Sensex surges 550 points, Nifty crosses 10,450

The BSE benchmark Sensex jumped over 550 points and Nifty crossed 10,450 in afternoon trade on Wednesday. Continued buying by domestic institutional investors as well as select purchases by retail investors led to strong gains on Wednesday, news agency PTI cited traders as saying. At 1:58 pm, the S&P BSE Sensex traded at 34,758.81, up 459.34 points or 1.3 per cent, and the Nifty was at 10,449.50, with a gain of 148.45 points or 1.4 per cent.

The Sensex rose over 200 points in early trade on Wednesday following gains in auto, metals and banking stocks amid unabated buying by domestic institutional investors and rupee recovery.

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The 30-share index spurted 220.38 points, or 0.64 per cent, to 34,519.85. The barometer had lost 175 points on Tuesday.

Rupee rises from record low

The battered rupee rose 23 paise to 74.16 against the US dollar on Wednesday after the American currency weakened overseas amid increased selling by exporters.    

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Besides, RBI’s decision to inject Rs 12,000 crore liquidity into the system through the purchase of government bonds on October 11 to meet the festival season demand for funds also supported the recovery in rupee, dealers said.

A higher opening of domestic equity markets too aided the recovery in the domestic unit. The benchmark BSE Sensex rose 110.20 points or 0.31 per cent, to 34,409.67 in opening trade.