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Sensex up 111 points; rupee down 8 paise in early trade

BSE

BSE Sensex extended gains for the second straight day by adding nearly 111 points where  rupee weakened by eight paise to 59.33 against the US dollar in early trade today

SensexMumbai: The benchmark BSE Sensex extended gains for the second straight day by adding nearly 111 points in early trade today on sustained capital inflows after the country reported positive economic data yesterday.

The 30-share barometer rose 110.69 points, or 0.43 per cent, to 25,686.90 with stocks of realty, capital goods, power, PSU, metal and oil & gas sectors leading the gains.

The index had jumped 102.32 points in the previous session.

Similarly, the National Stock Exchange index Nifty moved up by 8.30 points, or 0.11 per cent, to 7,658.20.

Brokers said buying activity gathered momentum as the factory output growth rebounded to 13-month high of 3.4 per cent in April and retail inflation eased to 8.23 per cent in May on account of falling prices of essential food items.

They said, however, a weak trend on other Asian bourses on concerns about the growing crisis in Iraq and overnight losses in the US markets, capped the gains here.

Among other Asian markets, Hong Kong’s Hang Seng fell by 0.32 per cent while Japan’s Nikkei shed 0.87 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.65 per cent lower in yesterday’s trade.

Rupee down 8 paise against dollar in early trade

The rupee weakened by eight paise to 59.33 against the US dollar in early trade today at the Interbank Foreign Exchange market due to increased demand for the American currency from importers.

However, a higher opening in the domestic equity market and the US dollar’s weakness against other currencies overseas, capped the rupee’s fall.

Forex dealers said fresh demand for the dollar also put pressure on the rupee.

The rupee ended two paise higher at 59.25 in yesterday’s session on range-bound movements.

Meanwhile, the benchmark BSE Sensex rose 110.69 points, or 0.43 per cent, to 25,686.90 in early trade today.

PTI

 

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