Rupee rises sharply on August export data, markets surge before release of inflation numbers
The Sensex rose by over 304 points a day after it had seen its steepest decline since March.
The Indian rupee closed at 72.18 against the United States dollar on Wednesday, rising 51 paise. The Indian currency recovered sharply after hitting a record intraday low of 72.91 in the morning. On Tuesday, the currency had closed at a record low of 72.69.
The rupee gained after government data showed that India’s exports rose 19% in August, Mint reported.
The domestic indices rose more than 0.7% after two consecutive days of losses, ahead of the release of the retail inflation data for August and amid mixed cues from international markets. The BSE Sensex closed at 37,717.96, up by more than 304.83 points, while the National Stock Exchange’s Nifty 50 finished at 11,369.90, up by 82.40 points.
On Tuesday, the Sensex had slumped over 500 points and the Nifty 50 over 150 points in their steepest fall since March 16.
Power Grid Corporation of India, Adani Ports, ITC and Sun Pharma were among the top five gainers on both the Sensex and the Nifty 50. Axis Bank, Tata Motors, Bharti Airtel, ICICI Bank and Yes Bank lost the most on the Sensex. On Nifty 50, the stocks of Axis Bank, Tata Motors, Hindustan Petroleum Corporation, ICICI Bank and Indian Oil Corporation fell the most.