India’s Nifty index hits record high; Rupee gains 8 paise against USD in early trade

By: | Updated: April 3, 2017 10:27 AM

India's NSE index rose as much as 0.51 percent to a record high of 9,220.65 on Monday, surpassing its previous peak in March, while the rupee hit its highest in nearly 1-1/2 years, after strong foreign buying in domestic markets.

The NSE’s record high surpassed its previous milestone of 9,218.40 points hit on March 17. The index was last up 0.3 percent.

The BSE Sensex recovered by over 157 points and the Nifty scaled a record high in early trade on widespread buying by investors and funds, triggered by a firm trend in Asian markets. On the first trading day of the new quarter, the 30-share index rose 157.97 points, or 0.53 percent, to 29,778.47, with sectoral indices auto, bank, oil&gas, consumer durables and capital goods advancing by up to 0.71 percent.

Major gainers that supported the up move were Reliance (4.23 per cent), Gail (1.63 per cent), L&T (1.10 per cent), Tata Motors (0.70 per cent and M&M (0.57 per cent). Meanwhile, Infosys slipped by 0.53 per cent on fresh differences between the founders and Board of the company.

The gauge had lost 26.92 points in the previous session. The NSE Nifty regained the 9,200-mark by rising 46.90 points, or 0.51 percent, to trade at a record high of 9,220.65.

Brokers said fresh buying by investors and funds amid a firming trend in Asian markets as traders look ahead to the US job data release and a meeting between the American and Chinese presidents later in the week.

Hong Kong’s Hang Seng index rose 0.44 percent and Japan’s Nikkei was up 0.36 percent in early trade. Shanghai Composite remained closed today.

The US Dow Jones Industrial Average, however, ended 0.31 percent lower in Friday’s trade.

Rupee:

Continuing its uptrend, the rupee firmed up by another 8 paise to 64.77 against the US dollar in early trade today on increased selling of the American currency by exporters and banks.Besides, weakness in the dollar against other currencies overseas supported the rupee, forex dealers said.

Further, a higher opening in the domestic equity market influenced the rupee uptrend, they added.On Friday, the rupee had gained 7 paise to close at a fresh 17-month high of 64.85 on bouts of dollar selling by banks and exporters.

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