The market started off March series on a strong note with the Nifty reclaiming 7050 level, led by short covering in beaten down stocks in previous three consecutive sessions.
The 30-share BSE Sensex rose 235.66 points or 1.03 percent to 23211.66 and the 50-share NSE Nifty climbed 78.55 points or 1.13 percent to 7049.15.
Hindalco Industries, Adani Ports, Larsen & Toubro, SBI, Tata Motors, Vedanta, Cairn India, Power Grid Corp and Bank of Baroda gained 2-3 percent while ICICI Bank declined.
United Spirits rallied 6 percent after Vijay Mallya resigned as chairman of the company. MK Sharma, currently an independent, non-executive director, and chairman of the audit committee, is appointed as chairman of the company. Additionally, the stock is also added in NSE F&O segment.
The Indian rupee has opened marginally lower at 68.73 per dollar today versus 68.71 Thursday.
Pramit Brahmbhatt of Veracity said, “We expect the rupee to depreciate further where it could also hit its all-time low of 68.85/dollar and continue to weaken if the RBI doesn’t step in.”
He further added, “We expect the rupee to trade between 68.50-69/dollar today.”
The gains in US and european stocks helped the dollar climbed against safe-haven currencies.