Mumbai: A strong recovery in rupee following RBI measures on Thursday scripted a spectacular rally at bourses with the benchmark index Nifty surging 124 points to end above the 5,400 mark on the National Stock Exchange (NSE).
FMCG, energy, financial, healthcare, auto, metal, capital goods and technology stocks witnessed frenzied buying, helping the market to take a pause from severe beating.
The bruised rupee bounced back after the apex bank unveiled plans to bolster the currency, boosting sentiments in the stockmarkets. The domestic unit, which gained 225 paise to end at 66.55 against the dollar today, had closed at an all- time low of 68.80 yesterday.
RBI late on Wednesday announced a forex swap window to meet the entire daily dollar requirements of the three state- run oil marketing companies for the foreseeable future.
Against the backdrop of overnight development, market opened on a strong note and saw across the board buying. It maintained the rising trend through out the session and concluded with massive gains.
Being the expiry day of F&O August series, covering of short positions also aided the rally.
Moreover, improved global sentiment, after recent massive sell-off, following overnight rally in Wall Street and easing fears over a potential US-led military action against Syria also provided some relief to the market.
The 50-share index touched a high of 5,428.90 and a low of 5,303 before concluding at 5,409.05, posting a sharp rise of 124.05, or 2.35 percent.
Among key gainers, Sesa Goa surged 13.77 percent, Kotak Bank 6.73 percent, HDFC 6.55 percent, Hindalco 5.78, Lupin 5.14 percent, Bharti Airtel 4.03 percent, Dr Reddy's 3.74 percent, HCL Tech 3.45 percent, NMDC 3.36 percent and BHEL rose by 3.21 percent.
Top losers included PNB, UltraTech, Coal India, Cipla, Infosys, SBIN, Ranbaxy, JP Associates, DLF and Tata Power.
Turnover in the cash segment advanced to Rs 15,789.59 crore from Rs 15,452.96 crore yesterday. A total of 8,854.34 lakh shares changed hands in 74,68,364 trades. The market capitalisation stood at Rs 57,82,245 crore.