Indices rebound on global cues despite high US inflation; Sensex rises 1.2%

Dip in dollar and bonds boosts global equities

Indian markets joined global peers in a broad rally after the US equity markets rose overnight despite a high retail inflation print. A retreat in the US dollar and bonds, and oversold market conditions propelled the gains, market insiders said.

Domestic benchmark indices BSE Sensex and NSE Nifty surged 2 per cent in early trade, but gave up nearly half the gains. After rising around 1,200 points, the Sensex clo­sed at 57,920, a gain of 684 points or 1.2 per cent. The Nifty finished at 17,185, a gain of 171 po­ints or 1 per cent. The rally on both indices he­lped