Sensex jumps over 250 points; Rupee rises 16 paise to 68.53 vs USDhttps://indianexpress.com/article/business/sensex-jumps-over-250-points-rupee-rises-16-paise-to-68-53-vs-usd-5829721/

Sensex jumps over 250 points; Rupee rises 16 paise to 68.53 vs USD

The rupee opened strong at 68.59 at the interbank forex market then gained further ground to touch 68.53 per dollar, displaying gains of 16 paise over its previous close.

Sensex resumes downward spiral; Bajaj Finance cracks 5 pc
Infosys was the top gainer in the Sensex pack, rallying over 5 per cent after the IT major came out with its June quarter results post-market hours on Friday.

Domestic equity benchmark BSE Sensex surged over 250 points in opening trade Monday driven by gains in index heavyweight Infosys, amid positive cues from global markets.

The 30-share index, however, gave up some gains to trade 164.84 points, or 0.43 per cent, higher at 38,901.07 at 0930 hours. Similarly, the broader Nifty rose 46.95 points, or 0.41 per cent, to 11,599.45.

Infosys was the top gainer in the Sensex pack, rallying over 5 per cent, after the IT major came out with its June quarter results post market hours on Friday. The company posted better-than-expected 5.3 per cent rise in its June quarter net profit and raised revenue growth forecast for the current fiscal.

Yes Bank, Sun Pharma, Tata Motors, M&M and Bajaj Auto also rose up to 3.88 per cent. On the other hand, L&T, Vedanta, Hero MotoCorp, ICICI Bank, Tata Steel, Axis Bank, NTPC and PowerGrid fell up to 1.10 per cent. Besides the rally in Infosys shares, firm global cues too drove investor sentiment here, traders said.

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Market is also awaiting wholesale price index (WPI) data, scheduled to be released later in the day. In the previous session, the 30-share gauge settled 86.88 points or 0.22 per cent lower at 38,736.23; and the broader NSE Nifty dropped 30.40 points, or 0.26 per cent, to 11,552.50.

On a net basis, foreign institutional investors sold equities worth Rs 850.11 crore, while domestic institutional investors purchased shares to the tune of Rs 940.12 crore, provisional data available with stock exchanges showed Friday.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading higher in their respective early sessions.

Meanwhile, the Indian rupee appreciated 14 paise to 68.55 against the US dollar. The rupee appreciated by 16 paise to 68.53 against the US dollar in opening trade Monday, driven by positive opening in domestic equities and easing crude oil prices.

The rupee opened strong at 68.59 at the interbank forex market then gained further ground to touch 68.53 per dollar, displaying gains of 16 paise over its previous close.

On Friday, the rupee had settled at 68.69 against the US dollar. Forex dealers said, easing crude oil prices and positive opening in domestic equities supported the rupee. However, foreign fund outflows weighed on the domestic currency and restricted the upmove.

Brent crude, the global benchmark, was trading at 66.64 per barrel lower by 0.12 per cent. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 850.11 crore on Friday, as per provisional data.

Traders said the currency market is expected to witness volatility ahead of the release of WPI inflation numbers. Meanwhile, the benchmark BSE Sensex opened on a positive note and was trading with gains of 138.45 points, or 0.36 per cent to quote at 38,874.68 while the NSE Nifty was trading at 11,584.05, up 31.55 points, or 0.27 per cent.