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Sensex up 89 points, rupee up 32 paise in early trade

BSE

BSE Sensex gained 89 points, rupee jumped 32 paise to 61.43 a dollar in early trade today

SensexMumbai: The benchmark BSE Sensex gained for the third straight session by adding 89 points in early trade today on increased buying by funds and retail investors after country’s current account deficit declined sharply in the December quarter of the current fiscal.

India’s current account deficit (CAD) fell sharply to USD 4.2 billion, or 0.9 per cent of GDP, in the December quarter of 2013-14 on the back of rise in exports and moderation in gold imports.

The 30-share barometer, which had gained over 330 points in the previous two sessions, rose further by 89.44 points, or 0.42 per cent, to 21,366.30 with all the sectoral indices led by realty, power and banking, were trading in positive zone with gains up to 0.77 per cent.

The National Stock Exchange index Nifty moved up by 22.85 points, or 0.36 per cent, to 6,351.50.

Brokers said steady buying by funds and retail investors and a firming trend at other Asian bourses boosted the sentiment here.

Among other Asian markets, Hong Kong’s Hang Seng rose by 0.44 per cent, while Japan’s Nikkei gained 0.38 per cent in early trade today.

Rupee up 32 paise against dollar in early trade

Extending its gains for the third straight session, the rupee jumped 32 paise to 61.43 a dollar in early trade today at the Interbank Foreign Exchange on sustained selling of the US currency after a sharp decline in country’s current account deficit in the third quarter.

India’s current account deficit (CAD) narrowed sharply to USD 4.2 billion, or 0.9 per cent of GDP, in December quarter of 2013-14.

Forex dealers said a higher opening in the domestic equity market also supported the rupee but dollar’s gain against other currencies overseas limited the rise.

The domestic currency had gained 10 paise to close at 61.75 against the dollar in yesterday’s trade.

Meanwhile, the benchmark BSE Sensex rose by 89.44 points, or 0.42 per cent, to 21,366.30 in early trade today.

PTI

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