BSE Sensex up 68 points as IT stocks gain on weak Indian rupee

PTI Posted online: Wednesday, Sep 18, 2013 at 0000 hrs
Mumbai : The BSE Sensex rose 68 points in early trade today, extending gains for the third straight session on sustained buying by funds in select bluechips, amid a firm trend in the Asian region.

The 30-share index, which had gained 71.28 points in the previous two sessions, rose further by 67.56 points, or 0.34 per cent, to 19,871.59 points on the back of gains in IT, metal, auto and FMCG sector stocks.

Similarly, the Nifty moved up by 18.85 points, or 0.32 per cent, to 5,869.05 points.

Brokers said sustained buying by funds amid a firm trend in other Asian bourses, as investors await the outcome of the US Federal Reserve meeting, mainly boosted the trading sentiment.

IT stocks such as Tata Consultancy Services, Wipro and HCL Technologies remained in demand as the rupee weakened further against the dollar.

Among other Asian markets, Hong Kong's Hang Seng index rose by 0.14 per cent, while Japan's Nikkei gained 0.70 per cent.

The US Dow Jones Industrial Average ended 0.23 per cent higher in yesterday's trade.

Indian shares to watch: Coal India, Dr Reddys Laboratories

(Reuters)

Nifty futures on the Singapore Exchange are up 0.1 percent, while the MSCI-Asia Pacific index excluding Japan falls 0.25 percent. India's Finance Minister P. Chidambaram will speak at a conference on G20, at 9.30 IST (0400 GMT), organised by ICRIER, a Delhi based think tank in collaboration with the World Bank.

INDIAN STOCKS TO WATCH

State-run miner Coal India holds its annual shareholding meeting in Kolkata.

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GLOBAL MARKETS ROUNDUP

Asian markets held their breath on Wednesday as investors counted on the Federal Reserve to launch only a modest scaling back of stimulus later in the day, with all assets vulnerable to any hint of hawkishness from the world's most powerful central bank.

U.S. stocks advanced on Tuesday on expectations the Federal Reserve will make only moderate changes to its stimulus that has been highly supportive of stocks and other assets at the conclusion of its two-day meeting.