Sensex on Monday surrendered most of its gains to close just 12 points higher on profit-booking as rupee at all-time low was seen preventing RBI from cutting interest rates on June 17.
However, IT stocks led by Wipro and Infosys, helped the 30-share Sensex eke out marginal gains, snapping a two-day losing run, on hopes of gains in dollar-denominated revenues. The Bombay Stock Exchange 30-share barometer went up to 19,585.75 but erased gains as a weak rupee slid to lifetime low. Helped by shares of IT firms -- which earn significant portion of revenues from US -- the Sensex regained some lost ground to settle at 19,441.07, a rise of 11.84 points.
Rupee on Monday plunged to an all-time low of 58 against the dollar, heightening inflation worries and current account financing risks of the economy.