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Sensex surges 103 points, rupee down 9 paise in early trade

BSE

Sensex rose nearly 103 points when rupee weakened by 9 paise to trade at 62.02 against the dollar in early trade today 

SensexMumbai: The BSE benchmark Sensex rose nearly 103 points in early trade today ahead of the interim Budget for 2014-15 amid easing inflation and a firming global trend.

The 30-share barometer gained 102.92 points, or 0.50 per cent, to 20,469.74. The index had gained 173.47 points in the previous session on Friday.

All the sectoral indices, led by consumer durables and auto, were trading in the positive zone with gains up to 0.95 per cent.

Similarly, the National Stock Exchange Nifty moved up by 23.60 points, or 0.39 per cent, to 6,071.95.

Brokers said fresh positions built-up by participants on expectations of some sops in the interim Budget for 2014-15 to be announced later in the day buoyed the trading sentiment.

Besides, easing inflation which fell to an eight-month low of 5.05 per cent in January and a firming trend in the Asian region, taking strong cues from Wall Street, further boosted the sentiment here, they said.

Meanwhile, Hong Kong’s Hang Seng index was up 0.79 per cent, while Japan’s Nikkei gained 0.40 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.79 per cent higher on Friday.

Rupee down 9 paise Vs dollar in early trade

The rupee weakened by 9 paise to trade at 62.02 against the dollar in early trade today at the Interbank Foreign Exchange market due to increased demand for the US currency from oil importers.

Forex dealers said fresh demand for the American currency ahead of the interim Budget for 2014-15 mainly put pressure on the rupee but a higher opening in the domestic equity market and the dollar’s weakness against other currencies overseas, capped the rupee’s fall.

The rupee bounced back by 49 paise to close at a three-week high of 61.93 against the US dollar in the previous session on Friday, tracking a smart rise in stocks after wholesale inflation fell to an eight-month low.

Meanwhile, the benchmark BSE Sensex rose by 102.92 points, or 0.50 per cent, to 20,469.74 in early trade today.

PTI

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