Sensex rebounds, Nifty reclaims 8200 on global cues; Infosys up
The market has opened lower Monday amid speculation on who will replace Raghuram Rajan as the next Reserve Bank of India governor. Rajan will return to academia when his current term ends on September 4, he said in a message to central bank staff on Saturday.
The market bounced back after its early losses, tracking positive global cues. It shurgged off the RBI Governor Raghuram Rajan's exit and started focussing on Britain's referendum due on Thursday. Today's global rally is on hopes that UK is unlikely to exit European Union.
The Sensex rose 66.94 points to 26692.85 and the Nifty advanced 12.55 points to 8182.75.
Infosys, L&T, TCS and Tata Motors gained a percent each while Axis Bank, Asian Paints, ICICI Bank, Lupin and Sun Pharma fell 0.5-1 percent.
The Indian rupee slipped in the early trade on Monday. It has opened lower by 57 paise at 67.65 per dollar versus 67.08 Friday.