Sensex closes 1,277 points higher to surge past 58,000, as Rupee bounces back against weak dollar

Sensex regains momentum with 1,277 point bull run to bounce back above 58,000 mark before closing for the day, while Nifty stood strong at 17,250. All sectors were in the green led by banking, metals and IT, while pharma and healthcare made marginal gains. Adani Ports jumped 5 per cent on a spike in cargo activity, after dropping 4 per cent yesterday.

Global markets were positive after Wall Street closed in the green, as Asian markets made gains including a 3 per cent rise for Japan’s Nikkei, and a 2 per cent hike in South Korean markets. Chinese indices on the other hand remained shut for a holiday, and European markets continued to gain for third straight session, thanks to leisure, tech and travel sectors performing well.

Lower yields on treasury bonds in the US weakened demand for the dollar and the Rupee grew stronger by gaining 29 paise, to close at 81.53 against the US dollar. The gains come ahead of Dussehra when the Indian markets will remain shut.