Sensex up 60 points, rupee down 11 paise in early trade
BSE Sensex gained over 60 points to rise above the psychological 21,000 mark where rupee lost 11 paise to 62.15 against the US dollar in early trade today
Besides, a firming trend in the Asian markets also buoyed the trading sentiment here.
The 30-share index, which had lost 173.47 points in the previous session, recovered by 60.18 points, or 0.28 per cent, to 21,006.83 with stocks of consumer durables, metal, banking and IT sectors leading the rise.
Also, the National Stock Exchange index Nifty rose 16.40 points, or 0.26 per cent, to 6,237.85.
Brokers said a firming trend in Asian markets on bargain-buying after yesterday’s sell-off influenced the sentiments here.
Among other Asian markets, Hong Kong’s Hang Seng was up by 0.23 per cent while Japan’s Nikkei rose 0.32 per cent in early trade today.
The US Dow Jones Industrial Average ended 0.94 per cent down in yesterday’s trade.
Rupee down 11 paise against dollar in early trade
The rupee lost 11 paise to 62.15 against the US dollar in early trade today at the Interbank Foreign Exchange Market due to appreciation of the American currency against the euro and other currencies overseas.
Downbeat figures of December quarter GDP data and increased demand for the dollar from importers and banks also put pressure on the rupee.
Dealers attributed the fall in rupee to dollar’s gains against the euro and yen overseas but a higher opening in the domestic stock market limited the fall.
The rupee had tumbled 29 paise, its biggest loss in two weeks, to close at 62.04 against the dollar in yesterday’s trade and was hit by global risk aversion as the Russia-Ukraine conflict threatens to snowball into a full-fledged war.
Meanwhile, the benchmark BSE Sensex rose by 60.18 points, or 0.28 per cent, at 21,006.83 in early trade today.