BUSINESS
11/12/2018 10:01 AM IST | Updated 11/12/2018 5:03 PM IST

Sensex Recovers From 714-Point Plunge After RBI Chief Urjit Patel's Resignation

The Sensex had plunged 714 points on Monday while the Rupee had plummeted 110 paise.

Francis Mascarenhas / Reuters
The Sensex had plunged 714 points Monday in its worst session in two months on pre-poll jitters.

Benchmark indices pared all early losses to end with robust gains Tuesday as investors shrugged off Urjit Patel's shock exit from the RBI and dismissed jitters over state election results.

The 30-share Sensex climbed 190.29 points, or 0.54 per cent, to end at 35,150.01, after falling over 500 points during the day. Similarly, the broader NSE Nifty rose 60.70 points, or 0.58 per cent, to 10,549.15.

The Sensex had plunged 714 points Monday in its worst session in two months on pre-poll jitters.

Top gainers that led the recovery included Yes Bank, Sun Pharma, Asian Paints, SBI, Axis Bank, ITC, M&M, Kotak Bank, Coal India, TCS and ONGC, rising up to 7 per cent.

Meanwhile, top losers were Hero MotoCorp, Bharti Airtel, HDFC Bank, L&T and HUL, falling up to 1.58 per cent.

Read:What Happened In The Run-Up To Urjit Patel's Resignation?

The rupee pared some early losses after Finance Secretary AN Jha said the government was likely to make an announcement regarding Urjit Patel's successor as RBI governor.

The currency had plummeted 110 paise after Patel's unexpected resignation Monday. It was trading at 71.81 per US dollar, down 49 paise.

Meanwhile, the Congress was leading in the BJP-ruled states of Rajasthan and Chhattisgarh and was locked in a close fight in Madhya Pradesh while the TRS forged ahead in Telangana and the MNF in Mizoram, trends indicated on Tuesday as votes for elections in the five states were counted.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 116.22 crore Monday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 145.80 crore, provisional data available with BSE showed.

Brent crude oil futures slipped below USD 60 per barrel mark, slipping 0.32 per cent to 59.78 per barrel.

Elsewhere in Asia, Korea's Kospi fell 0.04 per cent, Japan's Nikkei dropped 0.34 per cent; while, Hong Kong's Hang Seng rose 0.07 per cent and Shanghai Composite Index gained 0.37 per cent.

In Europe, Frankfurt's DAX jumped 0.86 per cent and Paris' CAC 40 rose 0.84 per cent in early deals. London's FTSE too gained 0.37 per cent.