Rail Budget fails to cheer market; Rupee near record low

New Delhi :The benchmark Sensex reclaimed the 23,000-mark as it rebounded by over 251 points in early trade today, spurred by buying by funds and retail investors ahead of release of the Economic Survey later in the day.

The beginning of the March series in derivatives contracts and positive global cues kept mood upbeat.

The 30-share index recaptured the crucial 23,000-mark by surging 251.91 points, or 1.09 per cent, to 23,227.91, with all sectoral indices led by capital goods, auto and power trading in the green and rising by up to 1.76 per cent.

The gauge had lost 813 points in the previous three sessions.

The 50-share NSE Nifty was trading above the 7,000-mark as it jumped to 7,052.90, gaining back 82.30 points, or 1.18 per cent.

Brokers said optimistic buying by participants and domestic funds ahead of the Economic Survey due today and the Budget on Monday came as a big positive.

Besides, Asia is on the upward trajectory, tracking the overnight rally in the US on stronger oil prices, they added.

Hong Kong’s Hang Seng was up 1.68 per cent while Japan’s Nikkei gained 1.19 per cent in early trade today. Shanghai Composite moved up by 0.47 per cent.

The US Dow Jones Industrial Average ended 1.29 per cent higher in yesterday’s trade.

The rupee recovered 7 paise to 68.65 against the US dollar in early trade today at the Interbank Foreign Exchange market on selling of the US currency by exporters and banks amid a higher opening in the domestic equity market.

Besides, weakness in the dollar against other currencies overseas, dealers said, supported the rupee.

Moreover, domestic equities jumped, fuelling the uptrend.

The rupee had lost 15 paise to close at a fresh 30-month low of 68.72 against the US dollar in yesterday’s trade on fresh demand for the American currency from banks and importers in view of a persistent fall in domestic shares amid foreign capital outflows.

Meanwhile, the benchmark BSE Sensex rebounded 251.91 points, or 1.09 per cent, to 23,227.91 in early trade today.