Market benchmark Sensex rebounded by 266 points on Thursday to close at over two-week high of 28,773.13 and the NSE Nifty went past the 8,800-mark, tracking upbeat global cues after the US Federal Reserve left rates unchanged.
Moreover, trading sentiment got a boost after the current account deficit (CAD) narrowed sharply to just $300 million, or 0.1 per cent of GDP in the June quarter, driven by lower trade deficit on deeper import contraction. The rally in domestic equities was largely in line with the upmove seen in global stocks driven by the US Federal Reserve’s decision not to lift interest rates.
Aurobindo Pharma surged over 6 per cent as the company received tentative approval from the USFDA to manufacture and market Dolutegravir, used for the treatment of HIV, in the US. However, select software exporter stocks, like TCS and Wipro, saw selling pressure following weakness in the dollar against the rupee.