Markets rebound from over 3-1/2 month low, Re up 33p

Mumbai, April 28

The markets today rebounded from more than three-and-a-half months low on late buying in blue chips like ICICI Bank and Maruti Suzuki with the benchmark BSE Sensex rising 219 points and Nifty rising 0.87%. The rupee today maintained its winning streak for the second straight day by gaining 33 paise to close at 63.15 against the American currency on persistent selling of dollars by banks and exporters.

Moreover, gold rose on global cues and wedding season demand.

Sentiment got buoyed after the World Bank said Indian economy has taken strong strides towards higher growth and enhanced stability, aided by a supportive external environment and a sharp decline in oil and commodity prices, brokers said.

Better-than-expected earnings by the country’s largest carmaker Maruti Suzuki and covering-up of outstanding positions by speculators ahead of the monthly expiry in the derivatives segment on Thursday, too, helped sentiment.

After a positive opening, the BSE barometer slipped into the negative zone due to profit-booking by speculators at improved levels.

Frenzied buying in the last one hour helped the 30-share index to recover from intra-day low of 27,073.25.

It touched a high of 27,482.14 before settling at 27,396.38, a rise of 219.39 points or 0.81%.

The 50-share NSE Nifty ended 71.80 points or 0.87% higher at 8,285.60 after shuttling between 8,308 and 8,185.15 intraday. However, retro tax concerns and muted corporate earnings capped the gains in a volatile session, they added.

Riding high on positive global cues and wedding season demand from jewellers, gold regained its sheen and prices went up by Rs 305 to trade at over seven-week high of Rs 27,355 per 10 gm in the national capital. In Chennai, the precious metal climbed by Rs 270 to close at Rs 27,310. Besides, in London, gold was trading higher at $1,202.30 an ounce in early trade today. — PTI