STOCK MARKETS REBOUND; SENSEX JUMPS 318 POINTS

Sensex gains 318 points; Nifty closes above 10,500

The BSE Sensex rebounded over 318 points on Thursday, its biggest single-session gain since April 5, when it had surged by 577.73 points. The Sensex stayed in positive terrain throughout the session and hit a high of 34,741.46 intraday, before finishing at 34,663.11. The NSE Nifty scaled a high of 10,535.15 before closing at 10,513.85, up 83.50 points, or 0.80 per cent.

Benchmarks clawed back lost ground on Thursday, as a weak rupee buoyed the appeal of technology shares amid a mixed trend overseas. The BSE Sensex surged over 318 points to close at 34,663, just a day after it had tumbled 306 points following a late-session sell-off. This is the benchmark's biggest single session gain since April 5, when it had surged 577.73 points. The broader National Stock Exchange's Nifty, too, reclaimed the crucial 10,500-mark. Bargain hunting by investors following the recent market declines and unabated buying by domestic institutional investors supported the upmove, analysts said. Tata Consultancy Services, Infosys, Wipro, HCL Technologies and L&T Infotech spurted up to 5.85 per cent, as a weak rupee brightened the earnings outlook of Indian IT (information technology) outsourcers. The Sensex stayed in the positive terrain throughout the session and hit a high of 34,741.46 intra-day, before finishing at 34,663.11 — showing a sharp rise of 318.20 points, or 0.93 per cent. The broader NSE Nifty scaled a high of 10,535.15 before closing at 10,513.85, up 83.50 points, or 0.80 per cent. Meanwhile, domestic institutional investors bought shares worth a net ~7.89 billion, while foreign portfolio investors (FPIs) sold equities worth ~3.11 billion on Wednesday, provisional data showed.