Sensex rises 97 points, Nifty settles at 10348 as banks rally

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New Delhi, Oct 8: The benchmark indices recovered sharply from their day’s low to settle slightly higher on Monday led by a rise in the banking and OMC stocks.
The S&P BSE Sensex ended at 34,474, up 97 points, while the broader Nifty50 index settled at 10,348, up 32 points.
Among sectoral indices, the Nifty Bank index settled 0.7 per cent higher, led by a rise in YES Bank and State Bank of India (SBI). On the other hand, Nifty IT index fell 1.8 per cent led by fall in Tata Elxsi, Tata Consultancy Services (TCS) and Infosys.
During the day, the rupee slipped below the crucial 74 per dollar mark for the second time in two days hitting 74.09 against the greenback as the Reserve Bank of India (RBI) kept interest rates unchanged on Friday, surprising the markets that had expected a rate hike to support the tumbling rupee and combat inflationary pressures from high oil prices.
Shares of oil & gas and state-run oil marketing companies (OMCs) rose on Monday, after witnessing heavy sell-off in the last two trading sessions. Reliance Industries rose 5.5 per cent to Rs 1,108 on the BSE, while HPCL rose over 8 per cent to Rs 178.
Global Markets
Shares in Asia slumped Monday as China’s markets stumbled in their first trading day after a one-week holiday even though Beijing’s central bank increased liquidity to offset the impact of an escalating trade dispute with the United States. Asian shares were also hit on Monday as investors in Chinese stocks reacted for the first time to new pressure from Washington and a report that Chinese spies had compromised US hardware.