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Sensex surges 276 points, rupee rises 32 paise to hit fresh 11-month high

BSE

BSE Sensex spurted by nearly 276 points and rupee today jumped by another 32 paise to trade at a fresh 11-month high of 58.47 against the US dollar in early trade

SensexMumbai: Continuing its upward journey, the benchmark BSE Sensex spurted by nearly 276 points in opening trade today on sustained fund inflows on hopes of a stable government at the Centre after the BJP-led NDA’s victory in the Lok Sabha elections.

Sectoral indices led by realty, PSUs, capital goods and bankings stocks continued to trade in the positive territory with gains up to 2.54 per cent.

The 50-share NSE Nifty also gained 65.40 points, or 0.91 per cent, to 7,268.40.

The 30-share Sensex zoomed by 275.82 points, or 1.14 per cent, to trade at 24,397.56. The gauge had rallied by over 216.14 points after touching an intra-day record high of 25,375.63 in Friday’s trade.

Brokers said sentiments turned extremely bullish, following sustained capital inflows by foreign funds at the domestic bourses and widespread buying by retail investors on the victory of Narendra Modi-led BJP in Lok Sabha polls.

Further, a firming trend in other Asian markets buoyed the trading sentiments here, they said.

Among other Asian markets, Hong Kong’s Hang Seng rose 0.17 per cent while Japan’s Nikkei gained 0.24 per cent in early trade today.

The US Dow Jones Industrial Average gained 0.27 per cent in Friday’s trade.

Rupee rises 32 paise to hit fresh 11-month high against USD

Extending its rising streak for the fourth straight session, the rupee today jumped by another 32 paise to trade at a fresh 11-month high of 58.47 against the US dollar in early trade on sustained foreign capital inflows after the BJP-led NDA swept the Lok Sabha elections.

Increased selling of the dollar by banks and exporters amid sustained foreign capital inflows supported the rupee, dealers said.

Besides, a strong rally in domestic equity market in opening trade and the euro’s gain against the dollar overseas also helped the rupee, they added.

The rupee rose 50 paise to 58.79 to end at 11-month high against the dollar on Friday.

Meanwhile, the benchmark BSE Sensex rose 275.82 points, or 1.14 per cent, to trade at 24,397.56 in opening trade.

PTI

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