BSE Sensex surges over 400 points as RBI steps in to rescue rupee

The BSE Sensex mirrored the turnaround in the Indian rupee's value against the US dollar, soaring over 400 points on Thursday and logging its best gain in a week, on across-the-board buying after the Reserve Bank of India (RBI) opened a special window to help oil PSUs meet daily forex needs.

Buoyed by central bank's move to provide dollars directly to oil marketing companies, the rupee rose to 67.30 per dollar in intra-day trade after touching all-time low of 68.85 in the previous session.

After a solid start, the 30-share Sensex remained in the positive zone for the entire session and ended 404.89 points higher, or 2.25 per cent, at 18,401.04. This is the best gain since its 407-point rise on August 22.

The 50-share National Stock Exchange index Nifty rose by 124.05 points, or 2.35 per cent, to end at 5,409.05 led by stocks of refinery, metal and FMCG sectors.

Also, SX40 index, the flagship index of MCX-SX closed at 10,849.51, up 219.46 points or 2.06 per cent.

The gains in the BSE index were led by RIL, HDFC, ITC and TCS that jumped in the 2-6 per cent range as investors chased shares beaten down in the recent bear run, amid expiry of monthly derivative contracts.
Shares of state-owned oil marketing companies, IOC, HPCL and BPCL, rose modestly too.

Investors became richer by Rs 1 lakh crore.

Sectorally, the oil and gas sector index gained the most rising 2.86 per cent to 8,094.62, followed by metal index by 2.38 per cent to 7,947.85. FMCG index rose by 2.29 per cent to 6,246.34 and capital goods index by 2.20 per cent to 7,096.23.

With inputs from PTI