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Sensex recovers 56 points; rupee down 9 paise in early trade

Sensex

BSE Sensex today gained nearly 56 points where rupee depreciated by 9 paise to 59.36 against the dollar in early trade

Sensex officeMumbai: The BSE Sensex today gained nearly 56 points in early trade on selective buying in oil, IT and banking stocks ahead of industrial output data for April to be released later in the day.

The 30-share index, which had retreated from record high by losing almost 110 points in the last session, recovered 55.77 points, or 0.22 per cent, to 25,529.66 in early trade.

The National Stock Exchange Nifty moved up by 4.35 points, or 0.06 per cent, to 7,631.20. It breached 7,700 level for the first time yesterday.

Brokers said fresh buying by funds and retail investors ahead of of industrial production data for April and Consumer Price Index Inflation for May to be released later in the day contributed to the gains.

Stocks of IT, healthcare, oil and gas, realty, capital goods and metal sectors led the gains.

Oil major ONGC was trading up by 1.55 per cent, HDFC by 1.19 per cent, and Hindalco by 1.35 per cent.

Infosys, which announced appointment of new CEO and MD today, was trading up by 1.14 per cent.

Brokers said a weakening trend on the other Asian markets following overnight losses on the US bourses, limited the gains on the domestic markets here.

Among other Asian markets, Hong Kong’s Hang Seng was down 0.80 per cent while Japan’s Nikkei fell 0.84 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.60 per cent lower in yesterday’s trade.

Rupee down 9 paise against dollar in early trade

The rupee today depreciated by 9 paise to 59.36 against the dollar in early trade on the Interbank Foreign Exchange market.

Dealers said the US dollar strengthened against the rupee in line with its gains against other Asian currencies.

However, early gains in stock markets capped rupee’s losses against the American currency, they added.

The rupee had snapped its two days of losses and edged up by two paise to close at 59.27 against the dollar following late selling of the US currency by exporters yesterday.

Meanwhile, the benchmark BSE index Sensex was up by 55.77 points, or 0.22 per cent, at 25,529.66 in early trade.

PTI

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