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Sensex up 67 points; rupee up 4 paise in early trade

BSE

BSE Sensex gained over 67 points where  rupee recovered marginally by four paise to 59.34 against the US dollar in early trade today

SensexMumbai: The benchmark BSE Sensex gained over 67 points in early trade today on continued capital inflows by funds and retail investors, following the RBI’s decision to cut the statutory liquidity ratio (SLR).

Rising for the third straight day, the 30-share barometer surged 67.31 points, or 0.27 per cent, to 24,925.90 with stocks of consumer durables, realty, capital goods and auto sectors leading the rise.

The index had gained over 641 points in last two trading sessions.

On similar lines, the National Stock Exchange index Nifty continued its winning streak and rose 11.40 points, or 0.15 per cent, to 7,427.25.

Brokers said trading sentiments remained bullish as the central bank, in its second bi-monthly monetary policy statement for 2014-15 yesterday, unlocked about Rs 40,000 crore of banking fund by reducing SLR to 22.5 per cent.

Among other Asian markets, Hong Kong’s Hang Seng was down 0.29 per cent while Japan’s Nikkei gained 0.22 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.13 per cent lower in yesterday’s trade.

Rupee up 4 paise against dollar in early trade

The rupee recovered marginally by four paise to 59.34 against the US dollar in early trade today at the Interbank Foreign Exchange market on fresh selling of the American currency by exporters.

However, the dollar’s strength against other currencies overseas, capped the rupee’s gain.

The rupee fell by 23 paise to close at 59.38 in yesterday’s session amidst the RBI announcing a cut in SLR that is expected to release nearly Rs 40,000 crore into the markets.

Forex dealers said fresh selling of the American currency by exporters and a higher opening in the domestic equity market helped the local currency to recover.

Meanwhile, the 30-share BSE Sensex rose by 67.31 points, or 0.27 per cent, to 24,925.90 in early trade today.

PTI

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