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Sensex Jumps 305 Points As Rupee Rebounds; Nifty Ends At 11370

Indian shares posted strong gains on Wednesday after two days of sell-off. The benchmark BSE Sensex jumped 304.83 points or 0.81 percent to 37,717.96 after a sharp sell-off seen in the previous two sessions.

The broader Nifty index ended up 82.40 points or 0.73 percent at 11,369.90 after reports that Prime Minister Narendra Modi will unveil strategies to tackle a weaker rupee and higher prices during the weekend.

The rupee hit a historic low of 72.91 per dollar before rebounding by 100 paise to trade higher in the afternoon.

The government and the RBI will do everything to ensure that rupee doesn't depreciate to "unreasonable levels," economic affairs secretary Subhash Chandra Garg tweeted.

The rupee's rebound was also aided by the dollar's weakness in international markets.

Hindalco, ITC, Adani Ports and Sun Pharma climbed around 3 percent in the Nifty pack, while IOC, ICICI Bank, HPCL, Tata Motors and Axis Bank dropped 1-2 percent.

Globally, other Asian markets ended on a muted note after China said it would seek permission from the World Trade Organization next week to impose sanctions on U.S. goods in retaliation for Washington's non-compliance with a ruling in a dispute over dumping duties.

Investors also braced for a protracted trade war between the world's two biggest economies after U.S. President Donald Trump said the U.S. was taking a tough stance with China.

European stocks were broadly higher in early trade as investors shrugged off trade worries and looked ahead to meetings from the European Central Bank and Bank of England on Thursday for directional cues.

by RTTNews Staff Writer

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