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Sensex up 91 points, Rupee down 15 paise in early trade

BSE

The benchmark BSE Sensex recovered over 91 points in early trade today as funds and retail investors made fresh buying
BSEMumbai: The benchmark BSE Sensex recovered over 91 points in early trade today as funds and retail investors made fresh buying on the back of strong corporate earnings.

Snapping its two-day losing streak, the 30-share barometer rose 91.06 points, or 0.38 per cent, to 24,308.40, on gains in capital goods, PSUs, oil & gas, realty and power sector stocks.

The gauge had lost 338.75 points in the past two sessions.

Similarly, the National Stock Exchange index Nifty moved up by 25.35 points, or 0.35 per cent, to 7,255.30.

Brokers said fresh buying by participants, triggered by Larsen and Toubro’s strong earnings, helped the Sensex to trade in positive territory even as the country’s economic growth data for 2013-14 are disappointing.

The L&T stock was trading 4.06 per cent higher at Rs 1,611.85.

India’s economic growth remained subdued at 4.7 per cent in 2013-14 and at 4.6 per cent in the fourth quarter of FY’14.

Among other Asian markets, Japan’s Nikkei was trading 1.79 per cent higher while financial markets in Hong Kong are closed today for a public holiday.

The US Dow Jones Industrial Average ended 0.11 per cent higher in Friday’s trade.

Rupee down 15 paise against dollar in early trade

The rupee weakened by 15 paise to 59.26 against the US dollar in early trade today at the Interbank Foreign Exchange market due to appreciation of the American unit against other currencies overseas amid the country’s subdued subdued economic growth in FY’14.

India’s economic growth remained subdued at 4.7 per cent in FY’14 and at 4.6 per cent in the fourth quarter of 2013-14 which weighed on the rupee, forex dealers said.

However, a higher opening in the domestic equity market capped the fall, they added.

The rupee had lost eight paise to close at 59.11 against the US dollar in its previous trading session on Friday on month-end demand of the US currency from importers.

Meanwhile, the benchmark BSE Sensex rose 91.06 points, or 0.38 per cent, to 24,308.40 in early trade today.

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