Mumbai:
The BSE Sensex rose sharply by over 222 points in early trade today on bargain buying in stocks by funds and retail investors amid positive cues from other Asian markets.
The 30-share index, which had gained 1.06 per cent in highly volatile trade on Friday, spurted by 222.34 points, or 0.81 per cent, to 27,680.98, with FMCG, infrastructure, consumer durables, capital goods and banking sector stocks leading the recovery.
Also, the National Stock Exchange index Nifty reclaimed the crucial 8,400-mark by surging 63.65 points, or 0.76 per cent, to 8,405.05.
Brokers said value-buying by funds in select bluechip stocks after recent losses amid a firming trend in other Asian markets, following weekend gains on US markets, buoyed trading sentiments here.
Among other Asian markets, Hong Kong’s Hang Seng was up by 0.99 per cent while Japan’s Nikkei gained 0.53 per cent in early trade today.
The US Dow Jones Industrial Average ended 0.19 per cent higher in the previous session on Friday.
Rupee drops 17 paise against dollar in early trade
The rupee fell by 17 paise to 62.58 against the US dollar in early trade today at the Interbank Foreign Exchange due to rise in the American currency’s value against other global currencies amid month-end demand for the dollar from importers.
Forex dealers attributed the fall in the rupee to the dollar’s strength against other global currencies and sustained capital outflows but a higher opening in the domestic stock market capped the rupee’s fall.
The rupee had recovered by 26 paise to end at 62.41 against the dollar on Friday.
Meanwhile, the benchmark BSE Sensex rose by 222.34 points, or 0.81 per cent to 27,680.98 in early trade today.
