Sensex Sees Late Rally

(RTTNews) - The Indian markets closed notably higher on Friday as positive global cues outweighed disappointing exports data, which showed that India's exports fell for the tenth month in a row in September on the back of weak global demand. After struggling for most part of the session, stocks gained momentum in the afternoon to end the session near their day's highs.

The benchmark index BSE Sensex rose 204.46 points or 0.76 percent to 27,214.60, while the broader Nifty index gained 58.65 points or 0.72 percent to close at 8,238.15. The Nifty closed above the 8200 mark for the first time in nearly two months.

Global cues were mostly positive as mixed U.S. reports on inflation, jobless claims and regional manufacturing activity served to further reduce the chances of an interest-rate rise by the Federal Reserve this year.

The rupee traded lower by 12 paise at Rs 64.94 as the dollar strengthened on the back of dovish comments from a European Central Bank policy maker and stronger-than-expected data on U.S. inflation excluding food and fuel.

Among the prominent gainers, Asian Paints, Yes Bank, BPCL, Larsen & Toubro and SBI rose 2-3 percent. Nestle India soared 5.7 percent after the company said that all the 90 samples of Maggi noodles have cleared tests at three laboratories as mandated by Bombay High Court and have been found to be safe.

DCB Bank rallied 4.1 percent after the bank said it would go slow with its branch expansion plan. Among those that fell, Tata Steel, Bank of Baroda, Idea Cellular, Adani Ports and Lupin lost 1-2 percent.