Stocks, rupee gain; gold prices slip

In a strong show by Indian markets, the benchmark Sensex soared by 366 points to end at 27,274.71 and the rupee gained hefty 50 paise to close at nearly four-week high of 62.67 against the US dollar today.
Stocks rose after a three-day downward trend on account of value-based buying and a firming trend in global markets on strong US data and fresh Eurozone stimulus hopes.
The rupee also appreciated for the second straight session on heavy dollar selling by exporters and banks, amid talk of capital inflows.
In government bonds, India's benchmark bond yield ended flat at around 7.86 per cent on profit-taking ahead of a auction.

However, gold prices fell on sluggish demand and weak global price trends.
The 30-share Sensex, which plunged to three-week low in yesterday's trade, staged a strong comeback to reclaim the 27,000-level and settled 365.89 points, or 1.36 per cent, higher at 27,274.71.

The gauge had lost nearly 980 points, or 3.51 per cent in the previous three sessions including the worst single-day crash in five-and-a-half years on Tuesday when it plunged by 855 points.
The 50-share Nifty of the National Stock Exchange also closed above the key 8,200-level by surging 132.50 points, or 1.64 per cent, to 8,234.60 today.
In sync with local equities, the rupee strengthened by 50 paise to 62.67 levels against US dollar at the Forex market.

Gold prices in national capital plunged by Rs 220 to Rs 27,350 per 10 grams today, snapping a four-day rising streak, due to low demand from jewellers amid a weak global trend and strengthening rupee. In other metros, it lost between Rs 270-420 per ten grams.