Indian markets rise, rupee makes biggest single-day gain against the dollar
The Sensex closed 77.01 points higher while the Nifty settled above 10,900.
The Indian benchmark indices rose for the sixth straight session because of gains in power and energy stocks such as National Thermal Power Corporation and Power Grid Corporation. The BSE Sensex closed 77.01 points up at 36,347.08, and the NSE Nifty 50 ended 20.35 points higher at 10,908.70.
A global selloff ahead of a United States Federal Reserve monetary policy meeting on Wednesday, however, limited gains, Mint reported.
Sun Pharmaceuticals, Power Grid Corporation and Mahindra & Mahindra were the biggest gainers on two indices while Infosys and Wipro saw their stocks decline the most.
All other major Asian markets also fell sharply on Tuesday. Japan’s Nikkei 225 closed over 391 points down, the Taiwan market 68 points down and the Australia ASX All Ordinaries over 71 points lower. The Hong Kong Hang Seng closed 273.73 points down.
Meanwhile, the rupee gained 112 paise, its biggest single-day gain in over five years, to settle at 70.44 against the dollar as falling crude oil prices reduced concerns about India’s current account deficit expansion.