Sensex jumps 137 points on positive Asian cues, rupee trades lower
BSE Sensex surged by 137 points to 23,691.10 and the NSE Nifty recaptured the 7,200-mark in early trade on Tuesday, while the rupee was trading lower by 15 paise at 68.22 against the dollar.business Updated: Feb 16, 2016 10:50 IST
The benchmark BSE Sensex surged by 137 points to 23,691.10 and the NSE Nifty recaptured the 7,200-mark in early trade on Tuesday amid a firming trend at other Asian markets.
Investors were, however, cautious after India’s exports shrank 13.6% in January ---the 14th month in a row.
The 30-share index, which had rallied 602.29 points in the previous two sessions, gained 136.98 points or 0.58 % at 23,691.10, with all sectoral indices led by oil&gas, metal and banking trading in the positive zone, rising by up to 0.89 %.
The NSE Nifty reclaimed the 7,200-level by surging 41.70 points, or 0.58 %, at 7,204.65.
Brokers said buying activity picked up largely in tandem with a firming trend in other Asian bourses and another rally in Europe in Monday’s trade amid a rise in crude oil.
The rupee was trading lower by 15 paise at 68.22 against the American currency on Monday at the Interbank Foreign Exchange market as the dollar firmed up overseas.
Forex dealers said apart from increased demand for the US currency from importers and dollar’s gains against other currencies overseas, India’s exports contracted 13.6% in January -- 14th month in a row, puting pressure on the rupee.
They said, however, a higher opening in the domestic equity market, capped the rupee’s losses.
Among other Asian markets, Japan’s Nikkei climbed 1.39 % while Hong Kong’s Hang Seng was trading higher by 1.62 % in early trade. Shanghai’s Composite index was also up 2.83 % on speculations that China is preparing stimulus measures to boost economy.
The US markets were closed on Monday for the Presidents’ Day holiday.