Sensex rallies over 350 points, Rupee rises 8 paise to 69.38 vs US dollar in early tradehttps://indianexpress.com/article/business/sensex-rallies-over-350-points-rupee-rises-8-paise-to-69-38-vs-usd-in-early-trade-5772754/

Sensex rallies over 350 points, Rupee rises 8 paise to 69.38 vs US dollar in early trade

The benchmark BSE Sensex was trading higher by 268.04 points, or 0.68 per cent to quote at 39,885.74 while the NSE Nifty was trading at 11,943.10, higher by 72.45 points, or 0.61 per cent.

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The rupee appreciated by 8 paise to 69.38 against the US dollar in opening trade Monday, driven higher opening in domestic equities. (File)

The benchmark BSE Sensex rallied over 350 points and the NSE Nifty reclaimed the 11,900 level in early trade Monday driven by gains in IT and banking stocks amid positive global and domestic cues.

After hitting a peak of 39,979.48, the 30-share index was trading 272.07 points, or 0.69 per cent, higher at 39,887.97. Similarly, the broader NSE Nifty spurted 76.25 points, or 0.64 per cent, to 11,946.90.

In the previous session on Friday, the Sensex settled 86.18 points, or 0.22 per cent, higher at 39,615.90. Similarly, the broader NSE Nifty rose 26.90 points, or 0.23 per cent, to 11,870.65.

Top Sensex gainers in early session Monday include PowerGrid, Tata Steel, TCS, Yes Bank, L&T, Infosys and IndusInd Bank, rising up to 2 per cent. While, Kotak Bank, M&M, HDFC, ONGC, Sun Pharma and Coal India fell up to 1 per cent.

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Investors took positive cues from other Asian markets which were trading positive amid easing global trade war concerns after the United States dropped its threat to impose tariffs on Mexico.

Bourses in China, Japan and Korea were trading up to 2 per cent higher in their respective early sessions. According to experts, the expectations of a normal monsoon and strong revival in earnings growth in FY20/FY21 driven by a turnaround in corporate banks and healthy growth in construction/infra companies would provide support to markets at higher levels.

Brent crude futures, the global oil benchmark, were trading 0.52 per cent higher at 63.62 per barrel. Meanwhile, foreign institutional investors sold equity worth Rs 478.84 crore on Friday, while domestic institutional investors purchased shares to the tune of Rs 179.79 crore, provisional data available with stock exchanges showed.

The rupee appreciated by 8 paise to 69.38 against the US dollar in opening trade Monday, driven higher opening in domestic equities.

Forex dealers said, the local currency also gained strength amid weakening of the greenback in overseas markets. However, rising crude oil prices and sustained foreign fund inflows weighed on the domestic currency and restricted the upmove.

The rupee opened at 69.40 at the interbank forex market then gained further ground and touched 69.38 amid a positive opening in domestic equities, displaying gains of 8 paise over its last close. Meanwhile, the 10-year government bond yield was at 7.01 per cent on Monday, against previous close of 6.97 per cent on Friday.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 478.84 crore on a net basis Friday, provisional exchange data showed.

Brent crude futures, the global oil benchmark, rose 0.51 per cent to USD 63.61 per barrel.

Meanwhile, the benchmark BSE Sensex was trading higher by 268.04 points, or 0.68 per cent to quote at 39,885.74 while the NSE Nifty was trading at 11,943.10, higher by 72.45 points, or 0.61 per cent.