Sensex rises over 100 points on sustained buying by DIIs, Nifty nears 10,600; Re falls to 7-month low

Mumbai: The BSE Sensex rose over 100 points in early trade today, continuing its winning spree for the 10th straight session, on positive global leads and sustained buying by domestic institutional investors. The 30-share index moved higher by 110.13 points, or 0.32 percent, to 34,505.19. The gauge had gained 1,375.99 points in the previous nine sessions. All the sectoral indices, led by metal and healthcare stocks, were trading in the positive territory. The broader Nifty too opened higher by 30.70 points, or 0.29 percent, at 10,579.40. Brokers said continuous buying by domestic institutional investors (DIIs) and retail investors following a firm trend at other Asian bourses, overnight gains on Wall Street, and encouraging economic data strengthened market sentiment. Major early gainers were Wipro, Yes Bank, Adani Ports, ITC, Asian Paint, Tata Motors, Bharti Airtel, ONGC, Sun Pharma, Tata Steel, TCS, Maruti Suzuki and RIL rising up to 1.47 percent. [caption id=“attachment_4433821” align=“alignleft” width=“380”]  Stock market traders. Reuters image.[/caption] Meanwhile, on a net basis, DIIs bought shares worth Rs 723.81 crore, while foreign funds sold shares to the tune of Rs 951.39 crore yesterday, provisional data showed. Globally, Japan’s Nikkei moved up 1.29 percent and Hong Kong’s Hang Seng gained 0.27 percent in early trade today. Shanghai Composite Index, however, shed 0.36 percent. The US Dow Jones Industrial Average ended 0.87 percent higher in yesterday. Rupee weakens The rupee weakened by another 14 paise, nearing a fresh seven-month low of 65.78, against the US dollar in early trade at the interbank forex market today on fresh demand for the greenback from importers and banks. Dealers attributed the rupee’s persistent fall to increased demand for the US currency from importers and foreign fund outflows. Yesterday, the rupee had lost 15 paise to end at a near 7-month low of 65.64 against the US dollar amid persistent capital outflows and a fresh ripple of geopolitical tensions. Concerns over oil prices, a global trade war threat, and the widening current account deficit have also weighed on the domestic unit. Meanwhile, the benchmark BSE Sensex advanced by 110.13 points, or 0.32 per cent, to 34,505.19 in the opening trade today.