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Taking Stock | Nifty crosses 52-week high; Sensex gains 1,181 points; rupee up 100 paise

Indian rupee closed 100 paise higher at 80.81 per dollar against Thursday’s close of 81.81.

November 11, 2022 / 05:16 PM IST
Representative image.

Representative image.

The Indian benchmark indices bounced back sharply with the Nifty crossing its 52-week high amid positive global cues on the back of a cool-off in the US inflation data and appreciation in the rupee.

At close, the Sensex was up 1,181.34 points or 1.95 percent at 61,795.04, and the Nifty was up 321.50 points or 1.78 percent at 18,349.70.

“The domestic market joined the global run as markets across the world cheered the lower-than-expected US inflation data. The US dollar slumped along with treasury yields as investors evaluated the likelihood of a less hawkish rate hike by the Fed,” said Vinod Nair, Head of Research at Geojit Financial Services.

“Reduced treasury yields will aid to improve FII inflows. The rally of the domestic market was led by IT stocks as recession fears reduced and HDFC twins after merger overhang,” he added.