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Nifty rebounds after 2-day losing run, up 82 points

The NSE Nifty snapped its two-session losing streak Wednesday to end 82 points higher at 11.369.90 amid a recovery in the rupee.

Sentiment was bolstered after reports said the government may announce measures this weekend to support the rupee.

The domestic unit rebounded from its fresh all-time low and strengthened against the US dollar after better-than-expected August trade data.

Sharp bouts of value-buying in FMCG, metal, pharma, infra and energy sectors led the upmove.

India's exports grew by 19.21 per cent to USD 27.84 billion in August on account of healthy performance by sectors such as petroleum.

Overseas, shares in Europe traded slightly higher, despite further tensions between the US and China surrounding trade.

Asian stocks fell as investor confidence was dented by the latest round of verbal threats in an intensifying US-China trade conflict.

The Nifty 50 index rose 82.40 points or 0.73 per cent to end at 11,369.90.

It saw an intra-day movement of about 130.55 points.

Among the sectoral indices, FMCG rose by 2.53 per cent followed by metal 1.48 per cent, Pharma 1.09 per cent, Infra 0.91 per cent, Energy 0.80 per cent, IT 0.38 per cent, PSU bank 0.25 per cent and Finance Service 0.20 per cent.

Realty, Private bank and Media eased by up to 0.62 per cent.

Major index gainers were Power Grid, ITC, Sun Pharma, Adani Ports, Hindalco, UPL, Eicher Motors and Lupin.

Losers included Axis Bank, Tata Motors, HPCL, BPCL, ICICI Bank, IOC, Asian Paints, Coal India and Yes Bank.

The market breadth, indicating its overall health, remained negative. On the NSE, 722 stocks advanced, 1,083 declined and 84 remained unchanged. Total securities that hit their price bands were 222.

Turnover in the cash segment fell to Rs 33,345.82 crore from Rs 35,712.35 crore as on Tuesday.

A total of 15,824.53 lakh shares changed hands in 1,23,77,387 trades. The market capitalisation of listed firms on the NSE stood at Rs 1,51,65,197.38 crore.

Equity markets will remain closed Thursday on account of "Ganesh Chaturthi".