Sensex, Nifty rebound from over 3-1/2 mth low; gold shines too

The markets today rebounded from more than three-and-a-half months lows on late buying in blue-chips like ICICI Bank and Maruti Suzuki with the benchmark BSE Sensex rising 219 points and Nifty rising 0.87 per cent, while rupee firmed up against the dollar.
Moreover, gold rose on global cues and wedding season demand.
Sentiment got buoyed after the World Bank said Indian economy has taken strong strides towards higher growth and enhanced stability, aided by a supportive external environment and a sharp decline in oil and commodity prices, brokers said.
Better-than-expected earnings by the country's largest carmaker Maruti Suzuki and covering-up of outstanding positions by speculators ahead of the monthly expiry in the derivatives segment on Thursday, too, helped sentiment.

After a positive opening, the BSE barometer slipped into the negative zone due to profit-booking by speculators at improved levels.
Frenzied buying in the last one hour helped the 30-share index to recover from intra-day low of 27,073.25.

It touched a high of 27,482.14 before settling at 27,396.38, a rise of 219.39 points or 0.81 per cent.
The Sensex had lost 713.14 points in the previous three sessions largely on continued foreign fund outflows on MAT concerns and muted earnings worries.
The 50-share NSE Nifty ended 71.80 points or 0.87 per cent higher at 8,285.60 after shuttling between 8,308 and 8,185.15 intraday.

However, retro tax concerns and muted corporate earnings capped the gains in a volatile session, they added.
The rupee edged higher by 33 paise to quote at 63.15 after hovering in a range of 63.46 to 63.11 intraday.
Riding high on positive global cues and wedding season demand from jewellers, gold regained its sheen and prices went up by Rs 305 to trade at over seven-week high of Rs 27,355 per 10 gm in the national capital.
In Chennai, the precious metal climbed by Rs 270 to close at Rs 27,310. Besides, in London, gold was trading higher at USD 1,202.30 an ounce in early trade today.