The benchmark BSE Sensex gained over 218 points in early trade today on the back of buying by funds as well as retail investors, tracking positive global cues.
The 30-share barometer advanced 218.20 points, or 0.80 per cent, to 27,323.59, with all sectoral indices led by realty, metal and auto trading up to 1.51 per cent higher.
The gauge had rallied 506.28 points on Friday on government’s move to soothe overseas investors’ taxation concerns, and rupee’s recovery.
On similar lines, the NSE index Nifty was quoting above the crucial 8,200-mark by rising 64 points, or 0.78 per cent, to 8,255.50.
Brokers said the pick-up in buying by funds and retailers amid a firming trend at other Asian markets in a positive reaction to China’s decision to cut interest rates at the weekend for the third time in six months and a solid US jobs report boosted market sentiment.
Among other Asian markets, Hong Kong’s Hang Seng index ruled higher by 0.52 per cent while Japan’s Nikkei gained 1.25 per cent in early trade.
The US Dow Jones Industrial Average ended 1.49 per cent higher in Friday’s trade.
The rupee strengthened 13 paise at 63.81 against the US dollar in early trade today at the Interbank Foreign Exchange on continued selling of the American currency by exporters.
Forex dealers said besides sustained selling of the American currency by banks as well, a higher opening in the domestic equity market supported the rupee, but dollar’s gains against the euro restricted the upside.
The rupee had gained 29 paise to 63.94 on Friday, recovering from a 20-month low against the American currency on fresh selling of dollars amid a rebound in equities.
Meanwhile, the benchmark BSE Sensex rose 218.20 points, or 0.80 per cent, at 27,323.59 in early trade.
PTI