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Sensex gains 40 points, rupee recovers 30 paise in early trade

BSE

BSE Sensex rose over 40 points, rupee recovered by 30 paise to 60.92 against the US dollar in early trade today

SensexMumbai: The benchmark BSE Sensex rose over 40 points in early trade today on increased buying by funds and investors after industrial output entered positive territory and retail inflation slowed to a 25-month low in February.

However, a steep fall in the shares of IT major Infosys limited the rise in the Sensex.

The 30-share barometer rose by 40.62 points, or 0.19 per cent, to 21,896.84 with stocks of oil & gas, banking, auto and FMCG sectors leading the gains. The index had gained 29.80 points in the previous session.

On similar lines, the National Stock Exchange index Nifty moved up by 11.75 points, or 0.18 per cent, to 6,528.65.

Brokers said buying activity picked up following encouraging economic numbers as retail inflation slowed to a 25 month low of 8.10 per cent in February and industrial production recorded a 0.1 per cent growth in January after contracting for three months in a row.

Besides, a firming trend in other Asian markets also supported the upside trend on the domestic bourses, they said.

Bucking the trend, stocks of IT major Infosys tumbled 7.61 per cent to Rs 3,391.55 as company expects sluggish growth in the January-March quarter.

Among other Asian markets, Hong Kong’s Hang Seng rose by 0.49 per cent while Japan’s Nikkei gained 0.47 per cent in early trade today.

Rupee recovers 30 paise against US dollar in early trade

The rupee recovered by 30 paise to 60.92 against the US dollar in early trade today at the Interbank Foreign Exchange market following encouraging IIP and CPI numbers.

Forex dealers said dollar’s weakness against other currencies overseas, increased selling of the American unit by exporters and higher opening in the domestic equity market also supported the rupee.

Industrial output entered positive territory and recorded a 0.1 per cent growth in January after contracting for three months in a row, while February retail inflation slowed to 25-month low of 8.10 per cent from 8.79 per cent in January.

The rupee had lost 28 paise to close at 61.22 yesterday against the US currency due to sustained dollar demand from importers.

Meanwhile, the benchmark BSE Sensex rose 40.62 points, or 0.19 per cent, to 21,896.84 in early trade today.

PTI

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