Indian shares hit record highs today (July 2) led by information technology stocks which continued to rise on renewed hopes of an interest rate cut by the US Federal Reserve in September. The NSE Nifty 50 was up 0.21% at 24,186.5 points, while BSE Sensex added 0.22% to 79,653.21 points, as of 9:21 a.m. IST.
Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai. (Reuters)
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IT stocks, which rose 2% in the previous session, added 0.7% today. All the 13 major sectors logged gains. The broader, more domestically focussed small- and mid-caps rose 0.4% and 0.2%, respectively.
The rupee depreciated 12 paise to 83.56 against the US dollar in early trade on Tuesday, weighed down by the strengthening of the American currency in the overseas markets and elevated crude oil prices.
Forex traders said oil importers and foreign portfolio investors (FPIs) bought US dollars amid rising US yields, and this dragged down the local unit.
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At the interbank foreign exchange market, the rupee opened at 83.51 and lost further ground to trade at 83.56 against the greenback in initial deals, registering a fall of 12 paise from its previous closing level.
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At the interbank foreign exchange market, the rupee opened at 83.51 and lost further ground to trade at 83.56 against the greenback in initial deals, registering a fall of 12 paise from its previous closing level.
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