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Today on Market Wrap: 1. WPI inflation drops to 4-month low of 4.53% in August while in July it was 5.09% 2. Rupee continues to recover against the dollar 3. Sensex ends 373 pts up, Nifty at 11,515
The equity markets settled 1 per cent higher on Friday as the rupee recovered against the dollar. The S&P BSE Sensex reclaimed the 38,000 mark to end at 38,091, up by 373 points while the broader Nifty50 index settled at 11,515, up by about 150 points.
In the broader markets, the S&P BSE MidCap settled 1.6 per cent higher and the S&P BSE SmallCap rose 1.4 per cent.
Among sectoral indices, the Nifty Pharma index settled 2.5 per cent higher led by a rise in the share prices of Divi's Laboratories and Piramal Enterprises. On the other hand, the Nifty Bank index rose 1.3 per cent led by YES Bank and IDFC Bank.
The rupee strengthened by over 60 paise to 71.58 against the US dollar in intra-day trade. On Wednesday, the domestic currency rebounded from its historic low of 72.91 to end higher by 51 paise.
This apart, Prime Minister Narendra Modi will hold a meeting with finance ministry officials later in the day to discuss the fall in the rupee and other economic issues. Rupee is Asia's weakest currency in 2018, down more than 12 percent on a widening current account deficit and higher oil prices.
Inflation based on wholesale prices eased to a four-month low of 4.53 per cent in August on softening of prices of food articles, especially vegetables.
The Wholesale Price Index (WPI) based inflation stood at 5.09 per cent in July and 3.24 per cent in August last year.
According to the government data released Friday, food articles registered deflation at 4.04 per cent in August 2018. Last month, deflation in this category was 2.16 per cent.
Deflation in vegetables was 20.18 per cent in August, as against 14.07 per cent in the previous month.