Powered by good tidings from afar, equities at home yesterday staged a stunning recovery with the sensex surging over 561 to end at 17330.55. This is the biggest one day gain in around 10 months.
Though India was not affected by the crisis in Greece, developments in Europe had resulted in share prices remaining under pressure over the last few sessions as foreign institutional investors sold stocks here to make up for the losses overseas.
The sensex opened higher at 16799.49 and thereafter consolidated its position. However, the real boost came post noon, when the index hit an intra-day high of 17356.54 and thereafter closed at 17330.55, marking a gain of 561.44 points, or 3.35 per cent.
Brokers said hectic buying by foreign institutional investors (FIIs) and a sharp rally in realty and metal stocks were the key highlights of the day. As commodity prices rallied in response to the EU bailout package, the BSE metal index gained 6 per cent, while the BSE realty index led the list of gainers with a rise of 6.17 per cent.
Automobiles, engineering, power and oil & gas are some of the sectors that are likely to score gains over the next few days, Shah added.
The rupee surged by 64 paise against the dollar, the biggest one-day gain in nearly 12 months, on heavy selling of the dollar amid its loss against the euro.
Banks and exporters sold dollars following a weakness in the US currency overseas and expectations of more fall in the near term, dealers said. At the Interbank Foreign Exchange market, the rupee closed at 44.85 a dollar, a gain of 1.41 per cent, or 64 paise....
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