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Sensex soars 344 points; rupee 12 paise up in opening trade

BSE

BSE Sensex regained the 25,000 mark by soaring 344 points where rupee recovered by 12 paise to trade at 11-month high of 58.40 against the US dollar in early trade today

SensexMumbai: The benchmark BSE Sensex regained the 25,000 mark by soaring 344 points in opening trade today on increased buying by foreign funds and retail investors ahead of swearing-in of Narendra Modi as the 15th Prime Minister of India.

Rising for the third straight session, the 30-share Sensex shot up by 344.19 points, or 1.39 per cent, to trade at 25,037.54 with all the sectoral indices, led by power, PSUs, capital goods, auto, realty and banking sectors, trading in positive zone and rising up to 2.13 per cent.

The gauge, which earlier breached the 25,000 mark on May 16, had climbed 395.33 points in the past two sessions.

On similar lines, the 50-share NSE Nifty reclaimed the 7,400-level by spurting 90.35 points, or 1.22 per cent, to trade at 7,457.45.

Brokers said persistent inflow of foreign funds on hopes that the new government led by Narendra Modi would take a series of measures to revive the country’s economic growth and a firming trend in the global markets buoyed the trading sentiments here.

Among other Asian markets, Hong Kong’s Hang Seng rose 0.39 per cent and Japan’s Nikkei was up 0.73 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.38 per cent higher in Friday’s trade.

Rupee recovers by 12 paise against USD in early trade

The rupee recovered by 12 paise to trade at 11-month high of 58.40 against the US dollar in early trade today at the Interbank Foreign Exchange market on increased foreign capital inflows ahead of swearing-in of Narendra Modi as the Prime Minister of India.

Besides, increased dollar selling by exporters, a higher opening in the domestic equity market and strengthening of euro against the American currency overseas also supported the rupee.

The rupee had depreciated by five paise to end at 58.52 against the US dollar on Friday on demand for the American currency from oil importers.

Meanwhile, the benchmark BSE Sensex regained the 25,000 mark by surging 344.19 points, or 1.39 per cent, to touch 25,037.54 in opening trade today.

PTI

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