Sensex rallies as rupee recovers, global markets gain

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Sensex rallies as rupee recovers, global markets gain
The Sensex staged a smart recovery in trade today on gains in the rupee, gains across global markets and on short covering rally on expiry of the futures and options contracts for August.

The Sensex closed the day with gains of 303 points (provisional), while the Nifty gained  124 points in trade today. HDFC, which has been hammered in the last few trading days was the top gainer from the Nifty jumping more then 6 per cent in trade. Other Sensex gainers that saw a sharp rally were Larsen and Toubro, heavyweight Reliance Industries, Bharti Airtel, Hindalco and Dr Reddy's.

Infosys ended the day weak in trade today following reports of a top level manage quitting the company and also on a gaining rupee.

FMCG stocks which were trading lower in morning trades saw a recovery with ITC and Hindustan Unilever ending the day higher gains. Banking stocks saw the sharpest rally in trade on hopes that a falling rupee would cool bond yields and increase bond prices.

Top gainers from the space were Yes Bank which rallied almost 3 per cent, while other notable gainers were HDFC Bank and IndusInd Bank.

Realty stocks were having a good day of trade with gainers including Unitech, Sobha and HDIL. Ranbaxy which rallied sharply by more then 10 per cent in trade on Wednesday ended the day lower.

Meanwhile, markets in Asia ended the day with gains led by a sharp rally in the Jakarta Composite which rallied almost 2 per cent. Other indices that ended the day with gains from Asia were the Korean Kospi and the Taiwan Weighted.

Read more about: sensex, nifty, hindalco, unitech, sobha
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