Image Source : FILE Markets climb in early trade on heavy buying in Reliance Industries
Amid unabated foreign fund inflows and buying in the index, major Reliance Industries and HDFC twins, India’s equity benchmark indices rebounded in early trade on Monday. The the 30-share BSE Sensex climbed 252.87 points to 65,533.32 in early trade. The NSE Nifty advanced 76.1 points to 19,407.90.
Reliance Industries gained nearly 1 per cent in morning trade while HDFC, Tata Motors, State Bank of India, HDFC Bank, Axis Bank, UltraTech Cement and Mahindra & Mahindra were the biggest gainers. Meanwhile, HCL Technologies, Titan, Power Grid, Bajaj Finance, Tata Consultancy Services, Tech Mahindra, Wipro and Bajaj Finserv were among the laggards. Foreign Institutional Investors (FIIs) continued their buying activity as they bought equities worth Rs 790.40 crore on Friday, according to exchange data.
What happened in global market
In Asian markets, Shanghai and Hong Kong quoted in the green while Seoul and Tokyo traded lower. The US markets ended in negative territory on Friday. Global oil benchmark Brent crude dipped 0.62 per cent to USD 77.98 a barrel. The BSE benchmark had fallen by 505.19 points or 0.77 per cent to 65,280.45 on Friday. The Nifty had declined by 165.50 points or 0.85 per cent to 19,331.80.
Rupee rises 6 paise to 82.55 against US dollar
The rupee gained 6 paise to 82.55 against the US dollar in early trade on Monday supported by sustained foreign fund inflows and a bullish momentum in domestic equities.
At the interbank foreign exchange, the domestic unit opened at 82.65 against the dollar and then rose to 82.55, registering a gain of 6 paise over its previous close. On Friday, the rupee closed at 82.61 against the US currency.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.18 per cent to 102.45. Brent crude futures, the global oil benchmark, was trading 0.65 per cent higher at USD 77.96 per barrel.
Forex traders said the rupee is trading on a positive note on sustained foreign fund inflows and positive macro economic indicators. India’s foreign exchange reserves rose by USD 1.853 billion to USD 595.051 billion in the week ended June 30, the Reserve Bank of India said on Friday.
Foreign Institutional Investors (FIIs) were net buyers in the capital market on Friday as they purchased shares worth Rs 790.40 crore, according to exchange data.
(With PTI inputs)
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Also Read: India’s Forex reserves rise by USD 1.85 billion to USD 595.05 billion
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