- Tag results for NSE Nifty
Easing global crude oil prices, which slipped below the USD 70 a barrel, and rupee recovering lost ground also helped build positive sentiments.
Further impacting domestic market sentiments, the Indian rupee again breached the 73-mark, dropping 57 paise (intra-day) to 73.07 against the dollar.
IT stocks were battered by a stronger rupee. Software services exporter Infosys Ltd, which closed 2.9 per cent weaker, was the biggest drag on the index.
The 30-share benchmark index fell 176.27 points, or 0.52 per cent, to close at 33,891.13; while the broader NSE Nifty lost 52.45 points, or 0.51 per cent, to end at 10,198.40.
Global markets reeled after US stocks plummeted Wednesday as a sharp drop in tech shares and worries about corporate earnings and disappointing outlooks added fuel to the meltdown across the board.
BSE Sensex closed down 0.53 percent at 34,134.38, the broader NSE Nifty ended 0.57 percent lower at 10,245.25.
Equity markets did a U-turn on Friday, erasing all of Thursday’s losses, mainly on the back of lower crude prices and the strengthening rupee.
The BSE Sensex, after a gap up opening at 34,493.21, rallied to hit a high of 34,858.35 before concluding 461.42 points, or 1.35 per cent higher at 34,760.89.
The S&P BSE Sensex vaulted over 400 points, while the NSE's Nifty surged 135 points after last week's hammering.
Market sentiments were further dampened on unabated foreign fund outflows and the International Monetary Fund (IMF) downgrading outlook for world economy to 3.7 growth on Tuesday.
Sectoral indices, led by metal, realty, consumer durables, capital goods, healthcare, auto, FMCG, power and teck, were trading in the negative terrain, falling up to 3.38 per cent.
Stocks saw a positive start as the Sensex touched a high of 37,530.63 intra-day in tune with the rupee recovering from its record low.
The NSE Nifty50 also surged around 120 points during the afternoon session of trade. So far, sector-wise, consumer durables stocks led the increase in the market.
Amid continuous foreign capital outflows, the 30-share barometer gained over 121 points at the outset on value-buying in select bluechip stocks, but fell back after selling pressure gathered momentum.
The rupee touched a life-low of 72.6750 to the dollar, forcing the government to consider measures to soften the fall. It has declined nearly 15 per cent against the dollar this year.