Sensex recovers over 132 points; Rupee at 63.85 against US dollar

Mumbai :After falling for four straight sessions, the benchmark BSE Sensex recovered over 132 points in early trade today as stocks of metal, auto, IT and banking led gains on fresh buying by investors.

The 30-share index rose by 132.42 points, or 0.48 per cent, to 27,591.65. The gauge had lost 1,045.70 points in the previous four sessions.

In similar fashion, the National Stock Exchange index Nifty edged higher by 37.90 points, or 0.59 per cent, to 8,374.90.

Brokers said covering-up of short positions in some bluechip stocks by speculators in view of July’s derivatives expiry tomorrow helped snapping the four-session long falling streak.

Besides, a mixed trend at other Asian markets with investors taking cues from a rally on US markets ahead of a policy decision from the Federal Reserve, influenced the sentiments, they added.

Among other Asian markets, Hong Kong Hang Seng was up by 0.19 per cent, while Japan’s Nikkei shed 0.58 per cent in early trade today.

The US Dow Jones Industrial Average ended 1.09 per cent higher in yesterday’s trade.

The rupee strengthened by 6 paise to 63.85 against the dollar in early trade today on increased selling of the US currency by exporters and banks amid firm domestic equity markets.

Forex dealers said that weakness in the dollar against other currencies overseas also supported the rupee.
Yesterday, the rupee ended 25 paise higher at 63.91 against the US dollar on fresh selling of the American currency by banks and exporters.

Meanwhile, the benchmark BSE Sensex rose 132.42 points, or 0.48 per cent, at 27,591.65 in early trade today.