1. Sensex recovers 23 pts in cautious trade; rupee gains to hit 4-month high

Sensex recovers 23 pts in cautious trade; rupee gains to hit 4-month high

The benchmark Sensex opened on a cautious note to recover almost 23 points in early trade today on fresh buying by investors in select blue-chips amid foreign fund inflows and mixed Asian cues.

By: | Updated: March 8, 2017 11:13 AM
The 30-share index was trading higher by 22.76 points, or 0.07 per cent, to 29,022.32 with bank, healthcare, power, capital goods and FMCG leading the recovery. (Reuters)

The benchmark Sensex opened on a cautious note to recover almost 23 points in early trade today on fresh buying by investors in select blue-chips amid foreign fund inflows and mixed Asian cues. However, investors turned cautious ahead of the exit poll results due tomorrow for the ongoing assembly elections. Concerns have also grown over a hike in interest rates by the US Federal Reserve next week. The 30-share index was trading higher by 22.76 points, or 0.07 per cent, to 29,022.32 with bank, healthcare, power, capital goods and FMCG leading the recovery. The gauge had lost 48.63 points yesterday on profit-booking and the prospect of the Federal Reserve raising interest rates next week. The NSE Nifty was up 10.15 points, or 0.11 per cent, at 8,957.05 in early trade.

Brokers said that buying by investors in select blue-chip stocks coupled with a mixed trend in other regional markets influenced sentiment here. Among other Asian markets, Hong Kong’s Hang Seng was up 0.48 per cent, Shanghai Composite Index rose 0.02 per cent, while Japan’s Nikkei was down 0.50 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.14 per cent lower in yesterday’s trade.

RUPEE

Continuing with its strong rally, the rupee edged up another 4 paise to a four-month high of 66.63 against the US dollar in early trade today on increased selling of the American currency by banks and exporters.

Forex dealers said that besides the dollar’s weakness against other currencies overseas, continued foreign fund inflows and a higher opening in domestic equity market also supported the rupee’s momentum.

The rupee had closed at 66.63 on November 10 last year.

The local currency had ended 4 paise higher at 66.67 in yesterday’s trade, rising for the second consecutive day. Meanwhile, the benchmark BSE Sensex rose by 22.76 points, or 0.07 per cent, to 29,022.32 in early session today.

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