Continuing its upward journey for the ninth consecutive day, the benchmark BSE Sensex gained over 72 points and the NSE Nifty inched towards regaining 8,400-mark in early trade today as investors indulged in enlarging positions driven by positive domestic as well global cues.
Besides, covering up pending short positions by speculators in view of tomorrow’s June month expiry in the derivatives segment, influenced sentiment.
The 30-share index was trading higher by 72.48 points or 0.26 per cent at 27,876.85 with metal, healthcare, PSU and power sector stocks leading the rise.
The barometer had rallied 1,433.39 points or 5.4 per cent in the previous eight sessions.
Also, the National Stock Exchange index Nifty inched towards the crucial 8,400-mark by rising 18.30 points or 0.21 per cent at 8,399.85.
Brokers said sustained buying by participants as above-normal monsoon reignited rate cut hopes and a firming trend at other Asian markets with Japan’s Nikkei trading at around 18-year highs on confidence Greece will reach a last-minute debt reform deal with its creditors this week.
Among other Asian markets, Hong Kong’s Hang Seng was up by 0.15 per cent in early trade today.
The US Dow Jones Industrial Average ended 0.13 per cent higher in yesterday’s trade.
The rupee depreciated by eight paise to 63.67 against the dollar in early trade today at the Interbank Foreign Exchange due to rise in greenback against other currencies overseas.
Dealers attributed the fall to the dollar’s gains against other currencies overseas and increased demand from importers for the US currency.
However, a higher opening in domestic equity market, capped losses to some extent.
Yesterday, the rupee slipped by 7 paise to close at 63.59 on fresh demand for the American currency from banks and importers on the back of a firm dollar overseas.
Meanwhile, the benchmark BSE Sensex was trading 72.48 points or 0.26 per cent higher at 27,876.85 in early trade today.
PTI