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Friday, May 29, 2020

Sensex jumps over 200 points, rupee rise to 17 paise to 68.86

The rupee opened on a strong note and rose 17 paise to 68.86 against the US dollar in early trade Monday tracking gains in domestic equities, even as crude oil prices firmed up.

By: PTI | Mumbai | Updated: July 1, 2019 11:50:46 am
Sensex falls over 150 points as IT stocks drag; Rupee rises to 69.22 against US dollar Taking cues from global equities Sensex appreciated  200 points on Monday. (Express Photo)

Domestic equity benchmark BSE Sensex rallied over 200 points Monday, tracking positive cues from global equities amid easing trade tension between the US and China.

The 30-share index was trading 249.57 points or 0.63 percent, higher at 39,644.21 at 0930 hours. Similarly, the broader NSE Nifty was quoting 71.35 points, or 0.61 percent, up at 11,860.20.

In the previous session Friday, the BSE gauge settled 191.77 points, or 0.48 percent, lower at 39,394.64, and the Nifty fell 52.70 points, or 0.45 percent, to end at 11,788.85.

Top gainers in the Sensex pack in early trade included Tata Steel, NTPC, Bajaj Auto, HDFC Bank, Axis Bank, Hero MotoCorp, PowerGrid, and Tata Motors, rising up to 1.27 percent. On the other hand, SBI, Yes Bank, Bharti Airtel, Maruti, HCL Tech, HUL, and RIL were among the losers, shedding up to 0.78 percent.

According to traders, domestic investors followed most Asian equities that rose amid reports that US President Donald Trump and Chinese President Xi Jinping agreed to restart the US-China trade negotiations.

Shanghai Composite Index, Nikkei, and Kospi were trading on a positive note, while Hang Seng was quoting marginally lower in its early session.
Meanwhile, easing concerns over trade issues between India and the US too boosted market sentiment here, traders said.

Prime Minister Narendra Modi and Trump, at the G20 meeting on Friday, agreed for an early meeting of their commerce ministers to sort out concerns over bilateral trade disputes.
The market is also upbeat amid expectations of reforms from the upcoming Union Budget, they added.

Domestic bourses opened on a bullish note Monday with benchmark indices Sensex trading 237.78 points higher at 39,632.42 and Nifty up 67.05 points at 11,855.90.

Maharashtra: Profits of DCCBs decline, bad loan ratio rises The Indian rupee appreciated 17 paise to 68.86 against the US dollar. (Express Photo)

On the currency front, the Indian rupee appreciated 9 paise to 68.93 against the US dollar. The global oil benchmark Brent crude futures surged 2.33 percent to 66.25 per barrel.

The rupee opened on a strong note and rose 17 paise to 68.86 against the US dollar in early trade Monday tracking gains in domestic equities, even as crude oil prices firmed up.

Forex traders said the rupee appreciated on reports that Chinese President Xi Jinping and his American counterpart Donald Trump at the G20 summit have agreed to re-launch the stalled negotiations to end the trade war.

At the interbank foreign exchange, the rupee opened on strong at 68.96, then gathered momentum and rose to a high of 68.86 against the US dollar, showing 17 paise gain over its previous closing.

The local unit, however, pared some gains and was quoted at 68.89 against the American currency at 0947 hrs. The rupee had settled at 69.03 against the US dollar Friday.

Forex dealers said, the current account deficit data also supported the rupee. According to Reserve Bank of India, the March 2019 quarter current account deficit more than halved to USD 4.6 billion or 0.7 percent from 1.8 percent in March 2018. However, foreign fund outflows and rising crude oil prices weighed on the domestic currency.

Meanwhile, foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 513.91 crore Friday, according to provisional exchange data.
Brent crude futures, the global oil benchmark, rose 2.60 percent to trade at USD 66.42 per barrel.

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