Sensex gains 201 points as rupee recovers

The S&P BSE benchmark Sensex moved up by 201 points in late morning trade on the back of short-covering in view of last day of futures & options contract coupled with recovery in rupee against the dollar following RBI's steps to check free-fall of the domestic currency.
Shares of Consumer Durable, Captial Goods and IT sectors firmed up on good buying enquiries.
The battered rupee recovered after the Reserve Bank of India (RBI) yesterday said it has started a facility to meet the daily dollar requirement of the country's three state-run refiners, aimed at reducing currency market volatility.
The Sensex resumed higher at 18,073.66 and firmed up further to 18,205.49 before quoting at 18,197.33 at 1040 hrs, showing a gain of 201.18 points or 1.12 per cent from its last close.

The NSE 50-share Nifty also moved up by 53.95 points or 1.02 per cent to 5,338.95 at 1040 hrs.
Major gainers were HDFC (4.49 pc), Larsen (2.72 pc), TCS (1.96 pc), Bharti Airtel (1.91 pc), HDFC Bank (1.71 pc), Gail (1.43 pc) and Dr Reddy's Lab (1.26 pc).
The market is to remain volatile today in view of expiry on August contract.
Asian stocks rose in their early trade as a weaker-than-expected report on US durable goods orders triggered speculation that the Federal Reserve may delay plans to reduce its monetary stimulus.