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Sensex gains 38 points, rupee up 5 paise in early trade

BSE

The benchmark BSE Sensex extended gains for the third straight day by adding over 38 points when rupee edged higher by five paise to 62.05 against the US dollar in early trade today

SensexMumbai: The benchmark BSE Sensex extended gains for the third straight day by adding over 38 points in early trade today on increased buying by funds and investors after retail inflation slowed to 24-month low of 8.79 per cent in January.

The 30-share barometer rose by 38.38 points, or 0.19 per cent, to 20,486.87 with stocks of FMCG, banking, auto and capital goods sectors leading the gains. The index had gained over 114 points in the previous two sessions.

Similarly, wide-based National Stock Exchange index Nifty moved up by 5.90 points, or 0.10 per cent, to 6,089.90.

Brokers said buying activity picked up after retail inflation fell for the second consecutive month and eased to 2-year low of 8.79 per cent in January.

They said, however, industrial production which contracted by 0.6 per cent in December 2013 and a weak trend on the other Asian bourses following losses on the US markets capped the gains here.

In Asia, Hong Kong’s Hang Seng index fell by 0.07 per cent, while Japan’s Nikkei shed 0.98 per cent in the early trade.

The US Dow Jones Industrial Average ended 0.19 per cent lower in yesterday’s trade.

Rupee up 5 paise against dollar in early trade

The rupee edged higher by five paise to 62.05 against the US dollar in early trade today at the Interbank Foreign Exchange on sustained selling by exporters.

The rupee had gained 12 paise to close at three-week high of 62.10 in the previous session.

Besides strengthening of other currencies against the dollar in overseas market, increased capital inflows and fall in retail inflation supported the rupee, forex dealers said.

The Consumer Price Index (CPI), which was released yesterday after market hours, eased to two-year low of 8.79 per cent in January on account of fall in food prices.

The benchmark BSE Sensex rose by 38.38 points, or 0.19 per cent, to 20,486.87 in early trade today.

PTI

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