Sensex gains over 250 pts in third straight session rally; rupee at 7-week high

Equity markets maintained upward bias for third straight session Thursday, with benchmark Sensex surging over 270 points in early trades, as traders placed bullish bets on metals, capital goods and telecom stocks.

Sentiment was also aided by steady upmove in other Asian markets, besides persisting appreciation in the domestic currency movement prompting overseas investors to fund infusion in local stocks, said dealers.



At 11.45 am, the 30-share BSE S&P Sensex was at 24,458.51, up 215.53 points, or 0.9 percent from previous close, after rising 272 points to touch a high of 24,518.54.

Also, the NSE Nifty reclaimed the crucial 7,400-mark by climbing 61.20 points, or 0.8 percent, to 7,430.05.

Hardening for the fifth consecutive day, the rupee today appreciated another 18 paise to trade at a 7-week high of 67.36 against the dollar on sustained bouts of selling of the US currency by banks and exporters amid foreign capital inflows.

Dealers said a higher opening of domestic equities supported the rupee, but dollar's strength against some currencies overseas limited the gain.

Yesterday, the rupee had surged 31 paise to end at a nearly seven-week high of 67.54 on persistent selling of dollars by banks and exporters in view of fresh foreign capital inflows.

Tata Motors, Dr Reddy's Lab, Tata Steel, Asian Paints, Bajaj Auto, HDFC, M&M, Infosys and Wipro contributed to the upsurge.

Traders said retail investors got down to beefing up their portfolios amid renewed hopes of a rate cut by the Reserve Bank and other Asian markets offered positive cues on talk that China will unveil new economy-boosting measures, which helped improve sentiment.

In the rest of Asia, Hong Kong's Hang Seng rose 0.12 percent while Japan's Nikkei edged up 0.89 percent in early trade today. Shanghai Composite gained 0.12 percent.

With inputs from Agencies

Updated Date: Mar 03, 2016 11:48 AM

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