Mumbai :The benchmark BSE Sensex rose by 29 points in early trade today on increased buying by funds and retail investors despite a weak trend Asian markets.
In a volatile trade, the 30-share barometer advanced by 29.00 points, or 0.10 per cent to 27,960.64 after slipping to 27,828.12. The gauge had gained 100.10 points yesterday.
Buying in stocks of healthcare, consumer durables, FMCG and oil & gas helped the Sensex gain in early trade.
Also, the NSE Nifty was trading above crucial 8,500-mark at 8,501.85 points, up 6.20 points or 0.07 per cent.
Brokers said buying by foreign funds and retail investors helped key indices trade in the positive zone.
However, a weak trend at other Asian markets weighed down by losses on US markets and concerns about the stability of China’s economy limited the gains on the domestic market.
Among other Asian markets, Hong Kong’s Hang Seng fell 1.14 per cent while Japan’s Nikkei shed 0.61 per cent in early trade today. Shanghai’s Composite index down 0.50 per cent.
The US Dow Jones Industrial Average ended 0.93 per cent lower in yesterday’s trade.
The rupee appreciated by 14 paise to 65.13 against the US dollar in early trade at the Interbank Foreign Exchange market today on increased selling of the American currency by exporters.
Forex dealers said a weakening dollar against other currencies overseas after surprisingly bearish minutes from the US Federal Reserve’s last meeting dampened hopes for an imminent interest rate hike.
A higher opening in the domestic equity markets also supported the rupee, they said.
The rupee had closed 4 paise higher at 65.27 against the US dollar yesterday despite plunging to fresh two-year low in early trade amid global currency volatility.
The benchmark BSE Sensex rose by 29 points, or 0.10 per cent, to 27,960.64 in volatile trade.
PTI