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Sensex gains 300 pts, Nifty above 11,300 on firm global cues, rupee recovery

Asian stocks extended gains on Friday after Wall Street's S&P 500 set a new all-time high.

Updated: Sep 21, 2018, 10.28 AM IST
NEW DELHI: After three consecutive sessions of drubbings, headline indices Nifty and Sensex opened higher on Friday, amid positive global cues and a sharp recovery in Indian rupee against the US dollar.

Asian stocks extended gains on Friday after Wall Street's S&P 500 set a new all-time high, while the dollar slipped as investors viewed Beijing's and Washington's fresh exchange of import tariffs as less harmful than initially feared, Reuters reported.

The rupee opened 51 paise higher on Friday on on account of some selling of American currency by banks and exporters.

The US dollar fell to its near two-month low level on Friday on reduced safe haven demand as the US-China trade war worries eased.

Around 9:25 am, the BSE Sensex was 293 points, or 0.80 per cent, up at 37,414, while the Nifty was 73 points, or 0.65 per cent, up at 11,307.

YES Bank was the worst Sensex performer. The scrip fell 34 per cent to hit a 52-week low after the RBI asked its managing director and CEO Rana Kapoor to step down after an extended term till January 31, 2019.

All sectoral indices expect IT traded higher. The IT stocks lost on a sharp recovery in rupee.

Metals, financials, pharma and banking were among the top index gainers.

Tata Steel, ICICI Bank, Axis Bank, Asian Paints and Mahindra & Mahindra were leading among Sensex gainers.

Only 5 stocks, YES Bank, Infosys, Hindustan Unilever, TCS and Wipro were in the red in the Sensex index around that time.

IT and teck stocks were subdued on rupee's fresh rise against the US dollar.

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