Sensex shoots 635 points

Mumbai: Markets around the world recovered on Thursday, as there were signs of some decrease in tension between the United States and Iran, which also led to the decline in crude oil and gold prices. As a result, the sensex recovered 635 points, or 1.6% to close at 41,452, while the Nifty won 191 points, also 1.6%, to close at 12,216. The rupee strengthened in 49 countries to close at 71.22 per dollar, from 71.71 on Wednesday. However, the increase in the rupee led to some sales in the stocks of software exporters.

The head of Motilal Oswal Financial Services (retail research), Siddhartha Khemka, said market sentiments have revived as oil prices cooled because there were no more escalations in the Middle East. “The United States has offered to impose sanctions on Iran instead of military action. On the internal front, the government has softened the laws to accelerate mining at the sites and has also imposed import tariffs on copper wires, ”he wrote in a note.