The benchmark BSE Sensex advanced almost 64 points to 29,400.14 in early trade today on sustained buying by domestic institutional investors amid firm Asian cues. The 30-share index rose 63.57 points or 0.22 per cent to 29,400.14. The gauge had gained 17.43 points in the previous session. Also, the NSE Nifty was up 23 points, or 0.25 per cent, to 9,126.50.
Sectoral indices, led by realty, metal and FMCG, were trading in the positive zone with gains of up to 0.87 per cent. Brokers said that a firm trend at other Asian markets after crude oil prices rebounded from an overnight sell-off amid Japan reporting stronger-than-expected exports in March and easing tensions over North Korea helped lift sentiments.
Shares of private lender Yes Bank, however, plunged 6.50 per cent to Rs 1,501 after the asset quality of the bank slipped in the results declared yesterday.
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Among other Asian markets, Japan’s Nikkei was up 0.31 per cent while Hong Kong’s Hang Seng index rose 0.33 per cent in morning trade. The US Dow Jones Industrial Average ended 0.58 per cent down in yesterday’s trade, weighed down by weak earnings.
The rupee lost 13 paise against the dollar to 64.71 in early trade today on the Interbank Foreign Exchange due to the appreciation of the US currency overseas. Increased demand for the dollar from importers also put pressure on the rupee.
Dealers attributed the rupee’s fall to dollar gains against other currencies overseas but a higher opening of the domestic equity market capped the fall.
Yesterday, the rupee had gained 5 paise to close at 64.58 a dollar on fresh selling of the American currency by banks and exporters.