Late rally lifts Sensex by 190 points, Nifty recaptures 7,100

Mumbai: Market benchmark Sensex rebounded by 190 points to finish at 23,381.87 on Wednesday on fag-end buying from investors at lower levels coupled with higher European cues following recovery in crude oil prices.

The broader NSE Nifty too regained the key 7,100-mark. Late recovery in beaten-down state-run lender stocks on value-buying, particularly, State Bank of India, influenced

sentiment.

However, concerns prevailed as the rupee depreciated to to a 30-month low of 68.67 against dollar during the day. "Indexes opened on a negative note followed mixed global cues but gained momentum post the opening of European indexes in green," said Gaurav Jain Director of Hem Securities.

The BSE benchmark Sensex opened higher at 23,237.23 and hovered in a range of 23,434.91 to 22,920.84 before finishing at 23,381.87, showing a gain of 190 points or 0.82 per cent.

The index dropped by 362 points on Tuesday as participants locked in gains in blue-chips amid contraction in exports.

The NSE 50-share also recovered by 60.20 points or 0.85 per cent to close at 7,108.45 after moving in a range of 7,123.70 to 6,960.65.

Shares of Jindal Steel & Power continued to face selling pressure for a second day, plunging 3.47% per cent amid concerns over the company's debt situation.

United Breweries Holdings also fell for a second session, falling by nearly 5 per cent, after state-run Punjab National Bank declared Vijay Mallya as well as his group firms UBHL and long-grounded Kingfisher Airlines as 'wilful defaulter'.

However, Dr Reddy's rose by nearly 4 per cent as the company will buyback around 44.85 lakh shares, accounting for about 2.6 per cent of the existing paid up capital, for up to Rs 1,569 crore.

Overseas, European stocks were trading higher tracking an overnight Wall Street rally. Key indexes like France, Germany and the UK rose by 1.12 per cent to 1.41 per cent.

Asian stocks ended mixed, with investors cautious about an agreement among some major oil-producers to steady output. Key indexes in Asia, Hong Kong, Japan, Singapore and South Korea fell by 0.23 per cent to 1.36 per cent while China and Taiwan rose between 0.03 per cent and 1.08 per cent.