Indian markets close higher after rupee recovers from record low close
A relatively strong performance from non-banking financial companies in the market helped the indices recover.
Indian benchmark indices on Wednesday recovered slightly after a relatively strong performance from finance, auto and consumer durable sectors in the market as well as the strengthening of the rupee against the dollar. The BSE Sensex closed 461.42 points higher at 34,760.89 and the Nifty 50 ended 159.05 points higher at 10,460.10.
The rupee closed at 74.21 against the dollar, ending 18 paise higher after the American currency weakened overseas, PTI reported. The rupee registered its first climb after six straight sessions of losses. On Tuesday, the rupee closed at a record low of 74.39.
Axis Bank, State Bank of India, Bajaj Finance and Bajaj Finserv were the major gainers on the Sensex while Infosys, TCS, and Bharti Infratel were among the biggest losers.
On the Nifty 50, Bajaj Finserv, Bajaj Finance, Zeel and Echermot were among the top performers, and Infratel, Infosys, TCS and Wipro suffered major losses.
On Tuesday, the Reserve Bank on Tuesday said it would release Rs 12,000 crore liquidity through the purchase of government bonds on October 11 to meet the demand for funds during the festival season, PTI reported.