Buoyed by forecast of a normal monsoon and shrugging off weak trend in global markets, the benchmark BSE Sensex rose over 54 points in opening trade today after investors took to select stock-picking.
The 30-share barometer was trading higher by 54.45 points, or 0.18 per cent, at 29,373.55 with IT, power, technology, healthcare and FMCG sector stocks leading the recovery. The gauge had lost 469.25 points in the previous four sessions, largely in tandem with a weak trend overseas on continued geo-political concerns.
On similar lines, the NSE Nifty rose 15.35 points, or 0.16 per cent, at 9,120.50.
You may like to watch:
The government’s weather office yesterday forecast a normal monsoon during the June-September period, which is expected to give a leg up to the rural economy. Shares of the country’s largest software exporter TCS today rose 1.27 per cent to Rs 2,338 after the company yesterday reported a 4.2 per cent growth in net profit at Rs 6,608 crore for the quarter ended March 2017.
Other Asian markets turned lower following a negative lead from Wall Street and Europe as Britain’s shock decision to call an early election added to global uncertainties. Among other Asian markets, Hong Kong’s Hang Seng was down 0.72 per cent while Japan’s Nikkei shed 0.09 per cent in early trade. Shanghai Composite Index fell 1.15 per cent. The US Dow Jones Industrial Average ended 0.55 per cent lower in yesterday’s trade.
The rupee made a mild comeback as it recovered 8 paise to 64.55 against the dollar today after fresh selling of the US currency amid a higher opening in domestic equities. A weak dollar overseas supported the rupee, forex dealers said.
Meanwhile, the dollar index fell to a near three-week low on disappointing US housing starts data. Yesterday, the rupee had lost 11 paise to close at 64.63 on dollar demand from importers as growing geopolitical unrest hastened the flight to safety.