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Sensex rises for the second straight day; Rupee plummets 32 paise

Mumbai :The benchmark BSE Sensex rose for the second straight day by gaining over 162 points and the NSE Nifty recrossed the 8,400-mark in early trade today on sustained buying by investors amid a mixed trend overseas.

The 30-share index, which had gained 37.27 points in the previous session, rose further 162.03 points, or 0.58 per cent, to 27,711.56, with healthcare, consumer durables, IT, technology and auto sectors staying in the limelight.

Also, the NSE Nifty regained the 8,400-level, jumping 53.35 points, or 0.63 per cent, to 8,409.20.

Brokers said sustained buying by investors driven by easing inflation, better-than-expected industrial output data and global crude falling to over a six-year low buoyed sentiment.

Among other Asian markets, Hong Kong’s Hang Seng was up 0.15 per cent and Shanghai Composite index rose 0.68 per cent while Japan’s Nikkei shed 0.37 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.03 per cent higher in yesterday’s trade.

Extending its slide for the eighth straight day, the rupee shed another 24 paise to 65.34 against the dollar in early trade today, its weakest level since September 2013, on appreciation of the American currency against others overseas.

Besides, sustained demand for the dollar from importers and banks and devaluation of the Chinese yuan early this week continued to weigh, forex dealers said.

However, a higher opening in the domestic equity market capped the rupee’s fall, they added.

The rupee had plummeted 32 paise to close at 65.10 against the dollar in yesterday’s trade as China further devalued the yuan.

The rupee had dropped 136 paise, or 2.13 per cent, in the last seven trading sessions as the Chinese central bank’s continued its efforts to guide the yuan lower.

Meanwhile, the benchmark BSE Sensex rose further by 162.03 points, or 0.58 per cent, to 27,711.56 in early trade.