Rs. opens stronger, Sensex up after Chidambaram's pep talk
After finance minister P Chidambaram yesterday announced government's intention to unveil several reform measures soon to boost growth and revive investor sentiment, rupee today opened stronger and Sensex was trading about 200 pts up in the morning.business Updated: Jun 14, 2013 11:19 IST
After finance minister P Chidambaram on Thursday announced government's intention to unveil several reform measures to boost growth and revive investor sentiment, rupee on Friday opened stronger while the Sensex was trading higher by about 200 points at 9.40 am.
The finance minister had also said that the government would soon review FDI caps in several sectors and decide on gas and coal prices.
At 9.01 am, the partially convertible rupee was at 57.79/80 per dollar compared to its close of 57.98/99 on Thursday. The unit rose to as high as 57.75 in opening deals.
The BSE benchmark Sensex too snapped its three-session losing streak on Friday and rose by over 195 points to trade above the 19,000 level in early trade on buying by funds and retailers.
Besides, a firming trend in the Asian region influenced the trading sentiment.
The 30-share barometer rose by 195.52 points, or 1.04 per cent, to 19,022.68 with stocks of realty, consumer durables, metal, capital goods, banking and sectors leading recovery.
The index had lost 613.91 points in the previous three sessions.
Similarly, the wide-based National Stock Exchange index, Nifty moved up by 58.15 points, or 1.02 per cent, to 5,757.25.
Brokers said the sentiment turned better on revival of buying by funds and retail investors after the finance minister signalled more reforms to boost economic growth.
Further, a firming trend in the Asian region following overnight gains at the US market on the back of upbeat economic data, too, influenced the sentiment, they said.
Meanwhile in Asia, Japan's Nikkei was up by 2.59%, while Hong Kong's Hang Seng gained 0.99% in early trade.
The US Dow Jones Industrial Average ended 1.21% higher on Thursday.
(Inputs from Reuters and PTI)