Sensex soars 424 points on global market recovery

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Mumbai:  The Sensex and the Nifty surged 1.7 per cent in a volatile session today as a late rally in Chinese equities boosted the global investor sentiment.The 30-share BSE index Sensex ended higher by up 424.06 points or 1.7 per cent at 25,317.87 and the 50-share NSE index Nifty ended up 129.45 points or 1.71 per cent at 7,688.25. Prime Minister Narendra Modi’s meeting with the representatives of corporate India on weathering the global economic turbulence also helped the sentiment.

Strengthening of the rupee by 27 paise to 66.55 against the American currency (intra-day) at the forex market, too supported the market, brokers said. Financial sector shares jumped on speculation the central bank may dilute its proposed guidelines on base rates.

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European equities climbed higher on Tuesday, with Germany’s benchmark DAX share index outperforming the broader stock market after a strong set of German trade data. Asian stocks edged higher on Tuesday after a six-day losing streak and the dollar firmed against the safe-haven Japanese yen, but gains were muted ahead of Chinese data which could offer more clues on the health of its economy.