Sensex gains 100 pts; rupee recovers sharply on govt borrowing
Benchmark indices opened mildly higher on Wednesday, with the Nifty reclaiming 10,700 level, driven by technology stocks.
The 30-share BSE Sensex was up 83.21 points at 34,854.26 and the 50-share NSE Nifty gained 19.80 points at 10,720.30.
GAIL, Sun Pharma, TCS, ICICI Bank, Adani Ports, Infosys, HUL and BPCL were early gainers while IndusInd Bank, Ambuja Cements, Bharti Infratel and Bharti Airtel were early losers.
Uttam Galva, HCC and Agro Tech Foods fell more than 2 percent.Gati, Symphony, Delta Corp, Dish TV and HDIL gained 1-2 percent.
India's largest IT services firm Tata Consultancy Services (TCS) said it has signed an over GBP 500 million (USD 690 million) deal with M&G Prudential, the UK and European savings and investments business of Prudential plc.
Under the contract, TCS will digitally transform M&G Prudential's business and deliver enhanced service for its UK savings and retirement customers, TCS said in a statement.
The rupee recovered sharply in morning after the government reduced its requirement of additional borrowing.It strengthened by 10 paise to 63.92 against the US dollar in morning.
Yesterday, the rupee had lost 55 paise or nearly 1 percent -- its biggest single-day crash in eight months -- to end at a fresh two-week low of 64.04 against the US dollar, hit by a double whammy of rising global crude prices and worsening trade deficit.
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