Sensex, Nifty Bleed Over 2% To Register New 6-Month Lows

The rupee fell to a record low of 74.48 per dollar, taking its overall losses to more than 16 per cent so far this year.

• Mumbai: Indian shares advanced over 1% today, recovering from sharp losses in the previous session, after US Federal Reserve signalled a pause in rate hikes and crude oil prices fell on no Opec supply cuts. A rebound in global stocks also supported the local markets. The Sensex surged 361 points to close at 35,673.25, and the Nifty 50 closed 92.55 points up at 10,693.70 led by finance and auto stocks. Kotak Bank, Reliance and Infosys are top contributors to the Sensex rally. Underperfomring the benchmark Sensex, the BSE MidCap edged up 0.23%, while the SmallCap index was down 0.27%. Among the sectoral indices on BSE, bankex and finance rose most at over 1% followed by FMCG, capital goods and auto. On the other hand, utilities, telecom, metal, oil and gas, power and healthcare declined.Kotak Bank shares rose 8.5% over reports that Warren Buffett’s Berkshire Hathaway is in talks to buy a 10% stake in the bank. Kotak Bank denied of having any knowledge of any such developments. HCL Technologies shares closed nearly 5% down after the company agreed to buy certain software businesses from IBM. Adani Ports, Bajaj Auto, Asian Paints and Baja Finance were other top gainers on the key indices, whereas Sun Pharma, Coal India, Yes Bank, India Bulls Housing Finance and NTPC were among the major losers.In global markets, European stocks rebounded from the worst day in more than two years and Asian shares posted modest gains as investors sought to end a bruising week on a more upbeat note. Oil prices declined Friday as OPEC discussed a potential exemption from cutting output for Iran and as the producer club sought to get heavyweight supplier Russia on board.Here are the highlights from the markets today:
• 3.36 pm ISTClosing bell: Sensex, Nifty surges 1%The BSE Sensex closed 361.12 points, or 1.02%, up at 35,673.25 and the Nifty 50 ended 92.55 points, or 0.87%, higher at 10,693.70.