Sensex surges 174 pts,Rupee recovers 10 paise in early trade
The benchmark BSE Sensex rose almost 174 points in early trade today on sustained buying by foreign funds
Mumbai: The benchmark BSE Sensex rose almost 174 points in early trade today on sustained buying by foreign funds and retail investors after Reliance Industries reported encouraging earnings.
Besides, progress of monsoon and a firming trend at other Asian markets also influenced the trading sentiments here.
The 30-share index, which had surged over 634 points in the previous four sessions, advanced 173.83 points, or 0.68 per cent, to 25,815.39, with all sectoral indices, led by oil & gas and consumer durables, trading in positive zone with gains up to 1.27 per cent.
Similarly, the broader National Stock Exchange Nifty regained the 7,700-mark by rising 42.80 points, or 0.56 per cent, to 7,706.70.
Buying activity gathered momentum after Reliance Industries, operator of the world’s largest single location refinery complex, reported a 13.7 per cent rise in April-June quarter consolidated net profit at Rs 5,957 crore, brokers said.
Shares of Reliance Industries climbed 2.27 per cent to Rs 998.85 in opening trade.
Further, a firming trend in the Asian region influenced buying, they said.
Stocks of HDFC Bank were up 0.79 per cent to Rs 839 and HDFC Ltd rose 1.12 per cent to Rs 992 ahead of their first quarterly earnings to be announced today.
Among other Asian markets, Hong Kong’s Hang Seng was up 0.13 per cent in early trade today, while Japan’s markets are closed for a public holiday.
The US Dow Jones Industrial Average ended 0.73 per cent higher in Friday’s trade on the back of corporate earnings.
Rupee recovers 10 paise against dollar in early trade
The rupee recovered by 10 paise to 60.18 against the US dollar in early trade today at the Interbank Foreign Exchange market on selling of the American currency by exporters amid increased capital inflows.
Further, strengthening of the euro and the yen against the dollar in overseas market and a higher opening in the domestic equity market also supported the rupee, forex dealers said.
The rupee had lost 10 paise to end at one-month closing low of 60.28 against the American currency on Friday on dollar demand from importers and rising global risk aversion.
Meanwhile, the benchmark BSE Sensex rose 173.83 points, or 0.68 per cent, to trade at 25,815.39 in early trade today.