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Sensex up over 78 pts, Rupee down 14 paise against dollar ahead of Economic Survey

Sensex

The benchmark BSE Sensex recovered over 78 points in opening trade today on emergence of buying by funds and retail investors

Sensex Mumbai: The benchmark BSE Sensex recovered over 78 points in opening trade today on emergence of buying by funds and retail investors at prevailing levels ahead of the release of Economic Survey later in the day.

The 30-share index, which had lost 518 points yesterday, its worst drop in 10 months, recovered by 78.30 points, or 0.31 per cent, to 25,660.41, with stocks of capital goods, oil & gas, consumer durables and PSUs, leading the recovery.

On similar lines, the National Stock Exchange index Nifty moved up by 11.35 points, or 0.15 per cent, to 7,634.55.

However, a weak trend at other Asian bourses restricted the gains, brokers said. Among other Asian markets, Hong Kong’s Hang Seng was down 0.57 per cent, while Japan’s Nikkei fell 0.51 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.69 per cent lower in yesterday’s trade.

Rupee down 14 paise against dollar in early trade

The rupee weakened by 14 paise to 59.92 against the US dollar in early trade today at the Interbank Foreign Exchange market on high demand for the American currency from importers.

Forex dealers said though increased demand for the US currency from importers put pressure on the rupee but a higher opening in the domestic equity market and the dollar’s rise against other currencies overseas, capped the losses.

Yesterday, the rupee strengthened by 23 paise to close at 59.78 against the US currency after exporters and some banks sold the US currency.

Meanwhile, the benchmark BSE Sensex rose 78.30 points, or 0.31 per cent, to 25,660.41 in early trade today.

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