Sensex rebounds by 55 points on FM balm
The S&P BSE Sensex on Friday bounced back from two-month lows to end 55 points up on late buying in information technology and auto scrips tracking a recovery in rupee, amid Finance Minister P Chidambaram’ assurance that there was no need for panic and the RBI will take action to stem the currency slide.
The benchmark index resumed lower at 18,695.80 and dropped further to a low of 18,615.14 on sustained selling pressure. However, Sensex recovered afterwards to 18,820.81 before finishing at 18,774.24, showing a net gain of 54.95 points or 0.29 per cent. The NSE 50-share Nifty also moved up by 11.75 points or 0.21 per cent to finish at 5,667.65. Also, SX40 index, the flagship index of MCX-SX, closed 19.53 points up, or 0.18 per cent, at 11,138.38.