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Sensex up 210 points; rupee up 15 paise in early trade

Sensex

BSE Sensex spurted by another 210 points where rupee strengthened by 15 paise to 59.18 against the US dollar in early trade today

Sensex officeMumbai: Extending yesterday’s gains, the benchmark BSE Sensex spurted by another 210 points in early trade on sustained foreign fund inflows amidst a firming trend overseas in response to ECB measures to boost the eurozone economy.

The 30-share Sensex shot up by 210.51 points, or 0.84 per cent, to trade at 25,230.02 with stocks of oil and gas, realty, capital goods, PSUs and banking sectors rallied. The gauge had climbed nearly 214 points in the previous session.

The 50-share NSE Nifty, regained 7,500 mark for the first time since May 16 by gaining 50.10 points, or 0.67 per cent, to 7,524.20.

Brokers said buying momentum picked up further on sustained foreign funds inflows amidst a firming trend in the global markets in response to European Central Bank measures to boost the eurozone economy.

Stocks of Reliance Industries shot up by 2.93 per cent to Rs 1,120 and ONGC gained 3.78 per cent to Rs 435.50 after reports that the government is likely to hike natural gas rates from July 1 after a new price formulation is approved by the Cabinet.

Other major contributors to the rally were SBI, ICICI Bank, HDFC Bank, Maruti Suzuki, Tata Steel, NTPC, Bharti Airtel, Larsen and Toubro and BHEL.

Among other Asian markets, Hong Kong’s Hang Seng rose 0.53 per cent, while Japan’s Nikkei was up by 0.39 per cent in early trade today.

The US Dow Jones Industrial Average rose 0.59 per cent to close at new high in yesterday’s trade.

Rupee up 15 paise against dollar in early trade

The rupee strengthened by 15 paise to 59.18 against the US dollar in early trade today on sustained capital inflows amidst a higher opening in the domestic equity markets.

Dealers attributed the rise in domestic currency to sustained selling of the dollar by exporters amidst heavy foreign capital inflows.

Besides, dollar’s weakness against other currencies overseas after the European Central Bank unveiled a batch of measures to kick start the stuttering eurozone economy also supported the rupee’s rise, they added.

The rupee closed flat at 59.33 against the dollar in lacklustre trade yesterday on alternate bouts of buying and selling as investors waited for European Central Bank policy decision.

Meanwhile, the benchmark BSE Sensex rose 210.51 points, or 0.84 per cent, to trade at 25,230.02 in early trade.

PTI

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