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A smart recovery towards the close of the session with Sensex rising by over 200 points while the Nifty50 reclaimed 11500 levels comfortably.
It was a volatile day for Indian markets thanks to fall in rupee which closes just below Rs 72/$.
The index needs to close above 11,571 for it to move towards 11,620 levels.
Support on the downside is placed at 11500, 11393 levels.
The rupee touched a fresh all-time low of Rs 72.1/$ boosted sentiment for exporting industries like IT and Pharmaceuticals.
The pharmaceutical index was the pick of the day with a whopping 3 percent gain.
Short-term concerns remain mainly due to rising crude oil prices and bond yields which will only add to the fiscal deficit.
With yields crossing 8 percent, there will be increased fiscal costs on the part of the government every year. We expect such costs to be at least Rs 6000-7000 crore, SBI said in a report.
With crude oil averaging to $76/bbl for the remaining half and average exchange rate at Rs 73/ US dollar, the extra cost could go up to Rs 45,700 crore.
If the rupee continues to depreciate, it may move RBI towards increasing the regulatory interest rates.
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