocks gained in trade today as government bond yields fell and bond prices rose.

Shares in Yes Bank led gains with ICICI Bank, HDFC Bank, IDBI Bank, Bank of Baroda and Oriental Bank and Syndicate Bank among the other gainers.

Ranbaxy which rallied sharply on Thursday dropped 2 per cent on profit booking. Top Nifty gainers in trade were Tata Power, Jindal Steel and ONGC. Software stocks were in the limelight after the recent profit booking with TCS, HCL Tech and Wipro among the gainers.

Bhel was the top Nifty gainer today on sustained buying following reports that there maybe a favourable decision for the company on sourcing equipment from domestic companies.

Top losers from the Nifty were DLF, Ultratech Cement, Cipla, NTPC and IndusInd Bank. Metal stocks which had rallied sharply on Thursday fell with Sesa Goa, Hindalco and NMDC among the losers

Gitanjali Gems which was at the upper end of the circuit filter for the last few trading sessions fell and closed down 4 per cent.

Software company Hexaware rallied 2 per cent after reports that Barings would buy the company.

Bharti Airtel on the other hand was trading lower after reports in the Economic Times that it was in talks to sell its stake in its Sri Lankan venture.

Meanwhile, most of the Asian markets ended the day with gains with gains led by a strong rally in the Japanese Nikkei.

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