Sensex Rallies 300 Pts, Nifty Tops 7,700 Led by Banks and FMCG
Markets maintain positive momentum despite weakness in Asia.
Stocks maintained their positive momentum on Monday despite a weak Asian backdrop. The BSE benchmark Sensex rallied nearly 350 points to climb above 25,000 while the Nifty scaled the 7,700 mark.
Banks and consumer durables stocks led the markets higher. SBI, HUL, Sun Pharma, L&T, Tata Motors were the key gainers on the Sensex while Lupin, Asian Paints, BHEL and Hero Moto were the top losers.
Rupee Extends Winning Streak
The rupee rose 2 paise to 66.48 against the dollar at the Interbank Foreign Exchange market in early trade today, extending its winning spell for the fourth straight day, on increased selling of the US currency by exporters and banks amid sustained foreign fund inflows. Forex dealers said dollar’s weakness against other currencies overseas supported the rupee. Besides, a higher opening in the domestic equity market influenced the rupee uptrend, they said.
On Friday, the rupee had firmed up 25 paise to an over two-and-a-half month high of 66.50 a dollar on persistent selling of the American currency amid persistent foreign capital inflows.
Asian Markets Slip as Oil Prices Retreat
Most Asian stock markets slipped after three consecutive weeks of gains as a retreat in oil prices made investors cautious, but losses were tempered by hopes that China may soon cut interest rates again as pressure on the yuan eases.
The wobbles in the oil market, a general downturn in commodities and cooling growth in China have rattled financial markets in recent months.
Fears about the outlook for global growth were also instrumental in the US Federal Reserve’s move last week indicating a slower path for future rate increases.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3 percent after entering positive territory for the first time this year on Friday. It is up 16 percent from January’s lows. Japanese markets were closed for a holiday.
Stocks in China and Hong Kong rose, but equity markets elsewhere in the region edged lower with Taiwan and Australia leading losses.
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