Sensex rises over 1,300 points, Rupee gains against Dollar
India Today
Rupee gradually recovered after touching a record low of 77.79 against the dollar. BSE Sensex closed 2.54 per cent or 1,344.63 points higher at 54,318.47.
The Sensex and Nifty extended gains to a second session as metal stocks rallied over hopes of a revival in demand as top consumer China steps out of Covid-19 related lockdowns, even as LIC slid in its market debut.
The rupee gradually recovered after touching a record low of 77.79 against the dollar on Tuesday, after the central bank intervened while bond yields edged higher, tracking the uptick in global crude oil prices. The rupee settled at 77.56.
The NSE Nifty 50 index settled 2.63 per cent or 417 points higher at 16,259.30, while the S&P BSE Sensex closed 2.54 per cent or 1,344.63 points higher at 54,318.47.
Nifty's metal sub-index saw its best session since April 2020 and closed 6.9 per cent higher as London copper and Dalian iron ore prices advanced on optimism Covid-19 lockdowns easing in China would lead to an improvement in demand.
Aluminium and copper producer Hindalco Industries and Tata Steel were the top two percentage gainers on the Nifty 50 index, closing 9.6 per cent and 7.7 per cent higher, respectively.
On the Nifty 50 index, 49 of the 50 stocks settled higher and all major sub-indexes also clocked gains on Tuesday.
Auto components maker Automotive Axles closed 12.2 per cent higher after it reported a rise in March-quarter profit.
