Indian Stocks Recover Losses as Rupee Gains Strength
Indian equity benchmarks recovered from a 2.2% intraday drop on Thursday as the rupee strengthened. IT stocks led the rebound following central bank measures.
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Equity benchmarks in India staged a significant recovery on Thursday afternoon, clawing back most of their earlier losses. This rebound was largely attributed to a strengthening rupee, which gained momentum following intervention by the central bank to stabilize the currency. The KOTAK NIFTY 50 was trading lower by 0.24% at 22,623.9, while the UTI BSE SENSEX ETF declined 0.22% to reach 72,973.64 by mid-afternoon. These figures represent a sharp turnaround from earlier in the session when both indexes had plummeted by as much as 2.2%.
