Europe cues, FII buying help Sensex close 356 points up
20 September 2011
Indian equity benchmarks staged spectacular performance on Tuesday, climbing more than 2%. The upmove was led by rupee depreciation, buying from foreign investors and global rally post Greece news. Bringing a sigh of relief to investors, Greece fully paid 769 million euro in bond coupons due today.
Broad-based buying helped the 30-share BSE Sensex to close 353.93 points higher at 17,099.28. The 50-share NSE Nifty rose 108.25 points, to end at 5,140.20. Of the 50 stock, 47 advanced while only 3 declined.
European markets like France's CAC, Germany's DAX and Britain's FTSE gained 1.5-2.5%. Even the Dow Jones and Nasdaq futures went up over 1%.
Asian markets too moved up further in late trade; Straits Times, Kospi, Shanghai and Hang Seng closed up 0.4-0.9%.
On the home turf, the Indian rupee depreciated to 48.23 per dollar during the day. It was trading at 47.93, down 0.1350 from previous closing value.
Fall in rupee brought technology stocks on buyers' radar. The BSE IT Index surged over 3% to 5,200 level as Infosys, TCS and Wipro rallied 3-4%.