Sensex up 115 pts as rupee bounces back from lows; bluechips rally

Tracking firm global cues, the BSE benchmark Sensex today rose by nearly 115 points led by bluechips, including HDFC Bank and Sun Pharma, in step with a smart recovery in rupee.

Stock markets mirrored the currency's movement which bounced back from a record low of 61.21 after Sebi and Reserve Bank announced a slew of measures to curb speculative trade in currency derivatives, brokers said.

The 30-share index started the day's trade on a firm note at 19,446.30 and rose further to close 114.71 points, or 0.59 per cent higher at 19,439.48. Sensex had lost 171.05 points yesterday.

Profit booking at yesterday's low levels also boosted shares on the index, they added.

The market remained bullish ahead of a meeting to be chaired by Prime Minister Manmohan Singh, where some major decisions to boost the manufacturing sector were expected.

Similarly, the wide-based National Stock Exchange index Nifty gained 47.45 points, or 0.82 per cent, to close at 5,859.00. Also, SX40 index, the flagship index of MCX-SX, closed 62.75 points, or 0.54 per cent higher at 11,598.19.

Also, a firming trend in the global markets on cheerful begining of earning quarter in the US further supported the market sentiment, brokers said.

Out of the 30 BSE index components, 22 stocks ended with gains led by Sun Pharma rising 3.57 per cent to Rs 1,079.95.

Market heavyweights Reliance Industries and Infosys rose by 0.58 per cent to Rs 873.35 and 0.97 per cent to Rs 2,495.70.

After falling heavily yesterday, banking stocks recovered sharply as rupee rose to 60.12 against the dollar intraday today. Among the major gainers, HDFC Bank rose by 1.27 per cent to Rs 668.75 and ICICI Bank by 0.66 per cent to Rs 1,034.70.

Sectorally, the consumer durable sector index gained the most by 1.93 per cent to 6,276.96, followed by power index by 1.86 per cent to 1,644.48.