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Market recovers on stronger rupee; bank stocks gain

Market recovers on stronger rupee; bank stocks gain

Market recovers on stronger rupee; bank stocks gain
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By Ajay Vaishnav  Aug 14, 2018 9:59:15 AM IST (Published)

The Sensex started 105 points higher at 37,749.59, while the Nifty 50 also started almost 26 points higher at 11,381.70.

Indian equity market opened on a positive note on Tuesday, recovering from setbacks suffered in the last two trading sessions, tracking positive sentiments.

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Investors gave thumbs up to retail inflation data and a recovery in the Indian rupee although global cues remained mixed amid the ongoing equity sell-off seen in US and other markets due to the Turkish lira crash.
The Sensex started 105 points higher at 37,749.59, while the Nifty 50 also started almost 26 points higher at 11,381.70.
Midcaps joined the indexes, with the Nifty MidCap rising by over half a percent, while the BSE MidCap was near 0.5 percent.
Among Sensex gainers, Tata Steel, Axis Bank, ICICI Bank, HDFC twins, ITC, SBI surged by up to 2.08 percent. Tata Steel gained after posting robust Q1 performance on Monday, beating the street expectations. Shares of NTPC, TCS, L&T, IndusInd Bank, Bharti Airtel, Infosys declined on the BSE index.
On the NSE, UltraTech Cement, Gail, Axis Bank, Tata Steel, ICICI Bank surged by nearly 2 percent, while UPL, Bharti Airtel, IndusInd Bank, Sun Pharma, Indiabulls Housing Finance declined by up to 1.50 percent.
Nifty Bank was up by 0.62 percent, while the PSU Bank rose 0.91 percent.
Indian rupee opened marginally higher at 69.85 against the US dollar on Tuesday, after ending at an all-time closing low the day before. The rupee ended sharply lower at 69.93 on Monday against its Friday's close of 68.83, which is the biggest single session decline against dollar since September 3, 2013.
Asian indices were mixed, with concerns over the crisis in Turkey ebbing a little after the lira pared some of its losses. Japan’s Nikkei was trading higher by 1.17 percent, while Hong Kong’s Hang Seng declined by almost a percent.
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