Rupee recovery, value buying buoy equity indices

A recovery in the rupee value along with value buying buoyed the key Indian equity indices on Wednesday.

The key equity indices -- S&P BSE Sensex and NSE Nifty50 -- which had a gap-up opening, traded in a flat-to-negative range, as investors were cautious over the upcoming macro-economic inflationary data point.

However, the key indices reversed the bearish trend after the mid-afternoon session as healthy buying was witnessed in FMCG, metal and capital goods counters.

In the past two trade sessions the Sensex had shed nearly 1,000 points and gave investors an opportunity to pick up stocks on an attractive valuations.

On the currency front, the Indian rupee registered a recovery at 72.11 at 4.00 p.m. after it touched a new low of 72.91 earlier in the day.

At the provisional closing time, the wider Nifty50 on the National Stock Exchange stood at 11,369.90 points, higher by 82.40 points or 0.73 per cent from the previous close of 11,287.50 points.

The BSE Sensex, which had opened at 37,546.42 points, provisionally closed at 37,717.96 points, higher by 304.83 points or 0.81 per cent from the previous close of 37,413.13 points.

It touched a high of 37,752.58 points and a low of 37,342 points during the day.

--IANS

ravi-rv/sed