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Sensex rebounds from 7-month low; HDFC, Infy drive 188-pt gain

Helped by heavy buying in last two hours of trade, the BSE benchmark Sensex on Wednesday bounced back from seven-month low levels to close 188 points up snapping a five-day losing streak on robust gains in HDFC, Infosys, TCS and ICICI Bank shares.

Tracking overnight gains in US market, the 30-share Sensex opened with gain of over 100 points but lost momentum slowly as selling picked up pace.

However, heavy buying in bluechips in the last two hours of trading tracking firm opening in Europe helped Sensex close at 18,414.45, a rise of 187.97 points or 1.03 per cent.

Wednesday's gain helped the index snap a five-session losing trend where it had tumbled by 814.47 points of 4.28 per cent.

Similarly, the NSE 50-share Nifty also shot up by 63.60 points or 1.16 per cent to 5,558.70. According to HDFC Securities, Nifty was 'oversold' in the short term and there was a 'bounce due'.


RS ENDS FIVE-DAY LOSING RUN, UP 7P AGAINST $

The Indian rupee gained seven paise to close at 55.51 against the dollar on smart recovery in local equities after a five-day losing streak and selling of the US currency by exporters.

Forex dealers said some foreign fund flows and weakening of dollar overseas also aided the local currency to some extent.

The rupee commenced strong at 54.46 against the dollar from its previous closing of 54.58 at the Interbank Foreign Exchange (Forex) market.

It moved in a range of 54.40-54.57 before settling at 54.51, up seven paise, or 0.13 per cent from its previous closing.
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