Markets stage smart recovery; Sensex bounces back over 300 points

Sensex and Nifty recovered up to 0.94 percent in opening trade on value buying in frontline stocks led by banking, auto and metal and also on the back of positive global cues.

Markets stage smart recovery; Sensex bounces back over 300 points

New Delhi: Markets staged a smart recovery in opening trade on Wednesday with the BSE Sensex bouncing back over 300 points and the 50-share NSE at a kissing distance of 10,600.

Sensex and Nifty recovered up to 0.94 percent in opening trade on value buying in frontline stocks led by banking, auto and metal and also on the back of positive global cues. The Sensex of the BSE after opening at 34,563.30 points, touched a high of 34,666.33 points and a low of 34,464.91 points. On the other hand, the broader 51-scrip Nifty at the National Stock Exchange (NSE) opened at 10,607.20 points after closing at 10,498.25 points.

The rupee, meanwhile, strengthened by 20 paise to 64.04 against the dollar at the interbank forex market today on fresh selling of the American currency by exporters and banks ahead of the announcement of RBI's monetary policy .

On the global front, a collective sigh of relief swept across trading floors as bargain hunters swooped in to buy Wall Street stocks, stemming a hemorrhage that had been spreading panic among investors.

With Asian and European equity markets plunging yesterday, New York stocks started their trading day with another jaw-dropping fall as the Dow index dived nearly three per cent, adding to the previous day's record loss.

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