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BSE Sensex rebounds by over 184 points in afternoon trade

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Mumbai :The benchmark BSE Sensex rebounded by over 184 points in early trade today following a flurry of buying by investors amid positive Asian cues.

A strong reading in the rupee, rising by over 20 paise against the dollar in early trade, also supported the gains.

The 30-share index, which had lost 381.95 points in the previous session, recovered by 184.23 points or 0.72 per cent to 25,666.75 points.

All the sectoral indices led by auto, consumer durables and capital goods rose up to 1.04 per cent.

Similarly, the NSE Nifty rose by 60.75 or 0.78 per cent to 7,792.55 points.

Brokers said all-round buying by participants, tracking a rally at the other Asian markets following overnight gains at Wall Street bounced on expectations the Federal Reserve would be confident enough of the US economy to raise rates in December, mainly influenced the sentiment here.

In other markets in Asia, Hong Kong’s Hang Seng rallied 1.06 per cent while Japan’s Nikkei uptick 1.03 per cent and Shanghai composite index edged by 0.10 per cent.

The US Dow Jones Industrial Average ended 1.42 per cent higher in yesterday’s trade.

The rupee recovered by 24 paise to 66.06 against the dollar in early trade today at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks amid higher opening in the domestic equity market.

Forex dealers said besides selling of the American unit by exporters and banks, weakness in the dollar against other currencies supported the rupee.

Further, a higher opening in the domestic equity market influenced the rupee uptrend, they added.

Yesterday, the rupee had lost 27 paise to close at 66.30 on sustained dollar demand from banks and importers in view of persistent foreign capital outflows.

Meanwhile, the benchmark BSE Sensex rose by 184.23 points or 0.72 per cent at 25,666.75 in early trade.

PTI