Sensex recovers from 5-mth low

The Sensex on Monday recovered to close up 23.2 points, or 0.2% at 15,988 on rate cut hopes sparked off by the Reserve Bank of India (RBI), rupee’s new-found strength and global crude oil falling to a 16-month low. HT reports.

After plunging over 200 points to its lowest level in five months in morning trade, the Sensex on Monday recovered to close up 23.2 points, or 0.2% at 15,988 on rate cut hopes sparked off by the Reserve Bank of India (RBI), rupee’s new-found strength and global crude oil falling to a 16-month low.

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“Smart recovery was witnessed in almost all the sectoral stocks,” said Shanu Goel, senior research analyst, Bonanza Portfolio. “Hope of another round of rate cuts from the RBI in the forthcoming meeting led to good bounce back in the market even though the European markets opened on a mixed note.”

The Nifty of the National Stock Exchange also closed with a gain of 0.1% at 4,848.