Sensex and Nifty rebound over 2.5% on strong gains in banking and IT stocks – Jammu Kashmir Latest News | Tourism

MUMBAI, Aug 30: Benchmarks BSE Sensex and Nifty soared more than 2.5%, posting their best one-day gain in more than three months, on Tuesday after buying value in banking, IT and oil companies.
The 30-stock Sensex jumped 1,564.45 points or 2.70% to settle at 59,537.07. During the day, it zoomed 1,627.16 points or 2.80% to 59,599.78.
The broader NSE Nifty advanced 446.40 points or 2.58% to 17,759.30.
All 30-Sensex components finished in the green, with Bajaj Finserv rallying 5.47% followed by Bajaj Finance jumping 4.86%.
IndusInd Bank, Tech Mahindra, ICICI Bank, Kotak Mahindra Bank, Tata Steel and HDFC were among the other big winners.
Elsewhere in Asia, markets in Seoul and Tokyo ended positive, while Shanghai and Hong Kong settled down.
European stock markets were trading higher in mid-term trades. US markets ended lower on Monday.
“Today’s rebound indicates the resilience of the domestic economy relative to its global peers. Although markets are currently at higher valuations, continued support from overseas investors has helped domestic equities edge higher,” said Vinod Nair, head of research at Geojit Financial Services.
The benchmark BSE index fell 861.25 points or 1.46% to settle at 57,972.62 points on Monday. The Nifty fell 246 points or 1.4% to 17,312.90 points.
Meanwhile, the international oil benchmark, Brent, fell 2.60% to $102.52 a barrel.
Foreign Institutional Investors (FIIs) unloaded shares worth Rs 561.22 crore on Monday, according to exchange data. (AGENCIES)
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BIZ-RUPEE-CLOSE
The rupee rises 47 paise to close at 79.44 against the US dollar
Bombay, August 30:
The rupee appreciated 47 paise to close at 79.44 (provisional) against the US dollar on Tuesday, supported by a firm trend in domestic equities.
On the interbank forex market, the local unit opened at 79.92 against the greenback. It saw an intraday high of 79.44 and a low of 79.92 against the US currency during the session.
It eventually ended at 79.44 against the US Dollar, up 47 paise from its previous close of 79.91.
In the previous session, the Rupee depreciated 7 paise to close at 79.91 against the US Dollar. The rupee fell to an all-time low of 80.15 against the US dollar in intraday trading.
Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, slipped 0.06% to 108.76.
Brent futures, the global oil benchmark, fell 2.23% to $102.75 a barrel.
“The Indian rupee outperformed among regional currencies after month-end rebalancing inflows and the rally in risky assets awaiting inflows. Most Asian currencies firmed after a sharp decline on Monday,” said Dilip Parmar, Research Analyst, HDFC Securities.
Parmar further said the rupiah saw the largest one-day gains after July 29, and Tuesday’s move confirms the near-term trend reversal and “we could see further appreciation towards 79.20 and 78.70 while the breakout of 79.80 will negate said view,” he said.
On the domestic stock market front, the BSE Sensex finished 1,564.45 points or 2.70% higher at 59,537.07 points, while the broader NSE Nifty gained 154.10 points or 0.89 % to 17,467.00.
Foreign institutional investors remained net sellers in the capital market on Monday, offloading shares worth Rs 561.22 crore, according to exchange data. (AGENCIES)