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NEW DELHI: The benchmark indices snapped their two-day losing streak on Wednesday to end a volatile session on a firm footing amid a smart rebound in the rupee after reports emerged that Prime Minister Narendra Modi would take stock of economic situation over the weekend.
Modi is expected to hold an economic review meet this weekend to assess intervention measures to stem the fall in rupee's value, ET NOW quoted sources as saying.
The government is also expected to announce measures to check the rise in oil prices as well, the report said.
The domestic unit rebounded nearly a rupee to from its all-time low levels and was trading at 71.94 against the dollar at the time of writing the report.
Weakness in Asian stocks failed to dampen spirits back home.
The Sensex jumped 304.83 points, or 0.81 per cent, to 37,717.96 with 12 constituents closing the session in the red while the remaining 19 settled higher.
Powergrid emerged to be the top index gainer and ended at Rs 193.20 apiece, up 3.40 per cent.
Axis Bank was the worst laggard and closed 2.30 per cent lower at Rs 635.55.
However, for every two stocks on BSE three ended lower indicating weakness in broader market.
The NSE benchmark Nifty shut shop at 11,369.90 up 82.40 points or 0.73 per cent.
In the 50-share index 29 stocks closed on a firm note.
In the sectoral space, all except three indices ended on a poor note.
Nifty Realty was the worst sectoral performer and ended the day 0.62 per cent lower.
It was followed by Nifty Bank and Nifty Media index.
Gains in FMCG, metal, pharma and IT stocks led the index higher.
Nifty FMCG index rallied 2.53 per cent.
Out of the 15 stocks in the consumer durables index 11 ended higher.
"Market turned positive supported by a recovery in rupee from all time low and rebound in consumer stocks after a nose dive correction.
The global triggers are not very supportive as trade tension remains a key catalyst while outflow of foreign funds in expectation of FED rate hike is impacting the domestic sentiment.
Any government intervention to contain the current account deficit and measures on rupee will provide impetus to the market," Vinod Nair, Head of Research, Geojit Financial Services Ltd for your perusal
Elsewhere, fresh sparring between Washington and Beijing over trade kept world stocks close to three-week lows on Wednesday.
Asian equities excluding Japan hit their lowest since July 2017 after sharp falls in Hong Kong and Shanghai, Reuters reported.
