Sensex, Nifty extend record-breaking spree
Mumbai, Nov 24 (PTI) Continuing their record-breaking spree, markets today hit new highs with the BSE Sensex scaling another peak of 28,514.98 and the NSE Nifty breaching the 8,500-mark for the first time in opening trade on sustained capital inflows buoyed by positive domestic and global cues.
The benchmark BSE Sensex climbed 180.35 points, or 0.63 per cent, to trade at a new high of 28,514.98, breaking its previous record of 28,360.66 reached on November 21.
The benchmark index had gained 301.78 points in the previous two sessions.
The National Stock Exchange index Nifty breached the 8,500-mark for the first time to hit a new peak of 8,529 by gaining 51.65 points, or 0.60 per cent. It surpassed previous intra-day high of 8,489.80 touched on Friday.
Brokers said sustained capital inflows on expectations of further economic reforms by the government as the Winter Session of Parliament begins today and a firming trend at other Asian markets as China’s surprise move last week to cut interest rates for the first time in more than two years, boosted sentiments.
Among other Asian markets, Hong Kong’s Hang Seng index was up by 1.87 per cent, while Japan’s Nikkei rose 0.33 per cent in early trade today.
The US Dow Jones Industrial Average ended 0.51 per cent higher in Friday’s trade.
Rupee gains 8 paise against dollar in early trade
The rupee strengthened by four paise to 61.68 against the dollar in early trade today at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks amidst sustained foreign capital inflows.
Forex dealers said apart from increased selling of the American currency by exporters and banks, the dollar’s weakness against some currencies overseas, supported the rupee.
A higher opening in the domestic equity market, which soared to new highs, too supported the rupee, they added.
The rupee had strengthened by 18 paise to end at 61.76 against the Greenback on Friday on suspected selling of the US dollar by state-run banks on behalf of the RBI and a strong rally in local stocks.
Meanwhile, the benchmark BSE Sensex spurted by 180.35 points, or 0.63 per cent, to hit another record-high of 28,514.98 points in opening trade today.