Sensex soars 670 points, Nifty reclaims 10,400

New Delhi: Stock markets reversed yesterday's losses in the opening trade amidst recovery in the rupee and falling crude prices that lifted up OMCs stocks.

Healthy buying activity was seen in banking, auto and FMCG stocks.

The BSE Sensex jumped 490.07 points or 1.44 percent to 34,491.22 in early trade. The gauge had  plummeted over 1,000 points in intra-day trade yesterday. The NSE Nifty edged higher by 157.15 points or 1.54 percent to 10,391.80.

At 10.33 am the BSE Sensex jumped 679.477 points or 2.00 percent to 34,680.62. The NSE Nifty edged up 205.90 points or 2.01 percent at 10,440.55.

In the Sensex pack, Yes Bank was the top gainer after the bank yesterday appointed US-based headhunter Korn Ferry to assist an expert panel searching for a successor to outgoing MD and CEO Rana Kapoor. He has been asked by the Reserve Bank to step down after January 2019.

M&M, Maruti, Adani Ports, Vedanta, Asian Paint, Indusind Bank, ITC, Heromoto Corp, Reliance, Axis Bank, Tata Steel were among the top gainers.

Investor wealth eroded by Rs 2.69 lakh crore Thursday hit hard by massive sell-off in the equity market where the BSE benchmark index plummeted over 1,000 points in intra-day trade. The 30-share index plunged 759.74 points, or 2.19 percent, to end at 34,001.15.

Following the weak show by equities, the market capitalisation (m-cap) of BSE-listed companies witnessed an erosion of Rs 2,69,347.81 crore to Rs 1,35,70,402.59 crore.

Asian shares appeared tentative on Friday. MSCI`s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent after the opening of the South Korea and Australian markets, a day after it fell 3.6 percent to hit 1-and-a-1/2 year low. Japan`s Nikkei fell 0.6 percent. The US S&P 500 lost 2.06 percent on Thursday to a three-month low, following on from a 3.29 percent drop on Wednesday, Reuters said.

With Agency Inputs