Indian Markets recover to close 2% higher - ZENMoney

Domestic indices opened the day on a negative note after US Federal Reserve signaled that it officials are inclined towards phase out of its massive stimulus program as early as next month. Investors remained cautious in the early trade with rupee breaching its' previous low and registering a new life time low at Rs. 65.50 against dollar.

Market traded range bound in the morning session as the Government and the RBI's efforts failed to curb volatility in the rupee. However, by noon, markets recovered their losses and traded in green by taking positive cues from European markets. Slight recovery in the rupee with RBI's intervention and strong buying in Metal's space on positive China's manufacturing data have supported the market rally in the afternoon session. Indices ended the day with Gains.

On a sectoral front, except Realty sector, all the other sectors of the indices traded in green. Metals sector is the top performer of the day on the back of strong recovery witnessed in China's manufacturing sector. Oil & Gas, IT, Health Care, Power, Auto, Capital Goods, FMCG, Consumer Durables and Banking sectors are among the other gainers of the day.

Source : Equity Bulls

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