Sensex rebounds 274 points as rupee recovers (Lead)

May 24th, 2012 - 7:30 pm ICT by IANS  

Sensex Mumbai, May 24 (IANS) A benchmark index for Indian equities markets regained the psychological 16,000-point mark and closed 274 points higher Thursday, led by a rally in oil and banking stocks while the rupee recovered part of its lost ground.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the positive at 16,033.90 points, ended the day at 16,222.30 points, up 1.72 percent or 274.20 points from its previous close at 15,948.10 points.

The Sensex touched a high of 16,252.37 points and a low of 15,934.77 points in the intra-day trade.

The wider 50-scrip S&P; CNX Nifty of the National Stock Exchange rallied 1.77 percent to close at 4,921.40 points.

A recovery in the value of rupee and Wednesday’s hike in petrol price by oil marketing companies boosted sentiments in the markets.

Rupee strengthened to 55.86 against a US dollar after hitting a new record low of 56.38.

Recoveries in the markets and rupee follow the oil marketing companies decision to hike petrol price by around Rs.7.5 per litre.

Oil and Natural Gas Corporation stocks surged 5.74 percent at Rs.256.95.

Bharti Airtel surged 5.62 percent to Rs.297.80 after it announced acquisition of 49 percent stake in Qualcomm’s 4G broadband venture.

Other major Sensex gainers were: HDFC, up 4.38 percent at Rs.662.55; Jindal Steel, up 3.46 percent at Rs.468.60; HDFC Bank, up 3.06 percent at Rs.501.90; and ICICI Bank, up 3.04 percent at Rs.819.90.

Only six of the 30 Sensex scrips closed in the red. Maruti Suzuki, fell 0.53 percent at Rs.1145.20; TCS, down 0.34 percent at Rs.1221.35; BHEL, down 0.26 percent at Rs.208.25; and Sun Pharma, down 0.25 percent at Rs.569.95.

Banking index of the BSE rallied 2.33 percent and oil and gas index rose 1.98 percent.

All the sectoral indices of the Bombay Stock Exchange closed in the positive.

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