Markets bounce back after 7-day losing streak

Mumbai, September 30

Equity indices made an emphatic comeback on Friday after falling for seven straight sessions after the RBI hiked interest rates by 50 basis points on expected lines and projected inflation coming under control from January next year.

SENSEX JUMPS

1,016.96

POINTS

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RUPEE RISES TO 81.40 VS USD

CLOSES AT 57,426.92

• The NSE Nifty climbed 276.25 points to end at 17,094.35
• Bharti Airtel was top gainer, followed by IndusInd Bank, Bajaj Finance & Kotak Bank

A strong recovery in the rupee added to the momentum, traders said. Overcoming a wobbly start, the Sensex soared 1,016.96 points or 1.80% to settle at 57,426.92. During the day, it rallied 1,312.67 points or 2.32% to 57,722.63. Similarly, the Nifty climbed 276.25 points or 1.64% to end at 17,094.35.

Bharti Airtel topped the Sensex gainers’ list with a jump of 4.49%, followed by IndusInd Bank, Bajaj Finance, Kotak Mahindra Bank, Titan, HDFC Bank, Bajaj Finserv and Tata Steel.

However, Asian Paints, Dr Reddy’s, ITC, Tech Mahindra and Hindustan Unilever were the laggards, dropping up to 1.26%. The RBI on Friday raised benchmark lending rate by 50 basis points — the fourth straight increase since May.