Sensex logs 1st gain in four sessions, soars 373 points on auto, FMCG rally
Mumbai: Breaking its three-session losing spree, the BSE benchmark Sensex surged over 373 points on emergence of buying mainly in auto, FMCG and banking stocks as sustained recovery in rupee and moderate crude oil prices buoyed investor sentiments. Similarly, the NSE Nifty rose nearly 102 points to regain the 10,600 level.
The benchmark indices gained tracking positive global cues and improving macro-economic scenario. Analysts said that markets likely reacted to the positive backdrop, as well as indications that the NBFC credit squeeze is abating.
The Indian rupee appears to have stabilised a bit after recording a string of heavy losses last month. This recovery is driven by sharp drop in global crude oil prices and improving prospects for the domestic economy. The 30-share Sensex gyrated over 500 points during the session, finally settling 373.06 points, or 1.07 per cent, higher at 35,354.08.
Similarly, the broader NSE Nifty jumped 101.85 points, or 0.97 per cent, to finish at 10,628.60.