Sensex up by 224 points; rupee up 5 paise in early trade
Benchmark BSE Sensex spurted by another 224 points where rupee today edged higher by 5 paise to 58.54 against the US dollar in early trade
Mumbai: Continuing its winning streak for the fourth straight session, the benchmark BSE Sensex spurted by another 224 points in early trade after stocks of power, capital goods, PSUs and banking sectors rallied on sustained foreign fund inflows amidst a firming trend overseas.
The 30-share Sensex shot up by 224.11 points, or 0.91 per cent, to trade at 24,587,16. The gauge had climbed nearly 548 points in the past three sessions after the BJP-led NDA received a clear mandate in the Lok Sabha polls.
The 50-share NSE Nifty gained 90.10 points, or 1.24 per cent, to quote at 7,353.65.
Brokers said buying momentum picked up further on sustained foreign funds inflows after credit rating agency Moody’s said the BJP-led NDA’s victory in polls is credit positive for India as a stable central government is expected to address economic woes.
Besides, a firming trend at other Asian markets following overnight gains in US markets also influenced sentiment here, they added.
Major contributors to the rally were Infosys, TCS, Dr Reddy, Sun Pharma, Cipla, NTPC, Bharti Airtel, HDFC Ltd, HIndustan Unilever, SBI, Sesa Sterlite, Tata Steel and Tata Power.
Among other Asian markets, Hong Kong’s Hang Seng rose 0.24 per cent, while Japan’s Nikkei was up by 0.86 per cent in early trade today.
The US Dow Jones Industrial Average ended 0.12 per cent higher in yesterday’s trade.
Rupee up 5 paise against dollar in early trade
Continuing its rise for the fifth straight day, the rupee today edged higher by 5 paise to 58.54 against the US dollar in early trade on sustained capital inflows amidst selling of the American currency by banks.
In the last four trading sessions, the rupee has gained 146 paise.
Forex dealers said sustained foreign capital inflows after a clear mandate for the BJP to form a stable government at the Centre boosted the sentiment.
They added that a higher opening in the domestic equity market also supported the rupee but dollar’s gain against some of its rivals overseas limited the domestic currency’s gains.
The rupee rose 20 paise to close at a fresh 11-month high of 58.59 against the dollar yesterday.
Meanwhile, the benchmark BSE Sensex gained 224.11 points, or 0.91 per cent, to 24,587.16 in early trade today.